外文翻譯---企業(yè)并購(gòu)財(cái)務(wù)問(wèn)題分析-wenkub
2023-05-19 10:45:57 本頁(yè)面
【正文】 180122 外文出處： A Financial Analysis of Acquisition and Merger Premiums 附 件： ； 。因此，對(duì)在并購(gòu)中出現(xiàn)的財(cái)務(wù)問(wèn)題進(jìn)行分析研究來(lái)提高并購(gòu)財(cái)務(wù)效率就有著重要的現(xiàn)實(shí)意義。當(dāng)企業(yè)所有權(quán)與經(jīng)營(yíng)權(quán)相分離時(shí)，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(duì) 代理人監(jiān)督與控制的成本等。一般情況下，規(guī)模大的企業(yè)更容易進(jìn)入資本市場(chǎng)，它們可以大批量地發(fā)行股票或債券。由于股息收入、利息收入、營(yíng)業(yè)收益與資本收益間的稅率差別較大，在并購(gòu)中采取恰當(dāng)?shù)呢?cái)務(wù)處理方法可以達(dá)到合理避稅的效果。在有效的企業(yè)控制權(quán)市場(chǎng)運(yùn)行的條件下，對(duì)大部分接管者來(lái)說(shuō)，其爭(zhēng)奪控制權(quán)的動(dòng)機(jī)就在于尋求公司的市場(chǎng)價(jià)值和在有效管理的條件下應(yīng)具有的市場(chǎng)價(jià)值之間的差額。企業(yè)的財(cái)務(wù)彈性很重要，它主要是指企業(yè)保持良好的資金流動(dòng)性以便及時(shí)償還債務(wù)。當(dāng)資本市場(chǎng)資金緊張，企業(yè)資金流動(dòng)性較差時(shí)，對(duì)資金流動(dòng)性的評(píng)估應(yīng)重點(diǎn)放在考察后備流動(dòng)資金的可利用性上，分析企業(yè)可從經(jīng)營(yíng)中獲取的現(xiàn)金量，企業(yè)向外界籌措資金的能力，銷售可兌換證券所能帶來(lái)的可利用流 動(dòng)資金量。對(duì)于目標(biāo)公司價(jià)值的衡量，一 般有賬面價(jià)值調(diào)整法、市場(chǎng)價(jià)值比較法、市盈率法、現(xiàn)金流量貼現(xiàn)法、收益現(xiàn)值法等方法。一方面，對(duì)資產(chǎn)項(xiàng)目應(yīng)根據(jù)企業(yè)固定資產(chǎn)的市價(jià)與折舊、企業(yè)經(jīng)營(yíng)中的債權(quán)可靠性、存貨、有價(jià)證券以及無(wú)形資產(chǎn)的變動(dòng)來(lái)調(diào)整。 比較法。主要適用于完善的市場(chǎng)體系中上市公司的并購(gòu)。其中市盈率 (價(jià)格和收益比率 )可選擇并購(gòu)時(shí)目標(biāo)企業(yè)的市盈率、與目標(biāo)企 業(yè)具有可比性的企業(yè)的市盈率或目標(biāo)企業(yè)所處行業(yè)的平均市盈率。 。這種方法的運(yùn)用須具備兩個(gè)條件：一是被評(píng)估企業(yè)的未來(lái)收益能夠被預(yù)測(cè)，并能基本保證預(yù)測(cè)收益數(shù)額的合理性和可能性；二是與企業(yè)獲得未來(lái)預(yù)期收益相聯(lián)系的風(fēng)險(xiǎn)也能被估量，并能提供令人信服的根據(jù)。從企業(yè)并購(gòu)融資的實(shí)際情況分析，并購(gòu)融資方式分為內(nèi)部融資和外部融資。 在實(shí)際確定融資渠道時(shí)應(yīng)對(duì)自身資本結(jié)構(gòu)進(jìn)行分析，如果并購(gòu)企業(yè)自有資金充裕，動(dòng)用自有資金無(wú)疑是最佳選擇；如果企業(yè)負(fù)債率已經(jīng)較高，則應(yīng)盡量采取權(quán)益性融資而不增加企 業(yè)負(fù)債的融資方式。 附件 2：外文原文 （復(fù)印件） M amp。 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, thereby 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 agent, the agent monitoring and control costs. Through acquisitions or agency petition, the incumbent managers of target panies 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 mon security role. In general, large panies 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 benefits. M amp。 A Before merger, M amp。s overall Profitability, Profitability is the size of which can be pany39。 M price is the cost of an important part of the target pany39。clock on targeted business Jinxing scientific, objective value of Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market petition itself tide in an invincible position. Measure of the value of the target pany, generally adjusted book value method, market value of parative law, priceearnings ratio method, discounted cash flow method, ine approach and other methods. 1. The book value adjustment method. Net balance sheet shall be the pany39。s priceearnings ratio M, with the target pany39。s future earnings are to be predicted, and can predict the basic ine
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