Abstract: Oversea M&I faces both economic and non-economic risks.The main risks are,among the economic ones,strategic orientation failure during strategy choosing stage,under-valuing the M&I costs during evaluation and complementation stage,imperfect of transaction plans,and cultural conflicts during integration stage.On the other hand,the non-economic factors,like political,social,martial,law,and consensus,are shown during every stage.In order to evade the risks,Chinese firms have to analyze the inside and outside risks and get countermeasures.

Key words: oversea M&I, economic risk factor, non-economic risk factor, countermeasures

摘要： 中国企业海外并购既有经济风险因素,又有非经济风险因素。在经济风险因素中,战略选择阶段中的战略定位失误,评估实施阶段中的低估并购成本、交易方案设计缺陷,整合阶段中的文化冲突等,都是中国企业海外并购的主要风险因素。而政治、社会、军事、法律、舆论等非经济风险因素则贯穿并购的各个阶段。要较好地规避海外并购的风险,中国企业应该系统地分析内外环境及各种可能产生的风险,作出相应的对策。

关键词: 海外并购, 经济风险因素, 非经济风险因素, 对策