摘要：并购作为一种重要的资源配置方式，深刻地改变了许多产业组织结构，深深影响了公司治理状况和控制权结构，因而并购成为目前实业界和学者们研究的热点。企业并购能够带来诸多优势，如可以实现企业战略重组，开展多元化经营，进行低成本扩张，增强企业竞争能力等。但从并购的历史来看，企业并购成功的案例并不多。企业并购仍然是一种风险很高的资本营运活动。企业并购失败是由多种因素引起的，融资风险是其中一个重要的不能忽视的因素。并购融资，由于资金规模大、期限长、融资结构复杂而成为整个并购运作成功的关键因素。因此分析企业并购的融资风险，积极探索控制风险的有效途径和方法，显得很有必要。

关键词：企业并购 融资 风险 管理 

Abstract: Mergers and acquisitions as an important means of resource allocation profoundly change the organizational structure of many industries, deeply affecting corporate governance and control structure, and thus mergers and acquisitions become a hot research among businessmen and scholars. Mergers and acquisitions can bring many advantages, such as achieving corporate strategic restructuring, diversification of operations, carrying out low-cost expansion, and enhancing the competitiveness of enterprises and so on. But look at the history of mergers and acquisitions, there are not many success examples of corporate mergers and acquisitions. M & A is still a capital operating activity with very high risk. M & A failure is caused by many factors, and financing risk is one of the important factors that can not be ignored. Mergers and acquisitions financing, become a key factor in the successful operation of the entire acquisition, due to its funds large-scale, long term, complex financing structure. Therefore, analysis of mergers and acquisitions financing' risk, and active exploration of effective ways and means to control risk, becomes necessary.

Key words: Mergers and acquisitions  Financing  Risk  Management