中国金融机构海外并购行为的完成并不意味着并购的成功，这只是万里长征的第一步，更重要的问题是力争在强手如林的残酷竞争中不至于失败。总体来说，中国金融机构“走出去”，风险意识不可缺。

ChinA's finAnciAl institutions overseAs m&A Activities completed does not meAn thAt the success of the merger And Acquisition,This is only the first step in the long mArch,The more importAnt question is strive in the strong competitors in the cruel competition not fAilure.overAll,ChinA's finAnciAl institutions"Go out",Risk AwAreness not missing.

经营风险 Business risk

　　中国金融体制是建立在计划经济基础上的处于转轨时期的“中国式”金融机构，经营体制还没有完全转换过来，金融机构仍存在较重的依赖心理，缺乏积极性。要将他们置于境外尤其是完全的市场经济之中，要其按照国际要求，依市场原则经营，经营风险可想而知。

ChinA's finAnciAl system is built on the bAsis of the plAnned economy in trAnsition period"Chinese"FinAnciAl institutions,MAnAgement system is still not fully conversion come over,FinAnciAl institutions still exist heAvier dependent psychology,LAck of enthusiAsm.Will hAve them in overseAs especiAlly full of mArket economy,It is to be in AccordAnce with internAtionAl requirements,In AccordAnce with the principle of mArket operAtion,OperAtionAl risk cAns be imAgined.

　整合风险 IntegrAted risk

　　目标金融机构与并购金融机构分处两国，在对机构文化的管理模式上必然存在着较大的冲突，而金融机构内部遵守的规则惯例具有极强的稳定性，很难被随意更改，自然就会排斥外来的文化。如果目标金融机构实力较强，就不会轻易接受并购金融机构的文化，“弱势金融机构对优势金融机构的认同感是强弱结合的并购能否成功的关键因素”。

TArget finAnciAl institutions And mergers And Acquisitions huge finAnciAl institutions of the two countries,In the mechAnism of culture mAnAgement mode must exist the bigger conflict,And finAnciAl institutions internAl Abide by rules prActice with strong stAbility,It is difficult to be Altered,NAturAl he will reject foreign culture.If the tArget is stronger finAnciAl institutions,Will not eAsily Accept the merger of finAnciAl institutions in the culture,"WeAk finAnciAl institutions to AdvAntAge finAnciAl institution identificAtion is A combinAtion of strength merger And Acquisition cAn be the key fActor to success".

市场风险 MArket risk

　　主要是由于目标国利率和汇率的变动所引起的风险。在并购之时，若目标金融机构所在国的货币相对于人民币升值，中国金融机构要实现并购就要支出更多的人民币，承担由于汇率变动带来的损失。同样在并购之时，目标金融机构所在国的货币利率下降，目标金融机构的股票、债券价格就会上涨，中国金融机构也需支付更多的资金实施并购。因此无论是采用现金收购、换股收购还是综合证券收购的金融机构并购方式，都难逃市场风险。

Is mAinly due to the tArget country's interest rAte And exchAnge rAte chAnges cAused by the risk.In the merger And Acquisition of,If tArget finAnciAl institutions of the country in which the currency relAtive to the AppreciAtion of the renminbi,ChinA's finAnciAl institutions to reAlize the merger will be spending more yuAn,Responsible for the loss of the fluctuAtion of exchAnge rAte.Also in the merger And Acquisition,TArget finAnciAl institutions of the country in which the currency interest rAtes fAll,The stock of the tArget of finAnciAl institutions/Bond prices will go up,ChinA's finAnciAl institutions Also need to pAy more money implementAtion of merger And Acquisition.So whether the cAsh purchAse/In stock purchAse or comprehensive securities the Acquisition of finAnciAl institutions in the form of Acquisition,Are supposed to mArket risk.

　法律风险 LegAl risk

　　虽然大部分国家对并购本国金融机构没有一部专门的法律，但来自“外面”的并购会受到其他相关法律及法规的限制。如：

Although most countries to mergers And Acquisitions domestic finAnciAl institutions not A speciAl lAw,But from"outside"Mergers And Acquisitions will be Affected by other relevAnt lAws And regulAtions of the limit.if:

　　劳工法：各国基本上都对劳工的最低工资标准、劳动时间、员工的任用及减裁等作出了规定。由于劳工的权益与金融机构的发展及盈利目标会存在一定的冲突，若中国金融机构一味追求本机构的发展而忽略员工的权益，就可能面临被诉违反劳工法的危险。

LAbor lAw:Countries bAsicAlly on the lAbor of the minimum wAge stAndArd/LAbor time/Employee employment And JiAnCAi etc to mAke the rules.Due to the lAbor rights And interests of the development of the finAnciAl institutions And profit goAls will hAve some conflict,If ChinA's finAnciAl institutions blindly pursue the development of this institution And ignore the rights And interests of the employees,MAy fAce the risk of lAwsuit in violAtion of lAbor lAw.

　　反托拉斯法及其相关的兼并法律法规：合法垄断是竞争的必然结果。在竞争的作用下，中国金融机构海外并购的结果可能会产生合法的垄断，由于有的国家反垄断制度过于严厉，使中国金融机构的合法垄断有可能成为反垄断的目标。

Antitrust lAw And relevAnt lAws And regulAtions of the merger:LegAl monopoly is the inevitAble result of the competition.Under the Action of the competition,ChinA's finAnciAl institutions overseAs m&A results mAy hAve A legAl monopoly,BecAuse of some countries Anti-monopoly system is too hArsh,ChinA's finAnciAl institutions legAl monopoly might become Antitrust goAl.

　　限制金融机构并购方面的法律法规：金融机构是一种特殊的企业，各国都对金融机构的兼并格外谨慎，制定了限制金融机构并购的法律法规予以限制。如美国1993财年《国家防务授权法案》（National Defense Authorization Act for the Fiscal Year of 1993）第873(a)段规定，收购者受到外国政府的控制，或者代表外国政府进行活动，要受到调查。此外，各国的公司法、证券法也规定了企业并购的相关程序。

Limited finAnciAl institutions merger lAws And regulAtions:FinAnciAl institutions is A speciAl kind of enterprise,All countries to the finAnciAl orgAn merger pArticulArly cAutious,FormulAted the limited finAnciAl institutions merger lAws And regulAtions to limit.Such As the United StAtes in fiscAl yeAr 1993[NAtionAl defense AuthorizAtion bill](NAtionAl Defense AuthorizAtion Act for the FiscAl YeAr of 1993)873(A)Period of provisions,Foreign investors is the control of the government,Or on behAlf of the foreign government Activities,Are under investigAtion.In Addition,Countries the lAw of corporAtion/Securities lAw Also stipulAtes mergers And Acquisitions relAted progrAm.

反收购风险 Owns risk

　　中国金融机构对海外金融机构实施并购，意味中国并购行的代表将进入目标行的管理层，获得对被购行的控制权。原管理层出于对自身利益的维护和对外来企业文化的抵御，会做出种种反收购的努力。例如，游说反垄断部门阻止并购行为，搜集可能违反公司法、证券法、反垄断法及其他相关法律法规规定的证据向法院提起诉讼等，或是提高潜在的收购成本，以高价发出收购要约等，人为加大对其的收购难度。

ChinA's finAnciAl institutions overseAs finAnciAl institutions to implement mergers And Acquisitions,Merger And Acquisition meAns thAt ChinA did representAtives will enter the goAl done mAnAgement,Get to be bought control wAys.The originAl mAnAgement for their own interests mAintenAnce And to foreign enterprise culture to resist,MAke A vAriety of Acquirer efforts.For exAmple,Lobbying AgAinst monopolies stop m&A Activities,Collect A possible violAtion of compAny lAw/Securities lAw/Antitrust lAw And other relevAnt lAws And regulAtions of evidence to the court, etc,Or improve the potentiAl Acquisition cost,At A high price A tAkeover offer, etc,People increAse the difficulty of the Acquisition.