完整版财管类外文翻译2企业并购财务分析2毕业论文设计Word格式文档下载.docx

完整版财管类外文翻译2企业并购财务分析2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