This article LTG
GoldRock is about to talk to you about the risk of corporate mergers and acquisitions ~
After the corporate mergers and acquisitions, the synergy effect can be produced reasonably, which can reasonably allocate resources, which can reduce the advantages of corporate development in many aspects of internal competition, but there are also a lot of risks, especially financial risks are the most prominent.
1. Financing risk
Corporate mergers and acquisitions usually require a lot of funds. If the funding is improper, it will adversely affect the capital structure and financial leverage of the enterprise, and increase the financial risk of the enterprise.At the same time, only timely raising funds can ensure the smooth progress of mergers and acquisitions.
In different ways to raise funds, there are two cases:
① Debt financing risks. Most enterprises generally borrow money through liabilities. However, bank credit funds mainly supplement the lack of corporate mobile funds and fixed funds. There is no credit project for corporate mergers and acquisitions. Therefore, it is difficult to get commercial banks support.Another method of liability fundraising is to issue corporate bonds. Although the cost of funds is low, the funding time is long and the amount of funding is limited.
② Equity financing risks. The issuance of ordinary shares is a basic way for enterprises to raise a lot of funds, and there is no fixed interest burden, and the risk of funding is small.However, dividends must be paid from net profit, the cost of funds is high, and tax benefits cannot be enjoyed.
2. The asset risk of assets in the target enterprise value assessment
Due to the asymmetric information of the mergers and acquisitions, the assets of the M & A by the company may be seriously overvalued after the completion of the merger and acquisition, or even a worthless article, which will cause great economic losses to the enterprise.During the mergers and acquisitions, the subjectivity of people has a great impact on mergers and acquisitions, and the acquisition cannot be implemented according to market value laws.M & A itself is a kind of commodity exchange relationship. Therefore, it is necessary to establish an intermediary organization serving mergers and acquisitions to reduce the information cost of both parties and provide guidance and supervision of mergers and acquisitions.
3. Anti -acquisition risk
If the corporate mergers and acquisitions have evolved into hostile acquisitions, the acquisition party will set up obstacles at the expense, thereby increasing the cost of the company's acquisition, and may even cause the acquisition to fail.
4. Operating risks and resettlement Employee risk
After the completion of the mergers and acquisitions, it may not have a synergy effect. It is difficult to achieve sharing and complementarity between the resources of both parties, and even the scale of incomplete scale, and the entire company may be dragged down.Moreover, the acquisition party is often required to resettle the employees of the acquired enterprise or pay the relevant costs. If the company is not handled properly, it will often carry heavy burdens on this to increase their management costs and operating costs.
