汽车是全球温室气体排放的主要领域之一，当前我国汽车保有量日益增加，由此引发的尾气排放问题越发严峻，为此大力发展新能源汽车，减少汽车行业碳排放非常有必要，这也是实现碳中和、碳达峰的重要举措。新能源汽车发展的核心和关键技术之一是锂电池，国内锂电池企业通过“蛇吞象”式跨国并购抢占国际锂电资源是一个重要的战略选择。

论文以天齐锂业“蛇吞象”跨国并购SQM为研究对象，在总结“蛇吞象”式并购、跨国并购财务风险及绩效的国内外研究现状和相关理论的基础上，分析了天齐锂业并购SQM的动因、过程以及并购前、中、后的财务风险，并运用层次分析法对财务风险进行综合评价，同时运用事件研究法和EVA法对天齐锂业并购SQM的短期绩效和长期绩效进行分析比较。研究结果表明，天齐锂业“蛇吞象”跨国并购SQM的核心动因是抢占国际锂电资源，该并购的财务风险属于高风险，主要原因是隐形的财务风险、估价风险、融资风险和支付风险；该并购的短期绩效上升显著，但巨额债务对长期绩效产生了不利影响；为了降低我国企业跨国并购的财务风险，提高跨国并购绩效，应当做到在并购前评估目标企业各项重要指标，加强完善风险控制体系，采取多元化融资模式，此外还应加强落实并购后的各项整合工作。

Automobile is one of the main fields of global greenhouse gas emissions. With the continuous increase of automobile ownership in China, vigorously developing new energy vehicles and controlling and reducing carbon emissions in the automobile industry are important measures to achieve carbon neutralization and carbon peak. Lithium battery is one of the core and key technologies in the development of new energy vehicles. It is an important strategic choice for domestic lithium battery enterprises to seize international lithium battery resources through 'snake swallowing elephant' cross-border M&A.

This paper takes Tianqi lithium's acquisition of SQM as the research object. On the basis of summarizing the research status and relevant theories, it analyzes the motivation, process and previous financial risks of Tianqi lithium's acquisition of SQM. During and after the acquisition, it uses analytic hierarchy process to comprehensively evaluate the financial risks, and uses event research method and EVA method to compare and analyze the short-term and long-term performance of Tianqi lithium's acquisition of SQM. According to the research results, the core motivation of this acquisition is to see the international lithium battery resources. The financial risks of M&A are high risks, mainly including hidden financial risks, valuation risks, financing risks and payment risks; The short-term performance of M&A is significantly improved, but the huge debt has an adverse impact on the long-term performance; In order to reduce the financial risk of cross-border M&A and improve the performance of cross-border M&A, we should correctly evaluate the target enterprises before M&A, improve the risk control system, implement diversified financing, and pay attention to the integration after M&A.

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