【作者】 徐敏；

【导师】 张宁； 韩运镇；

【作者基本信息】 南京农业大学 ， 会计硕士（专业学位）， 2022， 硕士

【副题名】以安踏并购Amer Sports为例

【摘要】 经济全球化加快了资源要素在世界范围内的流动,各地资本市场的活跃度持续上升,相应地,市场内的要素竞争也在不断加剧。面对这样一个机遇与挑战并存的经济环境,不少西方企业开始把商业投资的目光望向国际市场。随着我国“走出去”战略和“一带一路”倡议的提出,国内的不少企业也开始走出国门,尝试通过跨国并购的方式打开海外市场,获取优质资源,从而为企业谋取更好的发展。2014年后,在国家一系列行业利好政策的指导下,我国的体育行业发展迎来关键时期,国内一些体育用品企业为了加速企业发展,在行业发展上进一步缩小与世界一流国家的差距,开始把投资对象向海外优质企业转移,安踏也是其中一员。2019年3月12日,安踏在官网发布公告,宣布正式完成对Amer Sports的收购,这场堪称中国体育用品行业最大的跨国并购案,以耗资46.6亿欧元,安踏持股57.95%收场。不同于国内并购,跨国并购虽然给中国企业带来了更广阔的发展空间,但宏观环境的复杂,国际政治局势的变化,各国文化的差异也给其带来很多不确定的因素。学者们在对大部分跨国并购失败案例分析后发现,他们大多缺乏有效的财务风险控制。因此本文以安踏体育为研究对象,对其跨国并购Amer Sports的财务风险进行具体分析。首先,本文收集并整理了国内外有关跨国并购财务风险方面的文献,然后回顾了安踏跨国并购Amer Sports的全过程,从品牌战略、市场份额、技术资源和国家政策等角度出发分析了安踏发起此次跨国并购的动因。接着,本文采用财务指标分析法对安踏在跨国并购的不同阶段所遭遇的估值风险、融资风险、支付风险、汇率风险、整合风险、“黑天鹅”风险进行了逐一分析,而后引用F分数模型对本次跨国并购的财务风险水平进行整体评估和分析。由此得出以下结论,第一,安踏以较高的并购溢价收购了一个业绩成长并不算理想的企业,存在一定估值风险;第二,大量杠杆融资让安踏的资产负债率出现大幅增长,巨额交易对价的支付导致企业现金流趋紧,短期偿债能力下降,产生融资和支付风险;第三,安踏此次跨国并购的汇率风险属于企业可承受范围内,但依旧要即时关注汇率变动,必要时可以借助衍生金融工具进行套期保值,避免发生严重的汇兑风险。第四,文化的差异和疫情的爆发影响了企业并购的后期整合。针对上述结论,本文建议安踏及其他类似体育用品企业在今后的跨国并购中,首先应明确企业战略规划,审慎选择并购要素;其次要不断完善企业价值评估体系,综合考量多方因素后给出合理估值;在资金方面,企业应积极拓展融资渠道,强化现金流管理,同时注意汇率变化,规避汇兑损失;最后企业要重视跨国并购后的整合工作,除了常见的财务风险,疫情“黑天鹅”的防范也不容忽视。更多还原

【Abstract】 Economic globalization has accelerated the flow of resource factors around the world,and the activity of local capital markets continues to rise.Accordingly,the factor competition in the market is also increasing.Facing such an economic environment with both opportunities and challenges,many western enterprises began to look at the international market for commercial investment.With the strategy of one’s "going global one" and "one belt,one road" initiative,many enterprises in China have begun to go abroad to try to open up overseas markets through cross-border mergers and acquisitions,and obtain high-quality resources,thus making better development for enterprises.After 2014,under the guidance of a series of favorable national policies,the development of China’s sports industry ushered in a critical period.In order to accelerate the development of enterprises,some domestic sporting goods enterprises further narrowed the gap with world-class countries in industry development and began to transfer investment targets to overseas high-quality enterprises.Anta is also one of them.On March 12,2019,Anta announced on its official website that it had officially completed the acquisition of Amer sports.This is the largest cross-border M &A in China’s sporting goods industry,with a cost of 4.66 billion euros and Anta holding 57.95%.Different from domestic M &A,although cross-border M &A has brought broader development space to Chinese enterprises,the complexity of the macro environment,the changes of the international political situation and the cultural differences of various countries have also brought many uncertain factors.After analyzing the failure cases of most cross-border mergers and acquisitions,scholars found that most of them lack effective financial risk control.Therefore,taking Anta sports as the research object,this paper makes a specific analysis on the financial risk of its cross-border merger and acquisition of Amer sports.Firstly,this paper collects and sorts out the literature on the financial risks of cross-border M &A at home and abroad,then reviews the whole process of Anta’s cross-border M &A of Amer sports,and analyzes the motivation of Anta’s cross-border M &A from the perspective of brand strategy,market share,technical resources and national policies.Then,this paper uses the financial index analysis method to analyze the valuation risk,financing risk,payment risk,exchange rate risk,integration risk and "black swan" risk encountered by Anta in different stages of cross-border M &A,and then uses the F-score model to evaluate and analyze the financial risk level of this cross-border M &A.The following conclusions are drawn: first,Anta acquired an enterprise whose performance growth is not ideal with a high M &a premium,which has a certain valuation risk;Second,a large number of leveraged financing has greatly increased Anta’s asset liability ratio.The payment of huge transaction consideration has led to the tightening of enterprise cash flow and the decline of short-term solvency,resulting in financing and payment risks;Third,the exchange rate risk of Anta’s cross-border M &A belongs to the scope that the enterprise can bear,but it is still necessary to pay immediate attention to the change of exchange rate.If necessary,it can be hedged with the help of derivative financial instruments to avoid serious exchange risk.Fourth,cultural differences and the outbreak of the epidemic have affected the late integration of M &A.In view of the above conclusions,this paper suggests that Anta and other similar sporting goods enterprises should first clarify the enterprise strategic planning and carefully select the elements of M &A in the future cross-border M &A;Secondly,we should constantly improve the enterprise value evaluation system and give a reasonable valuation after considering various factors;In terms of capital,enterprises should actively expand financing channels,strengthen cash flow management,pay attention to exchange rate changes and avoid exchange losses;Finally,enterprises should pay attention to the integration after cross-border M &A.in addition to the common financial risks,the prevention of the epidemic "black swan" should not be ignored.更多还原