_着“走出去”战略的深入执行,部分国内企业开始参与国际市场的并购,

并借银行的信贷支持来完成并购业务。银行在发展海外并购贷款业务的同时,
也面浩不少风险,本文以湖南进出口银行对华菱钢铁并购FMG项目的并购贷款为

研究#象,对其风险管理进行了研究。

本文首先阐明了研究的相关背景,并对相关理论与文献进行了综述,然后对

华菱$铁并购FMG项目进行概述,并从政治及法律风险、经济及财务风险、整合

及经营风险、以及资源和技术风险等方面对华菱钢铁并购FMG项目贷款的风险进

行识别;其后,运用层次分析法与模糊综合评价方法对华菱钢铁并购FMG项目贷

款的风险进行了评估,其中经济及财务风险、整合及经营风险相对较大,整体评

估结果表明风险相对可控,但潜在的风险点需要加强风险控制;最后针对华菱钢

铁并购FMG项目贷款的风险,提出合理确定贷款模式、交易结构、贷款币种以及

加强并购协议管理等从贷中风险管理对策以及建立银行内控机制、加强贷后检查、

完善p后风险预警信号、推进贷款风险的转移及以及推进企业整合等贷后风险管
理对“;并提出了为保障风险管理对策成功发挥湖南进出口银行应采取的相关措

施。

本文按照风险管理的流程,对华菱钢铁并购贷款的风险管理进行了研究。在

理论层面上,对风险类型进行有效识别,设计相应的风险控制方法,为相关企业

和银行进行海外并购提供一定的理论指导。在实践层面上,通过利用风险识别、

风险&价以及风险控制的方法为湖南进出口银行海外并购贷款业务的开展提供了
决策fe持,增强了并购企业的核心竞争力。

关键词:进出口银行;并购贷款;风险管理;风险识别;风险评估

Abstract

With the implementation of the strategy of going global”,some enterprises are

participating in multinational mergers and acquisition with bank's credit support. Thus

the banks are inevitably facing the risk when delivering loans for such mergers and

acquisitions overseas. This thesis takes the loan applied by Valin Steel Company for

acquiring shares of the FMG Company as a research proposal, and analyzes the risk

management for this project.

This thesis first clarifies the related research background,and presents a summary

of the relevant literature. Then,the Valin Steel's project for acquiring the shares of the

FMG company is described, and the political and legal risks,economic and financial

risks, business integration and operation risks, resource and technology risks are

identified. Based on these risk points, this paper evaluates the above risks using the

analytic hierarchy process and Fuzzy Synthetic Evaluation Model. The evaluation

results indicate that the risk can be controlled except that the economic and financial

risks, business integration and operation risks are relatively large, and the control of

latent risks should be strengthened. Finally, the thesis has focused on fixing a rational

loan modality and transactional structure to enhance loan risk management. The paper

has also put forward relevant measures to be taken by China Eximbank Hunan Branch

for assuring risk control such as internal compliance, post-loan management, risk

signaling, risk transfer and corporate integration.

Following the risk management procedures,the thesis has studied the risk

management of the loan. Theoretically,this paper has effectively identified risk types

and has designed relevant methods of risk control, which could be referred to by similar

enterprises involving mergers and acquisitions as well as banks extending credits to

multinational mergers and acquisitions. Practically, through risk identification, risk

evaluation and risk control methods, the paper has provided significant decision-making

support to China Eximbank Hunan Branch. It has also strengthened the core

competitiveness of the company doing mergers and acquisitions.

Key Words: Exim bank; Merger and acquisition Loan; Risk Management; Risk

Identification; Risk Evaluation