With the rapid economic development in recent years, M & A has become an important means and a positive way to promote the optimal allocation of resources and realize the reorganization of property rights, and more and more appear in the enterprises between our country. But there are a lot of risks in the process of mergers and acquisitions, in which financial risk is an important factor affecting the success of M & A. This paper analyzes the financial risks in M & A process and puts forward the strategy of risk avoidance, which makes the M & A of enterprises have realistic meaning and value.