企业并购财务问题分析外文文献及翻译.docx

企业并购财务问题分析外文文献及翻译.docx

《企业并购财务问题分析外文文献及翻译.docx》由会员分享，可在线阅读，更多相关《企业并购财务问题分析外文文献及翻译.docx（9页珍藏版）》请在冰豆网上搜索。

企业并购财务问题分析外文文献及翻译

M&FinancialAnalysis

Corporatemergersandacquisitionshavebecomeamajorformofcapitaloperation.Enterpriseuseofthismodeofoperationtoachievethecapitalcostoftheexternalexpansionofproductionandcapitalconcentrationtoobtainsynergies,enhancingcompetitiveness,spreadbusinessplaysaveryimportantrole.M&Aprocessinvolvesalotoffinancialproblemsandsolvefinancialproblemsisthekeytosuccessfulmergersandacquisitions.Therefore,itappearsinmergeranalysisofthefinancialproblemstoimprovetheefficiencyofM&Financehasanimportantpracticalsignificance.

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,especiallywhentheacquiringcompanyishighlyprofitable,cangivefullplaytocomplementaryacquisitionsbothtaxadvantage.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,thehighertheinterestrateofZhaiwurelativelyspecificweight.

2.Examinethefinancialsituationofenterprisesalsohavetoassessthepotentialforback-upliquidity.Whenthecapitalmarketfundingconstraints,poorcorporateliquidity,theliquidityofthecapitalassessmentshouldfocusonthestudyoftheavailabilityofback-upliquidity,theanalysisofenterprisecangetthecashmanagement,corporatefinancetotheoutsideworldtheabilitytosellconvertiblesecuritiescanbringtheamountofavailableliquidity.Intheanalysisofvarioussourcesoffinancingenterprises,theenterprisesshouldpayparticularattentiontoitslendersarecloselyrelatedtotheeaseofborrowing,becauseoncegotintrouble,helplesstotheoutsideworld,thoseclosetothelendinginstitutionsarelikelytohelpbusinessesgetridofdilemma.Othersincludeconvertiblesecuritiesareconvertibleatanytimefromthestockmarketintocash,torepayshort-termcorporatedebtmaturity.

3DeterminationofM&Atransactionprice

M&Mpriceisthecostofanimportantpartofthetargetcompany'svalueisdeterminedbasedonM&Aprices,soenterprisesinM&JueceO'clockontargetedbusinessJinxingscientific,objectivevalueofPingGu,carefullyXuanzeacquisitionDuixiangtoShiZaimarketcompetitionitselftideinaninvincibleposition.Measureofthevalueofthetargetcompany,generallyadjustedbookvaluemethod,marketvalueofcomparativelaw,price-earningsratiomethod,discountedcashflowmethod,incomeapproachandothermethods.

1.Thebookvalueadjustmentmethod.Netbalancesheetshallbethecompany'sbookvalue.However,toassessthetruevalueofthetargetcompanymustalsobeonthebalancesheetitemsforthenecessaryadjustments.Ontheonehand,ontheassetshouldbebasedonmarketpricesandthedepreciationoffixedassets,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.

4.Incomeapproach.Itisthecompanyexpectedfutureearningsdiscountedusingappropriatediscountratetoassessthepresentvalueofthebasedate,andthusdeterminethevalueofthecompany'sassessment.Incomeapproachinprinciple,thatisthereasonwhytheacquireracquiredthetargetcompany,takingintoaccountthetargetcompanycangeneraterevenueforthemselves,ifthecompany'sreturns,butthepurchasepricewillbehigh.Therefore,accordingtothecompanylevelcanbringbenefitstodeterminethevalueofthecompanyisscientificandreasonableway.Theuseofthismethodmusthavetwoconditions:

First,assessthecompany'sfutureearningsaretobepredicted,andcanpredictthebasicincomeguaranteeandthepossibilityofareasonableamount;second,andenterprisestoobtainexpectedbenefitsassociatedwithfutureriskcanbeinvaluable,andcanprovideconvincingevidence.WhenthepurposeistouseM&Atargetlong-termmanagementandenterpriseresources,thenusetheincomeapproachissuitable.

Activitiesinmergersandacquisitions,M&Abusinessthroughtheacquisitionofavarietyoffinancingsourcesoffundsneeded.M&MfinancingenterprisesinfinancingbeforethedealwithavarietyofM&Acomprehensiveanalysisandevaluation,toselectthebestfinancingchannels.M&Afinancingfromtheactualsituationanalysis,M&Afinancingisdividedintointernalfinancingandexternalfinancing.Internalfinancingisanenterprisetousetheirownaccumulatedprofitstopayforacquisitions.Howev