企业并购财务报表分析外文文献翻译.docx
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企业并购财务报表分析外文文献翻译.docx
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企业并购财务报表分析外文文献翻译
文献信息:
文献标题:
Enterprisemergerandacquisitionanalysisoffinancialstatements(企业并购财务报表分析)
国外作者:
JamesC.VanHorne
文献出处:
《Themodernenterprisefinancialmanagement》
字数统计:
英文2907单词,14875字符;中文4855汉字
外文文献:
Enterprisemergerandacquisitionanalysisoffinancialstatements
Corporatemergersandacquisitionshavebecomeamajorformofcapitaloperation.Enterpriseuseofthismodeofoperationtoachievethecapitalcostoftheexternalexpansionofproductionandcapitalconcentrationtoobtainsynergies,enhancingcompetitiveness,spreadbusinessplaysaveryimportantrole.M&Aprocessinvolvesalotoffinancialproblemsandsolvefinancialproblemsisthekeytosuccessfulmergersandacquisitions.Therefore,itappearsinmergeranalysisofthefinancialproblemstoimprovetheefficiencyofM&Financehasanimportantpracticalsignificance.
Weneedtousefinancialratiosinanalyzingfinancialstatements.——Theanalysisofcomparativefinancialstatementscannotbemadereallyeffectiveunlessittakestheformofastudyofrelationshipsbetweenitemsinthestatements.Itisoflittlevalue,forexample,toknowthat,onagivendate,theSmithCompanyhasacashbalanceof$1oooo.Butsupposeweknowthatthisbalanceisonly-IVpercentofallcurrentliabilitieswhereasayearagocashwas25percentofallcurrentliabilities.Sincethebankersforthecompanyusuallyrequireacashbalanceagainstbanklines,usedorunused,of20percent,wecanseeatoncethatthefirm'scashconditionisexhibitingaquestionabletendency.
Savingtransactioncosts.M&Amarketisessentiallyanalternativeorganizationtorealizetheinternalizationofexternaltransactions,asappropriateunderthetermsoftrade,businessorganizations,thecostmaybelowerthaninthemarketforthesametransactioncosts,therebyreducingproductionandoperationthetransactioncosts.
Toreduceagencycosts.Whenthebusinessseparationofownershipandmanagement,becausetheinterestsofcorporatemanagementandbusinessownerswhichresultedininconsistenciesinagencycosts,includingallcontractcostswiththeagent,theagentmonitoringandcontrolcosts.Throughacquisitionsoragencycompetition,theincumbentmanagersoftargetcompanieswillbereplaced,whichcaneffectivelyreducetheagencycosts.
Lowerfinancingcosts.Throughmergersandacquisitions,canexpandthesizeofthebusiness,resultinginacommonsecurityrole.Ingeneral,largecompanieseasieraccesstocapitalmarkets,largequantitiestheycanissuesharesorbonds.Astheissueofquantity,relativelyspeaking,stocksorbondscostwillbereducedtoenableenterprisestolowercapitalcost,refinancing.
Toobtaintaxbenefits.M&Abusinessprocesscanmakeuseofdeferredtaxintermsofareasonabletaxavoidance,butthecurrentlossofbusinessasaprofitpotentialacquisitiontarget,especiallywhentheacquiringcompanyishighlyprofitable,cangivefullplaytocomplementaryacquisitionsbothtaxadvantage.Sincedividendincome,interestincome,operatingincomeandcapitalgainstaxratedifferencebetweenthelargemergersandacquisitionstakeappropriatewaystoachieveareasonablefinancialdealwiththeeffectoftaxavoidance.
Toincreasebusinessvalue.M&Amovementthrougheffectivecontrolofprofitableenterprisesandincreasebusinessvalue.Thedesiretocontrolaccesstotherightofthemainbusinessbytradingaccesstotheotherrightsownedbythecontrolsubjectstore-distributionofsocialresources.Effectivecontroloverenterprisesintheoperationofthemarketconditions,formostoverwhoareincompetitionforcontrolofitsmotivesistoseekthecompany'smarketvalueandtheeffectivemanagementoftheconditionshouldbethedifferencebetweenthemarketvalue.
Thecompanyliquidityandsolvencypositionistomaintainthebasicconditionsforgoodfinancialflexibility.Company'sfinancialflexibilityisimportant,itmainlyreferstotheenterprisestomaintainagoodliquidityfortimelyrepaymentofdebt.Goodcashflowperformanceinagoodincome-generatingcapacityandfundingfromthecapitalmarketcapacity,butalsothecompany'soverallProfitability,Profitabilityisthesizeofwhichcanbecompany'soverallbusinessconditionsandcompetitionprospectscometoembody.Specificassessment,thefixedcoststopredictthetotalexpendituresandcashflowtrends,thefixedcostsanddiscretionaryspendingisdividedintosomepartsofconstraints,inordertoaccuratelyestimatethecompany'sworkingcapitaldemandinthenearfuture,ontheaccountsreceivableturnoverandinventoryturnoverrateofthedatatobereviewed,shouldincludeotherfactorsthataffectfinancialflexibility,suchasshort-termcorporatedebtlevels,capitalstructure,thehighertheinterestrateofZhaiwurelativelyspecificweight.
M&Mpriceistheco
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