自从世贸组织成立以来，全球各国之间的经济活动也越发频繁，在这全 球化贸易的趋势下，我国民营企业也希望借此机遇打破自身的发展瓶颈，纷纷涌入国际市场当中，虽然我国民营企业在发展上不断拉近与西方发达国家差距，但在发展速度和规模上仍存在较大差距。我国企业为了弥补自身短板，快速的抢占市场规模，逐渐开始通过并购规模远超自己的企业来缩短与竞争企业间的差距。虽然这种以小并大的“蛇吞象”式并购给企业带来的短期效益诚然客观，但是不容忽视企业通过高杠杆进行并购带来的严峻的财务风险和高失败率。因此，针对企业在进行“蛇吞象”式并购时面临的财务风险进行分析，并提出相应的风险控制和防范措施是十分必要的。 

    本文将选取 2018 年天齐锂业成功并购智利化学矿业公司（简称 SQM）这一代表性的“蛇吞象”式并购作为案例研究对象，并针对天齐锂业在并购过程中产生的潜在财务风险进行识别分析，并引用风险预警模型 F 分数模型对企业整体风险进行分析，最后针对企业的风险分析提出相应的风险防范建议。

     Since the establishment of the WTO, economic activities between countries around the world have become more and more frequent, in this trend of globalized trade, Chinese private enterprises also hope to take this opportunity to break their own development bottleneck, have flocked to the international market, although Chinese private enterprises in the development of the continuous narrowing of the gap with Western developed countries, but there is still a large gap in the speed and scale of development. In order to make up for their shortcomings and seize the market size quickly, Chinese enterprises gradually begin to close the gap with their competitors by acquiring enterprises with a scale far larger than their own. While the short-term benefits of such "snake swallowing elephant" mergers and acquisitions are certainly objective, the serious financial risks and high failure rates associated with highly leveraged mergers and acquisitions cannot be ignored. Therefore, it is very necessary to analyze the financial risks faced by enterprises in the process of "snake swallowing elephant" M&A, and put forward the corresponding risk control and preventive measures. 

    In this paper, we take the successful acquisition of Chilean chemical mining company (SQM) by Tianqi Lithium in 2018 as a representative "snake swallowing an elephant" type of M&A as a case study, and identify and analyse the potential financial risks arising from the M&A process of Tianqi Lithium. The F-score model is used to analyse the overall risk of the company, and finally, recommendations are made for risk prevention.