企業(yè)并購財務問題分析外文文獻及翻譯

1、<p>　　M & Financial Analysis</p><p>　　Corporate mergers and acquisitions have become a major form of capital operation. Enterprise use of this mode of operation to achieve the capital cost of the ex

2、ternal expansion of production and capital concentration to obtain synergies, enhancing competitiveness, spread business plays a very important role. M & A process involves a lot of financial problems and solve finan

3、cial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial p</p><p>　　A financial effect resulting from mergers and acquisitions</p><

4、;p>　　1. 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, t

5、he cost may be lower than in the market for the same transaction costs, thereby reducing production and operation the transaction costs.</p><p>　　2. To reduce agency costs. When the business separation of ow

6、nership and management, because the interests of corporate management and business owners which resulted in inconsistencies in agency costs, including all contract costs with the agent, the agent monitoring and control c

7、osts. Through acquisitions or agency competition, the incumbent managers of target companies will be replaced, which can effectively reduce the agency costs. </p><p>　　3. Lower financing costs. Through merge

8、rs and acquisitions, can expand the size of the business, resulting 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 o

9、f quantity, relatively speaking, stocks or bonds cost will be reduced to enable enterprises to lower capital cost, refinancing.</p><p>　　4. To obtain tax benefits. M & A business process can make use of

10、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 highly profitable, can give full play to complement

11、ary acquisitions both tax advantage. Since dividend income, interest income, operating income and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a reas</p

12、><p>　　5. To increase business value. M & A movement through effective control of profitable enterprises and increase business value. The desire to control access to the right of the main business by tradin

13、g 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 over who are in competition for co

14、ntrol of its motives is to seek the company's market value and the effective mana</p><p>　　Second, the financial evaluation of M & A </p><p>　　Before merger, M & A business goal must

15、 be to evaluate the financial situation of enterprises, in order to provide reliable financial basis for decision-making. Evaluate the enterprise's financial situation, not only in the past few years, a careful analy

16、sis of financial reporting information, but also on the acquired within the next five years or more years of cash flow and assets, liabilities, forecast. </p><p>　　1. The company liquidity and solvency posit

17、ion is to maintain the basic conditions for good financial flexibility. Company's financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repayment of debt. Goo

18、d cash flow performance in a good income-generating capacity and funding from the capital market capacity, but also the company's overall Profitability, Profitability is the size of which can be company's overall

19、 business conditions and comp</p><p>　　2. Examine the financial situation of enterprises also have to assess the potential for back-up liquidity. When the capital market funding constraints, poor corporate l

20、iquidity, the liquidity of the capital assessment should focus on 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 abi

21、lity to sell convertible securities can bring the amount of available liquidity. In the analysis of various sour</p><p>　　3 Determination of M & A transaction price </p><p>　　M & M price

22、 is the cost of an important part of the target company's value is determined based on M & A prices, so enterprises in M & Juece O'clock on targeted business Jinxing scientific, objective value of Ping Gu

23、, 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 l

24、aw, price-earnings ratio method, discounted cash flow method, inc</p><p>　　1. The book value adjustment method. Net balance sheet shall be the company's book value. However, to assess the true value of t

25、he target company must also be on the balance sheet items for the necessary adjustments. On the one hand, on the asset should be based on market prices and the depreciation of fixed assets, business claims in reliability

26、, inventory, marketable securities and changes in intangible assets to adjust. On liabilities subject to detailed presentation of its details for the ve</p><p>　　2. The market value of comparative law. It is

27、 the stock market and the target company's 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 transacti

28、on terms, compared to adjust, according to assessment to determine the value of the target company. However, application of this method requires a fully developed, active trading market. And a subjective factors and more

29、 by market factors,</p><p>　　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 val

30、ue of the company's assessment. Income approach in principle, that is the reason why the acquirer acquired the target company, taking into account the target company can generate revenue for themselves, if the compan

31、y's returns, but the purchase price will be high. Therefore, according to the company level can bring bene</p><p>　　Activities in mergers and acquisitions, M & A business through the acquisition of a

32、 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 financing channels. M &

33、; 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 </p&

34、gt;<p>　　Channels of financing the actual response to determine their capital structure analysis, if the acquisition of their funds sufficient, using its own funds is undoubtedly the best choice; if the business d

35、ebt rate has been high, as far as possible should be financed without an increase to equity of companies debt financing. However, if the business prospects for the future, can also increase the debt financing, in order t

36、o ensure all future benefits enjoyed by the existing shareholders.</p><p>　　Whether M & A business development and expansion as a means or an inevitable result of market competition, will play an importa

37、nt stage in the socio-economic role. As an important participant in M & A and policy-makers, from the financial rational behavior on M & A analysis and selection of the same time, also taking into account the mar

38、ket, and management elements that will lead the enterprise's decision making provide the most effective Xin Xi . </p><p>　　企業(yè)并購財務問題分析</p><p>　　企業(yè)并購已成為企業(yè)資本運營的一種主要形式。企業(yè)運用這種資本經(jīng)營方式實現(xiàn)對外部的低成本擴張，將生

39、產(chǎn)和資本集中，獲取協(xié)同效應，對提高競爭能力、分散經(jīng)營風險起到了很重要的作用。企業(yè)并購過程中涉及許多財務問題，而財務問題的解決是企業(yè)并購成功的關鍵。因此，對在并購中出現(xiàn)的財務問題進行分析研究來提高并購財務效率就有著重要的現(xiàn)實意義。　 一 企業(yè)并購產(chǎn)生的財務效應　　1.節(jié)約交易費用。企業(yè)并購實質(zhì)上是企業(yè)組織對市場的替代，實現(xiàn)了外部交易的內(nèi)部化，由于在適當?shù)慕灰讞l件下，企業(yè)的組織成本有可能低于在市場上進行同樣交易的成本，從而減少了生產(chǎn)經(jīng)

40、營活動的交易費用。　　2.減少代理成本。當企業(yè)所有權與經(jīng)營權相分離時，由于企業(yè)管理層與企業(yè)所有者利益的不一致而產(chǎn)生了代理成本，包括所有人與代理人的簽約成本，對代理人監(jiān)督與控制的成本等。而通過并購或代理權的競爭，目標公司現(xiàn)任管理者將會被代替，從而可以有效地降低其代理成本?！　?.降低融資成本。通過企業(yè)并購，可以擴大企業(yè)的規(guī)模，產(chǎn)生共同擔保作用。一般情況下，規(guī)模大的企業(yè)更容易進入資本市場，它們可以大批量地發(fā)行股票或債券。由于發(fā)行數(shù)量多，

41、相對而言，股票或債券的發(fā)行</p><p>　　1.公司資金流動狀況和償債能力是保持良好財務彈性的基本條件。企業(yè)的財務彈性很重要，它主要是指企業(yè)保持良好的資金流動性以便及時償還債務。良好的資金流動表現(xiàn)在良好的創(chuàng)收能力以及從資本市場進行籌資的能力，還與公司的整體創(chuàng)利能力有關，而這種創(chuàng)利能力的大小可由公司的整體經(jīng)營狀況和競爭前景來體現(xiàn)。在具體評估時，要預測固定費用支出和現(xiàn)金流量總額的變化趨勢，將固定費用支出分成約束部

42、分和酌量部分，為了精確估計近期內(nèi)公司的周轉資金需求量，對有關應收賬款周轉率和存貨周轉率的資料也要進行審查，還應該包括其他一些影響財務彈性的因素，如公司的短期負債水平，資本結構中利率較高的債務相對比重等。</p><p>　　2.考察企業(yè)財務狀況還必須評估后備流動資金的潛力。當資本市場資金緊張，企業(yè)資金流動性較差時，對資金流動性的評估應重點放在考察后備流動資金的可利用性上，分析企業(yè)可從經(jīng)營中獲取的現(xiàn)金量，企業(yè)向外界

43、籌措資金的能力，銷售可兌換證券所能帶來的可利用流動資金量。在分析企業(yè)的各種資金來源時，應特別重視企業(yè)向其有密切關系的貸款者借款的便利程度，因為一旦企業(yè)陷入困境，向外界求助無援時，那些關系密切的貸款機構很可能幫助企業(yè)擺脫困境。其他還有可轉換證券等，都可以隨時從證券市場兌換成現(xiàn)金，用來償還企業(yè)到期的短期負債?！　∪?企業(yè)并購交易價格的確定　　并購價格是并購成本的重要組成部分，目標公司的價值是并購價格確定的依據(jù)，因此企業(yè)在進行并購決策時應