反观国内对于企业并购财务风险的理解，则认为企业并购的财务风险是指在一定

In contrast to understanding domestic M & A financial risk, financial risk is considered merger refers to the period of time in corporate finance for the acquisition or merger due to carry debt, due to the failure of the possibility of financial crisis. Since the acquisition value and value realization serious negative deviation, caused by financial distress and financial crisis. <br>Niejian Tao (2013) believe M & A there is a big financial risk, some of them from the market, some from the acquired company, of course, may also be related to the company's own resources and capabilities. <br>Zhang Ying (2016) believes there are pros and cons of mergers and acquisitions in itself, because mergers and acquisitions from the planning stage to implementation, to post-merger integration phase is full of risk, financial risk at each stage may lead to different stages in a series of financial the risk of a chain reaction. Therefore, the need to better manage, control and reduce the risk of mergers and acquisitions that may arise, thereby enhancing the performance of M &

反观国内对于企业并购财务风险的理解，则认为企业并购的财务风险是指在一定时期内企业为并购融资或因兼并背负债务，而致使企业有发生财务危机的可能性。由于并购价值与价值实现严重负偏离，而导致的企业财务困境和财务危机。<br>聂建涛(2013)认为企业并购存在很大的财务风险，它们来有的自市场，有的来自被并购企业，当然也可能与企业自身的资源和能力有关。<br>张颖(2016)认为企业并购本身就有利弊，因为企业并购从策划阶段到实施过程，再到并购后的整合阶段都充满了风险，每个阶段的财务风险都可能引发不同阶段中一系列财务风险的连锁反应。因此，需要更好地管理、控制和降低并购可能产生的风险，从而提高并购绩效

In contrast to the domestic understanding of the financial risk of M & A, it is believed that the financial risk of M & A refers to the possibility of financial crisis caused by the financing of M & A or the debt of M & A in a certain period of time. Due to the serious negative deviation between the value of M & A and the realization of value, the financial distress and financial crisis of enterprises are caused.<br>Nie Jiantao (2013) thinks that there are great financial risks in enterprise merger and acquisition. Some of them come from the market, some from the merged enterprise, and of course, they may also be related to the enterprise's own resources and capabilities.<br>Zhang Ying (2016) thinks that enterprise merger and acquisition has its own advantages and disadvantages, because enterprise merger and acquisition is full of risks from the planning stage to the implementation process, and then to the integration stage after merger and acquisition. Financial risks in each stage may cause a series of chain reactions of financial risks in different stages. Therefore, we need to better manage, control and reduce the possible risks of M & A, so as to improve the performance of M & A