Abstract: This paper compares and analyzes on accounting performance pre and post the overseas M&A from financial data perspective, and testified the financial risk of the enterprise was affected by overseas M&A. The results showed that Overseas M&A significantly impact on accounting earnings volatility, and the discrete coefficient of enterprise accounting performance after M&A was smaller than before. Thus, in general, this paper holds that Chinese enterprises overseas M&A can reduce the financial risk of the enterprise, to achieve the expected targets of the management, but the smaller accounting performance extreme value of the individual enterprises after overseas M&A manifests the risk of financial deterioration.

摘要： 本文从财务数据视角对企业在海外并购前后的会计收益进行比较分析，论证海外并购对企业财务风险的影响效果。研究结果表明，海外并购交易会显著影响企业会计收益的波动性，但企业会计收益的离散系数变小。由此，本文认为我国企业海外并购交易总体而言能降低企业财务风险，达到了管理层预期并购目标。但并购后更小的收益极值说明个别企业在海外并购后存在财务恶化的风险。