Literature Review on Financial Risks in Corporate Mergers and Acquisitions

在当今全球经济一体化的大背景下，企业并购作为优化资源配置、增强综合实力的重要手段，其中蕴含的财务风险不容忽视。本文综述了企业并购财务风险的内涵、影响因素、评价方法以及防范策略。企业并购财务风险主要源于并购活动的估值、融资、支付以及财务整合等阶段，并从企业内、外部梳理影响并购财务风险的具体因素。为及时发现并购财务风险，学者构建不同的评价方法与预警模型。而并购财务风险的防范分为并购的前、中、后期，另外归纳跨境并购财务风险防范的措施。最后作出总结并展望，并购财务风险的评估与防范更需融合新兴技术。In the context of global economic integration, mergers and acquisitions (M&A) serve as a vital strategy for optimizing resource allocation and enhancing corporate competitiveness. However, the associated financial risks demand critical attention. This paper provides a comprehensive review of the conceptualization, influencing factors, assessment methodologies, and mitigation strategies pertaining to financial risks in corporate M&A. These risks predominantly emerge across key stag—valuation, financing, payment, and post-merger financial integration. The study further examines internal and external determinants that influence M&A-related financial risks. To facilitate early risk detection, scholars have developed diverse evaluation frameworks and early-warning models. Risk mitigation strategies are systematically categorized into pre-transaction, mid-transaction, and post-transaction phases, with additional emphasis on cross-border M&A scenarios. In conclusion, the assessment and prevention of financial risks in mergers and acquisitions need to increasingly incorporate emerging technologies.