摘要企业跨国并购的过程并不是简单顺利的，通常都伴有多种因素导致的财务风险，稍有不慎可能就会导致企业的经营活动无法顺利开展。且由于财务风险连通并购环节的始末，是决定并购能否顺利的主导条件，所以对企业开展跨国并购前的财务风险分析，合理规避并购风险就显得尤为重要。为了降低企业跨国并购前的风险，使企业可以更加顺利的完成并购，本文以伊利乳业2016-2018年三年的财务数据为基础，采用了事件研究法和财务指标法，对伊利乳业跨国并购Westland公司中所涉及的估值风险、融资风险、支付风险和整合风险进行分析，对伊利进行跨国并购的风险成因进行研究，探索降低跨国并购财务风险的措施，以期能够对企业的跨国并购提供建设性意见，帮助企业更加长远健康的发展。关键词：伊利乳业；跨国并购；财务风险AbstractDuetotherapiddevelopmentofmarketeconomy,manyenterprisesbegintoexplorethedevelopmentpathofcross-bordermergersandacquisitionsinordertoseizemarketshareandformcompetitiveadvantages.However,theprocessofcross-bordermergerandacquisitionofenterprisesisnotsimpleandsmooth,whichisusuallyaccompaniedbyfinancialriskscausedbyavarietyoffactors,whichmayleadtothefailureofsmoothoperationofenterprises.Moreover,sincefinancialrisklinksthebeginningandendofthem&alink,whichisthedominantconditiontodeterminewhetherthem&acangosmoothly,itisparticularlyimportanttoanalyzethefinancialriskofenterprisesbeforecross-borderm&aandreasonablyavoidthem&arisk.Inordertoreducetheriskoftheenterprisetransnationalmergerandacquisitionbefore,canmaketheenterprisemoresmoothlycompletedmergersandacquisitions,inthispaper,yilidairy,2016-2018,threeyearsoffinancialdataasthefoundation,usingtheeventstudymethodandthemethodoffinancialindicators,theyilidairyWestlandcompaniesinvolvedincross-borderm&avaluationrisk,financingriskandpaymentriskandintegrationofriskanalysis,tocausetheriskofcross-borderm&ayiliresearch,explorethemeasuresofreducingtheriskofcross-borderm&afinancial,inordertoprovideconstructiveSuggestionstoenterprise'scross-borderm&a,helpenterprisestomorelong-termhealthydevelopment.Keywords:yilidairy;Cross-bordermergersandacquisitions;Financialrisk目录TOC\o"1-3"\h\z\uHYPERLINK\l"_Toc34393375"一、引言PAGEREF_Toc34393375\h5HYPERLINK\l"_Toc34393376"二、跨国并购的相关概念PAGEREF_Toc34393376\h5HYPERLINK\l"_Toc34393377"三、伊利跨国并购业务的财务风险分析PAGEREF_Toc34393377\h6HYPERLINK\l"_Toc34393378"（一）估值风险PAGEREF_Toc34393378\h7HYPERLINK\l"_Toc34393379"（二）融