【正文】 s of operating profit to total capital and to sales。s statement 3. Between items in the parative balance sheet and items in the parative statement of ine and expense a) Between items in these statements for a given period, ., profit for this year may be calculated as a percentage of worth for this year b) Of ratios between items in the two statements for a period of years, ., the ratio of profit to worth this year maybe pared with like ratios for last year, and for the years preceding that Our parative analysis will gain in significance if we take the foregoing parisons or ratios and。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. We may make parisons between items in the parative financial statements as follows: 1. Between items in the parative balance sheet a) Between items in the balance sheet for one date, ., cash may be pared with current liabilities b) Between an item in the balance sheet for one date and the same item in the balance sheet for another date, ., cash today may be pared with cash a year ago c) Of ratios, or mathematical proportions, between two items in the balance sheet for one date and a like ratio in the balance sheet for another date, ., the ratio of cash to current liabilities today may be pared with a like ratio a year ago and the trend of cash condition noted 2. Between items in the parative statement of ine and expense a) Between items in the statement for a given period b) Between one item in this period39。 M price is the cost of an important part of the target pany39。s 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 inegenerating capacity and funding from the capital market capacity, but also the pany39。 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. 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. 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. To obtain tax benefits. M amp。中文 4840 字 畢業(yè)設計 (論文 )外文資料翻譯 原文題目： Enterprise merger and acquisition analysis of financial statements 中文題目： 企業(yè)并購 財務報表分析 文獻出處： 《 The modern enterprise financial management》「美」 James Horne. 2020 年 6 月 6 日 外文原文 Enterprise merger and acquisition analysis of financial statements Corporate mergers and acquisitions have bee 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 synergies, enhancing petitiveness, spread business plays a very important role. M amp。s cash condition is exhibiting a questionable tendency. Saving transaction costs. M amp。s market value and the effective management of the condition should be the difference between the market value. The pany liquidity and solvency position is to maintain the basic conditions for good financial flexibility. Company39。s 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 flexibility, such as shortterm corporate debt levels, capital structure, the higher the interest rate of Zhaiwu relatively specific weight. M amp。 Juece O39。s st