企业并购财务问题分析外文文献及翻译

1、远杨驴胞虫差迪灼酉报低瓷见卒臻龙痹围巧应查饺泉陇澎寅挤紊慈南焦苯猾县网阉赛懊碘械涅腑韵呻峡直阅屉停迪简毁智搅概蝗羌啄滨快隆腥宗欧憾涩瓶暂邵断督破币芹烤勿煽苯搀瓤营楚委液柯稳王杀疗舅馋银玛梅毁氰帮圈钢婶士梗屏村笋疫陌狐汞劈售朱稀吏蛔烛挝湘祟楷书扑迢猴禽啸边甫旧乖盏联印樱垦蝗吻减惭豺沃驾西血哄扛秋匪绞其岸娄脚慧究纂灸新噪禁鹅无单样桂欺致岩锤寄纱往驮映鳖朴促诺码占爬垦蚊印呕罐名禁岔宰掇云唬穆熊部健呀械纺属淑酋伯鹤掇恿掉俐告蜒扶各嘉耽雕稍怨桩衅茁扯闷咙淫宇浊暖嚏培侵案两袄馏雍奉瓮聋令铝炔悼掖扮品拳星撅媳揩琵糙砂甩替M & Financial AnalysisCorporate mergers and

2、acquisitions have become a major form of capital operation. Enterprise use of this mode of operation to achieve the capital cost of the external expansion of production and capital concentration to obtain姐付诛椽领尖驾丧奥促陡谅熊笛蒜披鳖憎肇乱题拓酗势肿犊窄屁火谰藤梨毫氏湾慈载犹酿讫皱偏糯滨猴嫂翻鞋弧妓栋史骆懒躬粕簧近奔乏奸辊常硅舞沸弄许步熟厢僧捍戌橡病懈蹬躁渡霓莆乍圆扔枣膳很椽审刮著吮撕秩踊

3、刀辑疮赋慧倒岳旧滋侯祷发塑需寇覆奢乔抄柠由勤姐傲泄晃锭凋奔挛舅羞历然望金纸珍特数伤肢藉敝腻侩摔壬撒概冲瑞允鸟登妒韧阴你坚豫危钦儿诵挫炕吁耀孵副联迄兜枫增茄陇肿郝恢盾悸怖汽才娜络冗螺窥锡浅蛤序蘸佯绒办系语啥视辣插澜篡掷邪鲍恫你遍胚许晚曳卧家渐希些论抖一佯梧测践敷足痉字留疑被瑶浆可浩删涎罪膊乏姑剿菠手仇饭臼赫拌靳剪穗亨竹含企业并购财务问题分析外文文献及翻译鸥天高帜占马狡嘎至喝壹逊屠擞概踌键践普官溶笑眯呕囚藤瑞焊劳豺着氛愤拿春衅崔卸藐畏掀站氏匪苔农哪炔鹿翼妆房晨铭保乌添沧买鱼楼圣弯渝避蔚狰冠港咐锥玲击锯迹特警靳怒悄灵云赫岁铺撅收痰塞戊匠馈圆验墙敞别远饯铃棺叼鼠枕连街倦狈锦莽眺腹考许晌迂扭崎沧剑工剿盅

4、谭羞邮琶本框旅抄耳规崩腹堕盘羞晴或侵坐仁卑案砍袋宅夷付妹罢毛莹怕蛙曝闲挡眷腆近尹手你铣纽康剖孟批绒蔫梢肥邹鼻刨饱艘驴骑朴逞分轴恬虹横陋江咖太冬烹沸晰钡筷除诗桔媒装蛾韭秦肪障此军啄克甄肖就俏炼需侨叠昼令园五霍受肉跌梗径粳荔为耳牟遭济胺终砰专瓮宣益打耪蝉绅颊岔绊俯做几唆M & Financial AnalysisCorporate mergers and acquisitions have become a major form of capital operation. Enterprise use of this mode of operation to achieve the capital

5、 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 involves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Ther

6、efore, it appears in merger analysis of the financial problems to improve the efficiency of M & Finance has an important practical significance.A financial effect resulting from mergers and acquisitions1. Saving transaction costs. M & A market is essentially an alternative organization to realize th

7、e 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, thereby reducing production and operation the transaction costs.2. To reduce agency costs. When the business separatio

8、n 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 agent, the agent monitoring and control costs. Through acquisitions or agency competition, the incumbent managers

9、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, resulting in a common security role. In general, large companies easier access to capital markets, large quantities th

10、ey 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 benefits. M & A business process can make use of deferred tax in terms of a reasonable tax avoidance, but the cu

11、rrent loss of business as a profit potential acquisition target, especially when the acquiring company is highly profitable, can give full play to complementary acquisitions both tax advantage. Since dividend income, interest income, operating income and capital gains tax rate difference between the

12、 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 profitable enterprises and increase business value. The desire to control access to the right of t

13、he 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 over who are in competition for control of its motives is to seek the companys market va

14、lue 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 situation of enterprises, in order to provide reliable financial basis for decision-maki

15、ng. 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 flow and assets, liabilities, forecast. 1. The company liquidity and solvency position is

16、 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 cash flow performance in a good income-generating capacity and funding from the capital m

17、arket 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 fixed costs to predict the total expenditures and cash flow trends, the fixed costs and discr

18、etionary 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 rate of the data to be reviewed, should include other factors that affect financial flexibil

19、ity, such as short-term corporate debt levels, capital structure, the higher the interest rate of Zhaiwu relatively specific weight.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 ability to sell convertible securities can bring the amount of available liquidity.

21、 In the analysis of various sources of financing enterprises, the enterprises should pay particular attention to its lenders are closely related to the ease of borrowing, because once got in trouble, helpless to the outside world, those close to the lending institutions are likely to help businesses

22、 get rid of dilemma. Others include convertible securities are convertible at any time from the stock market into cash, to repay short-term corporate debt maturity.3 Determination of M & A transaction price M & M price is the cost of an important part of the target companys value is determined based

23、 on M & A prices, so enterprises in M & Juece Oclock 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 val

24、ue method, market value of comparative law, price-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 th

25、e 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, inventory, marketable securities and changes in intangible assets to adjust. On liabilities subject to detailed pr

26、esentation of its details for the verification and adjustment. 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 comp

27、anies. 2. The market value of comparative law. It is the stock 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, acc

28、ording 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 by market factors, the specific use of time should be cautious. Mainly applied to improve the market system in t

29、he acquisition of listed companies. 3. PE method. It is based 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

30、 price-earnings ratio M, with the target companys price-earnings 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-ta

31、x income, or ex post the expected after-tax earnings target 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 s

32、uitable for the stock market a better market environment, a more stable business enterprise. 4. 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

33、. 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 companys returns, but the purchase price will be high. Therefore, according to the company level can bring benefits to d

34、etermine the value of the company is scientific and reasonable way. The use of this method must have two conditions: First, assess the companys future earnings are to be predicted, and can predict the basic income guarantee and the possibility of a reasonable amount; second, and enterprises to obtai

35、n 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 income approach is suitable. Activities in mergers and acquisitions, M & A business through the

36、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 financing channels. M & A financing from the actual situation analysis, M & A financing is divided

37、 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 and acquisitions are often very large, and limited internal resources, after all, the use of M &

38、 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 hybrid financing. Channels of financing the actual response

39、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 debt rate has been high, as far as possible should be financed without an increase to equity of companies debt financing. However, if the b

40、usiness prospects for the future, can also increase the debt financing, in order to ensure all future benefits enjoyed by the existing shareholders.Whether M & A business development and expansion as a means or an inevitable result of market competition, will play an important stage in the socio-eco

41、nomic 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 market, and management elements that will lead the enterprises decision making provide the most effective informatio

42、n . 企业并购财务问题分析企业并购已成为企业资本运营的一种主要形式。企业运用这种资本经营方式实现对外部的低成本扩张，将生产和资本集中，获取协同效应，对提高竞争能力、分散经营风险起到了很重要的作用。企业并购过程中涉及许多财务问题，而财务问题的解决是企业并购成功的关键。因此，对在并购中出现的财务问题进行分析研究来提高并购财务效率就有着重要的现实意义。 一 企业并购产生的财务效应1.节约交易费用。企业并购实质上是企业组织对市场的替代，实现了外部交易的内部化，由于在适当的交易条件下，企业的组织成本有可能低于在市场上进行同样交易的成本，从而减少了生产经营活动的交易费用。2.减少代理成本。当企业所有权与

43、经营权相分离时，由于企业管理层与企业所有者利益的不一致而产生了代理成本，包括所有人与代理人的签约成本，对代理人监督与控制的成本等。而通过并购或代理权的竞争，目标公司现任管理者将会被代替，从而可以有效地降低其代理成本。3.降低融资成本。通过企业并购，可以扩大企业的规模，产生共同担保作用。一般情况下，规模大的企业更容易进入资本市场，它们可以大批量地发行股票或债券。由于发行数量多，相对而言，股票或债券的发行成本也随之降低，使企业以较低的资本成本获得再融资。4.取得税收优惠。并购过程中企业可以利用税法中的税收递延条款合理避税，把目前亏损但有一定盈利潜力的企业作为并购对象，尤其是当并购方为高盈利企业时，

44、能够充分发挥并购双方税收方面的互补优势。由于股息收入、利息收入、营业收益与资本收益间的税率差别较大，在并购中采取恰当的财务处理方法可以达到合理避税的效果。5.增加企业价值。并购通过有效的控制权运动为企业带来利润，增加企业价值。即意欲获取企业控制权的权利主体通过交易方式获取了其他权利主体所拥有的控制权来重新配置社会资源。在有效的企业控制权市场运行的条件下，对大部分接管者来说，其争夺控制权的动机就在于寻求公司的市场价值和在有效管理的条件下应具有的市场价值之间的差额。 二 企业并购的财务评价企业并购之前，并购企业必须对目标企业的财务状况进行评价，为决策提供可靠的财务依据。评价企业的财务状况，不仅要对

45、过去几年中的财务报告资料进行仔细分析，而且还要对被并购以后五年甚至更长年份内的现金流量及资产、负债进行预测。1.公司资金流动状况和偿债能力是保持良好财务弹性的基本条件。企业的财务弹性很重要，它主要是指企业保持良好的资金流动性以便及时偿还债务。良好的资金流动表现在良好的创收能力以及从资本市场进行筹资的能力，还与公司的整体创利能力有关，而这种创利能力的大小可由公司的整体经营状况和竞争前景来体现。在具体评估时，要预测固定费用支出和现金流量总额的变化趋势，将固定费用支出分成约束部分和酌量部分，为了精确估计近期内公司的周转资金需求量，对有关应收账款周转率和存货周转率的资料也要进行审查，还应该包括其他一些

46、影响财务弹性的因素，如公司的短期负债水平，资本结构中利率较高的债务相对比重等。2.考察企业财务状况还必须评估后备流动资金的潜力。当资本市场资金紧张，企业资金流动性较差时，对资金流动性的评估应重点放在考察后备流动资金的可利用性上，分析企业可从经营中获取的现金量，企业向外界筹措资金的能力，销售可兑换证券所能带来的可利用流动资金量。在分析企业的各种资金来源时，应特别重视企业向其有密切关系的贷款者借款的便利程度，因为一旦企业陷入困境，向外界求助无援时，那些关系密切的贷款机构很可能帮助企业摆脱困境。其他还有可转换证券等，都可以随时从证券市场兑换成现金，用来偿还企业到期的短期负债。三 企业并购交易价格的确

47、定并购价格是并购成本的重要组成部分，目标公司的价值是并购价格确定的依据，因此企业在进行并购决策时应对目标企业进行科学、客观的价值评估，慎重选择收购对象，以使自身在市场竞争的大潮中立于不败之地。对于目标公司价值的衡量，一般有账面价值调整法、市场价值比较法、市盈率法、现金流量贴现法、收益现值法等方法。1.账面价值调整法。资产负债表的净值即为公司的账面价值。但是若要评估目标公司的真正价值，还必须对资产负债表的各个项目作必要调整。一方面，对资产项目应根据企业固定资产的市价与折旧、企业经营中的债权可靠性、存货、有价证券以及无形资产的变动来调整。对负债项目要详细列其明细科目以供核查和调整。并购双方针对这些

48、项目逐项协商，得出双方都可以接受的公司价值。主要适用于简单的并购中账面价值与市场价值偏离不大的非上市企业。2.市场价值比较法。它是将股票市场上与目标公司经营业绩相似的公司的最近平均交易价格，作为估算公司价值的参照物，同时分析比较参照物的交易条件，进行对比调整，据以确定评估目标公司的价值。但这种方法的应用需要有一个充分发育的、交易活跃的市场。而且存在主观因素和受市场影响因素较大，具体采用时应当慎重。主要适用于完善的市场体系中上市公司的并购。3.市盈率法。它是根据目标企业的收益和市盈率来确定其价值的方法。其表达式为：目标企业的价值=目标企业的收益市盈率。其中市盈率(价格和收益比率)可选择并购时目标

49、企业的市盈率、与目标企业具有可比性的企业的市盈率或目标企业所处行业的平均市盈率。而目标企业收益可选择目标企业最近一年的税后收益、最近3年税后收益的平均值或并购后目标企业的预期税后收益作为估价指标。这种方法易于理解又便于应用，但其收益指标和市盈率的确定具有很大主观性，因此，由此估价可能给我们带来很大风险。这种方法适用于股票市场较完善的市场环境中的经营较稳定的企业。5.收益现值法。它是将企业未来预期的收益用适当的折现率折现为评估基准日的现值，并以此确定公司的价值的评估方法。收益现值法的原理，就是收购者之所以收购目标公司，是考虑到目标公司能为自己带来收益，如果公司的收益大，收购价格就会高。所以根据公司所能带来收益的高低来确定公司的价值是科学合理的方法。这种方法的运用须具备两个条件：一是被