B. Financing Risk Financing risk is

B.融资风险<br>融资风险与并购活动的最终效果有关。企业应根据并购的实际情况和资本结构，选择满意程度最好的最佳融资方式。企业常用的融资方式基本上分为两种，一种是股权融资。另一个是债务融资。前者的融资门槛较高，不必承担还本付息的负担。它可以有效地规避大量现金流量的流出。但是，在特定的运营水平上，过多的股权融资会影响公司的股权结构，并最终导致原始股东控制权的分散。后者要求并购组织承担更大的债务压力。

B. Financing Risk <br>Financing risk is related to the ultimate effect of merger and acquisition activities. Enterprises should choose the best financing method with high satisfaction according to the actual situation and capital structure of M&A. The financing ways commonly used by enterprises are basically divided into two types, one of which is equity financing; the other one is debt financing. The former has a higher financing threshold and does not have to bear the burden of debt service. It can effectively circumvent the outflow of large amounts of cash flow. However, on the specific operational level, too heavy equity financing will affect the equity structure of the company and eventually lead to the decentralization of original shareholder control. The latter requires merger and acquisition organizations to bear greater debt pressure. If the company is completely dominated by debt financing, the company's financial leverage will increase, which may lead to debt repayment difficulties.

B、 融资风险<br>融资风险关系到并购活动的最终效果。企业应根据并购的实际情况和资本结构选择最满意的融资方式，企业常用的融资方式基本上分为股权融资和债务融资两种。前者的融资门槛较高，不必承担还本付息的负担。它可以有效地规避大量现金流的流出。但在具体操作层面上，股权融资过重会影响公司的股权结构，最终导致原股东控制权的分散。后者要求并购组织承担更大的债务压力。如果公司完全以债务融资为主，公司的财务杠杆将增加，这可能导致债务偿还困难。<br>