世界经济一体化程度逐渐加深，企业竞争愈加激烈，为了更好地培育出能广泛参与全球竞争的大企业，我国在深化资本市场改革的过程中，发布一系列的相关政策引导规范市场的并购行为。随着企业的发展势如破竹，综合型的集团公司是发展的大势所趋，集多种优势为一体的并购方式也就应运而生，像多元化并购这样，具有提升企业形象和知名度、改变企业生命周期曲线等优点，日益成为大型企业的战略选择之一。但多元化并购交易风险较大，稍有不慎，不仅难以实现业绩增加，反而会削弱公司主营业务能力，所以，在并购过程中对风险的管控至关重要。即便如此，这种多元化并购方式仍被很多企业重视，综上所述，对于A公司在多元化并购过程中所产生的财务风险管理问题进行分析和研究，其时效性和现实意义是非常重要的。

本文主要以A公司为例，针对其在多元化并购活动中的财务风险管理展开研究。文章主要采用了文献研究法、案例研究法和实地调查法相结合的方法，在现有研究的基础上，以多元化并购流程的决策、执行、整合，三个阶段为切入点，分别对A公司财务风险管理的识别、评估和应对展开讨论，详细地剖析其在并购过程中的财务风险管理情况。A公司作为一家民营公司，初期发展较快，随着业务营收和资金盈余的增加，公司逐步拓展业务领域，通过多元化并购涉足多个行业。本文研究发现A公司主要有决策阶段、执行阶段、整合阶段三个方面的风险。在决策阶段的风险包括战略选择风险和对新业务不熟悉的估值风险；执行阶段由于采用大量现金支付、外汇管理不完善导致了一定的支付风险；整合阶段中，财务整合难度较大，多元化并购后造成分红政策变动也可能使收购最终不达预期。本文还利用Z-score模型对企业多元化并购的财务风险进行评估，最终指出在财务风险管理方面，战略风险评估不足、多元化后的资源分配困难以及大量融资导致财务杠杆增加是A公司面临的主要财务风险管理问题。对此，本文提出需要完善全面战略风险评估、增加支付和融资手段及增强内部治理等方式，强化在多元化并购过程中所需求的财务风险的管理手段。

The degree of world economic integration is gradually deepening, and the competition among enterprises is becoming more and more fierce. In order to better cultivate large enterprises that can participate in global competition, in the process of deepening the reform of capital market, China has issued a series of relevant policies to guide and regulate the market mergers and acquisitions. With the development of enterprises in full swing, comprehensive group companies are the general trend of development, and M&A methods integrating various advantages have emerged as the times require. Such as diversified M&A, M&A methods with the advantages of enhancing corporate image and popularity and changing the life cycle curve of enterprises are increasingly becoming one of the strategic choices of large enterprises. However, diversified M&A transactions are risky, and a little carelessness will not only make it difficult to increase the performance, but also weaken the company's main business ability. Therefore, it is very important to control the risks in the process of M&A. Even so, this diversified M&A mode is still valued by many enterprises. To sum up, it is very important to analyze and study the financial risk management problems of Company A in the process of diversified M&A, and its timeliness and practical significance. 

Taking Company A as an example, this paper studies its financial risk management in diversified M&A activities.Company A, as a private company, developed rapidly at the initial stage. With the increase of business revenue and capital surplus, the company gradually expanded its business field and got involved in many industries through diversified mergers and acquisitions. This paper finds that Company A has three risks: decision-making stage, implementation stage and integration stage. Risks in the decision-making stage include strategic choice risks and valuation risks unfamiliar with new business; In the execution stage, a large amount of cash payment and imperfect foreign exchange management lead to certain payment risks; In the integration stage, financial integration is difficult, and the change of dividend policy caused by diversified mergers and acquisitions may also make the acquisition 

ultimately fail to meet expectations. This paper also uses the Z-score model to evaluate the financial risk of corporate mergers and acquisitions, and finally points out that in terms of financial risk management, insufficient strategic risk assessment, difficulty in resource allocation after diversification, and increased financial leverage caused by a large amount of financing are the main financial risk management problems faced by Company A.Therefore, this paper puts forward that it is necessary to improve the comprehensive strategic risk assessment, increase the means of payment and financing, and strengthen the internal governance to strengthen the financial risk management means required in the process of diversified mergers and acquisitions.

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