财管类外文翻译2企业并购财务分析2论文Word格式文档下载.docx

财管类外文翻译2企业并购财务分析2论文Word格式文档下载.docx

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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.

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,canalsoincreasethedebtfinancing,inordertoensureallfuturebenefitsenjoyedbytheexistingshareholders.

WhetherM&

Abusinessdevelopmentandexpansionasameansoraninevitableresultofmarketcompetition,willplayanimportantstageinthesocio-economicrole.AsanimportantparticipantinM&

Aandpolicy-makers,fromthefinancialrationalbehavioronM&

Aanalysisandselectionofthesametime,alsotakingintoaccountthemarket,andmanagementelementsthatwillleadtheenterprise'

sdecisionmakingprovidethemosteffectiveXinXi.

企业并购财务问题分析

企业并购已成为企业资本运营的一种主要形式。

企业运用这种资本经营方式实现对外部的低成本扩张，将生产和资本集中，获取协同效应，对提高竞争能力、分散经营风险起到了很重要的作用。

企业并购过程中涉及许多财务问题，而财务问题的解决是企业并购成功的关键。

因此，对在并购中出现的财务问题进行分析研究来提高并购财务效率就有着重要的现实意义。

　一企业并购产生的财务效应

　　1.节约交易费用。

企业并购实质上是企业组织对市场的替代，实现了外部交易的内部化，由于在适当的交易条件下，企业的组织成本有可能低于在市场上进行同样交易的成本，从而减少了生产经营活动的交易费用。

　　2.减少代理成本。

当企业所有权与经营权相分离时，由于企业管理层与企业所有者利益的不一致而产生了代理成本，包括所有人与代理人的签约成本，对代理人监督与控制的成本等。

而通过并购或代理权的竞争，目标公司现任管理者将会被代替，从而可以有效地降低其代理成本。

　　3.降低融资成本。

通过企业并购，可以扩大企业的规模，产生共同担保作用。

一般情况下，规模大的企业更容易进入资本市场，它们可以大批量地发行股票或债券。

由于发行数量多，相对而言，股票或债券的发行成本也随之降低，使企业以较低的资本成本获得再融资。

　　4.取得税收优惠。

并购过程中企业可以利用税法中的税收递延条款合理避税，把目前亏损但有一定盈利潜力的企业作为并购对象，尤其是当并购方为高盈利企业时，能够充分发挥并购双方税收方面的互补优势。

由于股息收入、利息收入、营业收益与资本收益间的税率差别较大，在并购中采取恰当的财务处理方法可以达到合理避税的效果。

　　5.增加企业价值。

并购通过有效的控制权运动为企业带来利润，增加企业价值。

即意欲获取企业控制权的权利主体通过交易方式获取了其他权利主体所拥有的控制权来重新配置社会资源。

在有效的企业控制权市场运行的条件下，对大部分接管者来说，其争夺控制权的动机就在于寻求公司的市场价值和在有效管理的条件下应具有的市场价值之间的差额。

　二企业并购的财务评价

　　企业并购之前，并购企业必须对目标企业的财务状况进行评价，为决策提供可靠的财务依据。

评价企业的财务状况，不仅要对过去几年中的财务报告资料进行仔细分析，而且还要对被并购以后五年甚至更长年份内的现金流量及资产、负债进行预测。

1.公司资金流动状况和偿债能力是保持良好财务弹性的基本条件。

企业的财务弹性很重要，它主要是指企业保持良好的资金流动性以便及时偿还债务。

良好的资金流动表现在良好的创收能力以及从资本市场进行筹资的能力，还与公司的整体创利能力