企业并购财务问题分析外文文献及翻译Word文档格式.docx
- 文档编号:16395987
- 上传时间:2022-11-23
- 格式:DOCX
- 页数:6
- 大小:22.05KB
企业并购财务问题分析外文文献及翻译Word文档格式.docx
《企业并购财务问题分析外文文献及翻译Word文档格式.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Word文档格式.docx(6页珍藏版)》请在冰豆网上搜索。
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
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.However,due
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 企业 并购 财务 问题 分析 外文 文献 翻译
![提示](https://static.bdocx.com/images/bang_tan.gif)