1. In view of the financing risk of M&A, enterprises should establish an effective financing structure and broaden financing channels. The proportion structure of corporate debt capital, equity capital and self-owned capital is the main content of corporate financing structure. Therefore, in the process of financing, enterprises need to reasonably control the proportion of the above capital and follow the principle of minimum capital cost. At the same time, the acquirer should reasonably arrange the payment method, quantity and time of funds to reduce the financing risk. In addition, M&A enterprises can also design the payment structure of M&A according to their own liquidity resources and target enterprise tax, thus reducing the financing risk. Finally, as the organizer of enterprise external financing, the government can improve the capital market and increase the financing channels of enterprises by establishing investment banks.

2. In order to evaluate the risk of the target enterprise value, the information asymmetry between the two parties should be improved. Specifically, first of all, as the core part of the target enterprise, the acquirer should accurately analyze the financial and accounting statements of the target enterprise and fully understand the information of the target enterprise before implementing the merger; Secondly, in order to ensure the accuracy of the information obtained by the acquirer, the acquirer can hire a professional investment bank to make a comprehensive analysis of the financial situation, business ability and industrial environment of the target enterprise, and ask it to make reasonable expectations; Thirdly, M&A can also hire a resource-rich intermediary to further confirm the confidence of the target enterprise and ensure the rationality of the evaluation price; Finally, the relevant government departments should implement the access system of asset appraisal industry, standardize the business standards of this industry, and ensure the evaluation quality of asset appraisal institutions.

3. In view of the liquidity risk of M&A, the enterprise should establish a liquidity portfolio. It is to invest part of the funds held by the enterprise in a portfolio with good liquidity and high credit. Because of the strong liquidity of this kind of securities portfolio, enterprises can adopt this method to alleviate the problem of insufficient liquidity when the bonds of both parties are due. Facing the liquidity risk, M&A enterprises must adjust the matching relationship between assets and liabilities to solve the structural risk of assets and liabilities. In practice, hedge financing is a common method used by enterprises, that is, each asset of M&A enterprises corresponds to a financing instrument with a similar maturity date, so as to alleviate the funding gap.

4. In the process of enterprise merger and acquisition, the government should make clear its position and role, and clarify its relationship with enterprises. In China's socialist market economy, our government should define its own functions and make reasonable planning, guidance, coordination and supervision of Chinese enterprises. Especially in China M&A market, the government should actively guide the M&A behavior of enterprises, coordinate the relationship between industries, and finally achieve the effect of optimizing industrial structure and social resources.

5. Attracting foreign investment through rational use of enterprise mergers and acquisitions. Under the economic background of economic globalization, cross-border mergers and acquisitions have become an important trend of enterprise mergers and acquisitions. China enterprises should always grasp this trend, be familiar with and use enterprise mergers and acquisitions to adapt to the international trend of economic globalization. In addition, in the process of transnational M&A, China enterprises should adhere to the strategic road of strong alliance among enterprises. Only in this way can we resist the risks of the world capital market and realize the long-term stable development of the enterprise itself.

6. Establish and improve the relevant legal system of enterprise merger and acquisition, prevent the financial risks of enterprise merger and acquisition, and at the same time, enterprises should enhance their awareness of legal protection. In the process of enterprise merger and acquisition, in order to conceal its own operating conditions, the target enterprise often makes financial fraud or will not voluntarily disclose the key information of enterprise merger and acquisition, which requires the acquirer to always adhere to a prudent attitude, accurately analyze the financial data of the target enterprise and make reasonable judgments. In addition, both parties to the merger should also sign corresponding legal contracts and other documents with legal protection effect, and ensure the interests of both companies through legal agreements.

(2) Suggestions on preventing cultural risks in enterprise mergers and acquisitions. In view of the objective law of corporate culture construction and maintenance, the acquirer should conduct a detailed investigation and analysis of corporate cultures of both parties before the merger, and improve the compatibility of corporate cultures of both parties through the following ways: (1) Set up a new work team, which should include management, consultants and other relevant personnel inside and outside the enterprise; (2) Explore the essence of corporate culture from the corporate purpose, ideas and cultural publications of the target enterprise by using environmental scanning technology; (3) Adopting systematic and structured scientific evaluation methods to overcome the subjectivity and blindness of the acquirer in the evaluation process.