企业并购财务问题分析MFinancialAnalysis外文文献及翻译毕业论文外文文献翻译及原文Word文档格式.docx
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2017.02.14M&
FinancialAnalysisCorporatemergersandacquisitionshavebecomeamajorformofcapitaloperation.Enterpriseuseofthismodeofoperationtoachievethecapitalcostoftheexternalexpansionofproductionandcapitalconcentrationtoobtainsynergies,enhancingcompetitiveness,spreadbusinessplaysaveryimportantrole.M&
Aprocessinvolvesalotoffinancialproblemsandsolvefinancialproblemsisthekeytosuccessfulmergersandacquisitions.Therefore,itappearsinmergeranalysisofthefinancialproblemstoimprovetheefficiencyofM&
Financehasanimportantpracticalsignificance.Afinancialeffectresultingfrommergersandacquisitions1.Savingtransactioncosts.M&
Amarketisessentiallyanalternativeorganizationtorealizetheinternalizationofexternaltransactions,asappropriateunderthetermsoftrade,businessorganizations,thecostmaybelowerthaninthemarketforthesametransactioncosts,therebyreducingproductionandoperationthetransactioncosts.2.Toreduceagencycosts.Whenthebusinessseparationofownershipandmanagement,becausetheinterestsofcorporatemanagementandbusinessownerswhichresultedininconsistenciesinagencycosts,includingallcontractcostswiththeagent,theagentmonitoringandcontrolcosts.Throughacquisitionsoragencycompetition,theincumbentmanagersoftargetcompanieswillbereplaced,whichcaneffectivelyreducetheagencycosts.3.Lowerfinancingcosts.Throughmergersandacquisitions,canexpandthesizeofthebusiness,resultinginacommonsecurityrole.Ingeneral,largecompanieseasieraccesstocapitalmarkets,largequantitiestheycanissuesharesorbonds.Astheissueofquantity,relativelyspeaking,stocksorbondscostwillbereducedtoenableenterprisestolowercapitalcost,refinancing.4.Toobtaintaxbenefits.M&
Abusinessprocesscanmakeuseofdeferredtaxintermsofareasonabletaxavoidance,butthecurrentlossofbusinessasaprofitpotentialacquisitiontarget,especiallywhentheacquiringcompanyishighlyprofitable,cangivefullplaytocomplementaryacquisitionsbothtaxadvantage.Sincedividendincome,interestincome,operatingincomeandcapitalgainstaxratedifferencebetweenthelargemergersandacquisitionstakeappropriatewaystoachieveareasonablefinancialdealwiththeeffectoftaxavoidance.5.Toincreasebusinessvalue.M&
Amovementthrougheffectivecontrolofprofitableenterprisesandincreasebusinessvalue.Thedesiretocontrolaccesstotherightofthemainbusinessbytradingaccesstotheotherrightsownedbythecontrolsubjectstore-distributionofsocialresources.Effectivecontroloverenterprisesintheoperationofthemarketconditions,formostoverwhoareincompetitionforcontrolofitsmotivesistoseekthecompanysmarketvalueandtheeffectivemanagementoftheconditionshouldbethedifferencebetweenthemarketvalue.Second,thefinancialevaluationofM&
ABeforemerger,M&
Abusinessgoalmustbetoevaluatethefinancialsituationofenterprises,inordertoprovidereliablefinancialbasisfordecision-making.Evaluatetheenterprisesfinancialsituation,notonlyinthepastfewyears,acarefulanalysisoffinancialreportinginformation,butalsoontheacquiredwithinthenextfiveyearsormoreyearsofcashflowandassets,liabilities,forecast.1.Thecompanyliquidityandsolvencypositionistomaintainthebasicconditionsforgoodfinancialflexibility.Companysfinancialflexibilityisimportant,itmainlyreferstotheenterprisestomaintainagoodliquidityfortimelyrepaymentofdebt.Goodcashflowperformanceinagoodincome-generatingcapacityandfundingfromthecapitalmarketcapacity,butalsothecompanysoverallProfitability,Profitabilityisthesizeofwhichcanbecompanysoverallbusinessconditionsandcompetitionprospectscometoembody.Specificassessment,thefixedcoststopredictthetotalexpendituresandcashflowtrends,thefixedcostsanddiscretionaryspendingisdividedintosomepartsofconstraints,inordertoaccuratelyestimatethecompanysworkingcapitaldemandinthenearfuture,ontheaccountsreceivableturnoverandinventoryturnoverrateofthedatatobereviewed,shouldincludeotherfactorsthataffectfinancialflexibility,suchasshort-termcorporatedebtlevels,capitalstructure,thehighertheinterestrateofZhaiwurelativelyspecificweight.2.Examinethefinancialsituationofenterprisesalsohavetoassessthepotentialforback-upliquidity.Whenthecapitalmarketfundingconstraints,poorcorporateliquidity,theliquidityofthecapitalassessmentshouldfocusonthestudyoftheavailabilityofback-upliquidity,theanalysisofenterprisecangetthecashmanagement,corporatefinancetotheoutsi