外文翻譯----企業(yè)并購財務(wù)分析-wenkub
2023-05-19 11:44:09 本頁面
【正文】 ion 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 guarantee and the possibility of a reasonable amount。 M financing enterprises in financing before the deal with a variety of M amp。 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 to determine their capital structure analysis, if the acquisition of their funds sufficient, using its own funds is undoubtedly the best choice。 A analysis and selection of the same time, also taking into account the market, and management elements that will lead the enterprise39。因此，對在并購中出現(xiàn)的財務(wù)問題進(jìn)行分析研究來提高并購財務(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)營權(quán)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。一 般情況下，規(guī)模大的企業(yè)更容易進(jìn)入資本市場，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、營業(yè)收益與資本收益間的稅率差別較大，在并購中采取恰當(dāng)?shù)呢攧?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)市場運(yùn)行的條件下，對大部分接管者來說，其爭奪控制權(quán)的動機(jī)就在于尋求公司的市場價值和在有效管理的條件下應(yīng)具有的市場價值之間的差額。企業(yè)的財務(wù)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(wù)。當(dāng)資本市場資金緊張，企業(yè)資金流動性較差時
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