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

1、 Financial AnalysisCorporate mergers and acquisitions . Enterprise use of this mode of operation to achieve the capital cost of the external expansion of production and capital concentration to obtain synergies, enhancing competitiveness, spread business plays a very important role. M & A process in

2、volves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial problems to improve the efficiency of M & Finance important practical significance.A financial effect resulting from mergers an

3、d acquisitions1. Saving transaction costs. M & A market is essentially an alternative organization to realize the internalization of external transactions, as appropriate under the terms of trade, business organizations, the cost may be lower than in the market for the same transaction costs, thereb

4、y reducing production and operation the transaction costs.2. To reduce agency costs. When the business separation of ownership and management, because the interests of corporate management and business owners which resulted in inconsistencies in agency costs, including all contract costs with the ag

5、ent, the agent monitoring and control costs. Through acquisitions or agency competition, the incumbent managers of target companies will be replaced, which can effectively reduce the agency costs. 3. Lower financing costs. Through mergers and acquisitions, can expand the size of the business, result

6、ing in a common security role. In general, large companies easier access to capital markets, large quantities they can issue shares or bonds. As the issue of quantity, relatively speaking, stocks or bonds cost will be reduced to enable enterprises to lower capital cost, refinancing.4. To obtain tax

7、benefits. M & A business process can make use of deferred tax in terms of a reasonable tax avoidance, but the current loss of business as a profit potential acquisition target, especially when the acquiring company is give full play to complementary acquisitions both tax advantage. Since dividend in

8、come, interest income, operating income and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a reasonable financial deal with the effect of tax avoidance. 5. To increase business value. M & A movement through effective control of profitabl

9、e enterprises and increase business value. The desire to control access to the right of the main business by trading access to the other rights owned by the control subjects to re-distribution of social resources. Effective control over enterprises in the operation of the market conditions, for most

10、 over who are in competition for control of its motives is to seek the companys market value and the effective management of the condition should be the difference between the market value. Second, the financial evaluation of M & A Before merger, M & A business goal must be to evaluate the financial

11、 situation of enterprises, in order to provide reliable financial basis for decision-making. Evaluate the enterprises financial situation, not only in the past few years, a careful analysis of financial reporting information, but also on the acquired within the next five years or more years of cash

12、flow and assets, liabilities, forecast. 1. The company liquidity and solvency position is to maintain the basic conditions for good financial flexibility. Companys financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repayment of debt. Good

13、cash flow performance in a good income-generating capacity and funding from the capital market capacity, but also the companys overall Profitability, Profitability is the size of which can be companys overall business conditions and competition prospects come to embody. Specific assessment, the fixe

14、d costs to predict the total expenditures and cash flow trends, the fixed costs and discretionary spending is divided into some parts of constraints, in order to accurately estimate the companys working capital demand in the near future, on the accounts receivable turnover and inventory turnover rat

15、e of the data to be reviewed, should include other factors that affect financial flexibility, such as short-term corporate debt levels, capital structure, the of enterprises also the capital market funding constraints, poor corporate liquidity, the liquidity of the capital assessment should focus on

16、 the study of the availability of back-up liquidity, the analysis of enterprise can get the cash management, corporate finance to the outside world the ability to sell convertible securities can bring the amount of available liquidity. In the analysis of various sources of financing enterprises, the

17、 enterprises should pay particular attention to its lenders are closely related to the ease of borrowing, because once got in trouble, of M & A transaction price M price is the cost of an important part of the target companys value is determined based on M & A prices, so enterprises in M & Juece Ocl

18、ock on targeted business Jinxing scientific, objective value of Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market competition itself tide in an invincible position. Measure of the value of the target company, generally adjusted book value method, market value of comparative law, price

19、-earnings ratio method, discounted cash flow method, income approach and other methods. 1. The book value adjustment method. Net balance sheet shall be the companys book value. However, to assess the true value of the target company must also be on the balance sheet items for the necessary adjustmen

20、ts. On the one the asset should be based on market prices and the depreciation of fixed assets, business claims in reliability, inventory, marketable securities and changes in intangible assets to adjust. On liabilities subject to detailed presentation of its details for the verification and adjustm

21、ent. M & A for these items one by one consultations, the two sides, both sides reached an acceptable value of the company. Mainly applied to the simple acquisition of the book value and market value of the deviation from small non-listed companies. 2. The market value of comparative law. It is the s

22、tock market and the target companys operating performance similar to the recent average trading price, estimated value of the company as a reference, while analysis and comparison of reference of the transaction terms, compared to adjust, according to assessment to determine the value of the target

23、company. However, application of this method requires a fully developed, active trading market. And a subjective factors and more by market factors, the specific use of time should be cautious. Mainly applied to improve the market system in the acquisition of listed companies. 3. PE method. It is ba

24、sed on earnings and price-earnings ratio target companies to determine the value of the method. The expression is: target = target enterprise value of the business income PE. Where PE （price earnings ratio） can choose when the target companys price-earnings ratio M, with the target companys price-ea

25、rnings ratio of comparable companies or the target company in which the industry average price-earnings ratio. Corporate earnings targets and the target company can choose the after-tax income last year, the last 3 years, the average after-tax income, or ex post the expected after-tax earnings targe

26、t company as a valuation indicator. This method is easy to understand and easy to apply, but its earnings targets and price-earnings ratio is very subjective determination, therefore, this valuation may bring us a great risk. This method is suitable for the stock market a better market environment,

27、a more stable business enterprise. 5. Income approach. It is the company expected future earnings discounted using appropriate discount rate to assess the present value of the base date, and thus determine the value of the companys assessment. Income approach in principle, that is the reason why the

28、 acquirer acquired the target company, taking into account the target company can generate revenue for themselves, if the companys returns, but the purchase price will be bring benefits to determine the value of the company is scientific and reasonable way. The use of this method must predict the ba

29、sic income guarantee and the possibility of a reasonable amount; second, and enterprises to obtain expected benefits associated with future risk can be invaluable, and can provide convincing evidence. When the purpose is to use M & A target long-term management and enterprise resources, then use the

30、 income approach is suitable. Activities in mergers and acquisitions, M & A business through the acquisition of a variety of financing sources of funds needed. M & M financing enterprises in financing before the deal with a variety of M & A comprehensive analysis and evaluation, to select the best f

31、inancing channels. M & A financing from the actual situation analysis, M & A financing is divided into internal financing and external financing. Internal financing is an enterprise to use their own accumulated profits to pay for acquisitions. However, due to the amount of funds required for mergers

32、 and acquisitions are often very large, and limited internal resources, after all, the use of M & A business operating cash flow to finance significant limitations, the internal financing generally not as the main channel for financing mergers and acquisitions. Of external financing is divided into debt financing, equity financing and of their funds sufficient, using its own funds is undoubtedly the best choice; if the business debt rate increase to equity of companies debt financing. However, if the business prospects for the future, can also increase the debt financ