完整版财管类外文翻译2企业并购财务分析1毕业论文设计Word格式文档下载.docx
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FinancialAnalysis
Corporatemergersandacquisitions.Enterpriseuseofthismodeofoperationtoachievethecapitalcostoftheexternalexpansionofproductionandcapitalconcentrationtoobtainsynergies,enhancingcompetitiveness,spreadbusinessplaysaveryimportantrole.M&
Aprocessinvolvesalotoffinancialproblemsandsolvefinancialproblemsisthekeytosuccessfulmergersandacquisitions.Therefore,itappearsinmergeranalysisofthefinancialproblemstoimprovetheefficiencyofM&
Financeimportantpracticalsignificance.
Afinancialeffectresultingfrommergersandacquisitions
1.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,especiallywhentheacquiringcompanyisgivefullplaytocomplementaryacquisitionsbothtaxadvantage.Sincedividendincome,interestincome,operatingincomeandcapitalgainstaxratedifferencebetweenthelargemergersandacquisitionstakeappropriatewaystoachieveareasonablefinancialdealwiththeeffectoftaxavoidance.
5.Toincreasebusinessvalue.M&
Amovementthrougheffectivecontrolofprofitableenterprisesandincreasebusinessvalue.Thedesiretocontrolaccesstotherightofthemainbusinessbytradingaccesstotheotherrightsownedbythecontrolsubjectstore-distributionofsocialresources.Effectivecontroloverenterprisesintheoperationofthemarketconditions,formostoverwhoareincompetitionforcontrolofitsmotivesistoseekthecompany'
smarketvalueandtheeffectivemanagementoftheconditionshouldbethedifferencebetweenthemarketvalue.
Second,thefinancialevaluationofM&
A
Beforemerger,M&
Abusinessgoalmustbetoevaluatethefinancialsituationofenterprises,inordertoprovidereliablefinancialbasisfordecision-making.Evaluatetheenterprise'
sfinancialsituation,notonlyinthepastfewyears,acarefulanalysisoffinancialreportinginformation,butalsoontheacquiredwithinthenextfiveyearsormoreyearsofcashflowandassets,liabilities,forecast.
1.Thecompanyliquidityandsolvencypositionistomaintainthebasicconditionsforgoodfinancialflexibility.Company'
sfinancialflexibilityisimportant,itmainlyreferstotheenterprisestomaintainagoodliquidityfortimelyrepaymentofdebt.Goodcashflowperformanceinagoodincome-generatingcapacityandfundingfromthecapitalmarketcapacity,butalsothecompany'
soverallProfitability,Profitabilityisthesizeofwhichcanbecompany'
soverallbusinessconditionsandcompetitionprospectscometoembody.Specificassessment,thefixedcoststopredictthetotalexpendituresandcashflowtrends,thefixedcostsanddiscretionaryspendingisdividedintosomepartsofconstraints,inordertoaccuratelyestimatethecompany'
sworkingcapitaldemandinthenearfuture,ontheaccountsreceivableturnoverandinventoryturnoverrateofthedatatobereviewed,shouldincludeotherfactorsthataffectfinancialflexibility,suchasshort-termcorporatedebtlevels,capitalstructure,theofenterprisesalsothecapitalmarketfundingconstraints,poorcorporateliquidity,theliquidityofthecapitalassessmentshouldfocusonthestudyoftheavailabilityofback-upliquidity,theanalysisofenterprisecangetthecashmanagement,corporatefinancetotheoutsideworldtheabilitytosellconvertiblesecuritiescanbringtheamountofavailableliquidity.Intheanalysisofvarioussourcesoffinancingenterprises,theenterprisesshouldpayparticularattentiontoitslendersarecloselyrelatedtotheeaseofborrowing,becauseoncegotintrouble,ofM&
Atransactionprice
Mpriceisthecostofanimportantpartofthetargetcompany'
svalueisdeterminedbasedonM&
Aprices,soenterprisesinM&
JueceO'
clockontargetedbusinessJinxingscientific,objectivevalueofPingGu,carefullyXuanzeacquisitionDuixiangtoShiZaimarketcompetitionitselftideinaninvincibleposition.Measureofthevalueofthetargetcompany,generallyadjustedbookvaluemethod,marketvalueofcomparativelaw,price-earningsratiomethod,discountedcashflowmethod,incomeapproachandothermethods.
1.Thebookvalueadjustmentmethod.Netbalancesheetshallbethecompany'
sbookvalue.However,toassessthetruevalueofthetargetcompanymustalsobeonthebalancesheetitemsforthenecessaryadjustments.Ontheonetheassetshouldbebasedonmarketpricesandthedepreciationoffixedassets,businessclaimsinreliability,inventory,marketablesecuritiesandchangesinintangibleassetstoadjust.Onliabilitiessubjecttodetailedpresentationofitsdetailsfortheverificationandadjustment.M&
Afortheseitemsonebyoneconsultations,thetwosides,bothsidesreachedanacceptablevalueofthecompany.Mainlyappliedtothesimpleacquisitionofthebookvalueandmarketvalueofthedeviationfromsmallnon-listedcompanies.
2.Themarketvalueofcomparativelaw.Itisthestockmarketandthetargetcompany'
soperatingperformancesimilartotherecentaveragetradingprice,estimatedvalueofthecompanyasareference,whileanalysisandcomparisonofreferenceofthetransactionterms,comparedtoadjust,accordingtoassessmenttodeterminethevalueofthetargetcompany.However,applicationofthismethodrequiresafullydeveloped,activetradingmarket.Andasubjectivefactorsandmorebymarketfactors,thespecificuseoftimeshouldbecautious.Mainlyappliedtoimprovethemarketsystemintheacquisitionoflistedcompanies.
3.PEmethod.Itisbasedonearningsandprice-earningsratiotargetcompaniestodeterminethevalueofthemethod.Theexpressionis:
target=targetenterprisevalueofthebusinessincome×
PE.WherePE(priceearningsratio)canchoosewhenthetargetcompany'
sprice-earningsratioM,withthetargetcompany'
sprice-earningsratioofcomparablecompaniesorthetargetcompanyinwhichtheindustryaverageprice-earningsratio.Corporateearningstargetsandthetargetcompanycanchoosetheafter-taxincomelastyear,thelast3years,theaverageafter-taxincome,orexposttheexpectedafter-taxearningstargetcompanyasavaluationindicator.Thismethodiseasytounderstandandeasytoapply,butitsearningstargetsandprice-earningsratioisverysubjectivedetermination,therefore,thisvaluationmaybringusagreatrisk.Thismethodissuitableforthestockmarketabettermarketenvironment,amorestablebusinessenterprise.
5.Incomeapproach.Itisthecompanyexpectedfutureearningsdiscountedusingappropriatediscountratetoassessthepresentvalueofthebasedate,andthusdeterminethevalueofthecompany'
sassessment.Incomeapproachinprinciple,thatisthereasonwhytheacquireracquiredthetargetcompany,takingintoaccountthetargetcompanycangeneraterevenueforthemselves,ifthecompany'
sreturns,butthepurchasepricewillbebringbenefitstodeterminethevalueofthecompanyisscientificandreasonableway.Theuseofthismethodmustpredictthebasicincomeguaranteeandthepossibilityofareasonableamount;
second,andenterprisestoobtainexpectedbenefitsassociatedwithfutureriskcanbeinvaluable,andcanprovideconvincingevidence.WhenthepurposeistouseM&
Atargetlong-termmanagementandenterpriseresources,thenusetheincomeapproachissuitable.
Activitiesinmergersandacquisitions,M&
Abusinessthroughtheacquisitionofavarietyoffinancingsourcesoffundsneeded.M&
MfinancingenterprisesinfinancingbeforethedealwithavarietyofM&
Acomprehensiveanalysisandevaluation,toselectthebestfinancingchannels.M&
Afinancingfromtheactualsituationanalysis,M&
Afinancingisdividedintointernalfinancingandexternalfinancing.Internalfinancingisanenterprisetousetheirownaccumulatedprofitstopayforacquisitions.However,duetotheamountoffundsrequiredformergersandacquisitionsareoftenverylarge,andlimitedinternalresources,afterall,theuseofM&
Abusinessoperatingcashflowtofinancesignificantlimitations,theinternalfinancinggenerallynotasthemainchannelforfinancingmergersandacquisitions.Ofexternalfinancingisdividedintodebtfinancing,equityfinancingandoftheirfundssufficient,usingitsownfundsisundoubtedlythebestchoice;
ifthebusinessdebtrateincreasetoequityofcompaniesdebtfinancing.However,ifthebusinessprospectsforthefuture,canalsoincreasethedebtfinanc