外文資料及翻譯---企業(yè)并購(gòu)財(cái)務(wù)問(wèn)題分析-免費(fèi)閱讀
【正文】 但如果企業(yè)未來(lái)前景看好，也可以增加負(fù)債進(jìn)行融資，以保證未來(lái)收益全部由現(xiàn)有股東享有。當(dāng)企業(yè)并購(gòu)的目的是利用目標(biāo)企業(yè)的資源進(jìn)行長(zhǎng)期經(jīng)營(yíng)時(shí)，則適合使用收益現(xiàn)值法。而目標(biāo)企業(yè)收益可選擇目標(biāo)企業(yè)最近一年的稅后收益、 最近 3 年稅后收益的平均值或并購(gòu)后目標(biāo)企業(yè)的預(yù)期稅后收益作為估價(jià)指標(biāo)。 這 是將股票市場(chǎng)上與目標(biāo)公司經(jīng)營(yíng)業(yè)績(jī)相似的公司的最近平均交易價(jià)格，作為估算公司價(jià)值的 一個(gè)參考 ，同時(shí)分析比較參照物 的交易條件，進(jìn)行對(duì)比調(diào)整，據(jù)以確定評(píng)估目標(biāo)公司的價(jià)值。 賬面價(jià)值調(diào)整法。良好的資金流動(dòng)表現(xiàn)在良好的創(chuàng)收能力以及從資本市場(chǎng)進(jìn)行籌資的能力，還與公司的整體創(chuàng)利能力有關(guān)， 而且公司的企業(yè)創(chuàng)新能力、盈利能力的大小是公司整體業(yè)務(wù)條件和競(jìng)爭(zhēng)前景來(lái)體現(xiàn)。 增加企業(yè)價(jià)值。通過(guò)并購(gòu)或代理權(quán)的競(jìng)爭(zhēng)，目標(biāo)公司現(xiàn)任管理者將會(huì)被代替， 可有效降低代理成本 。s decision making provide the most effective information . 企業(yè)并購(gòu)財(cái)務(wù)問(wèn)題分析 企業(yè)并購(gòu)已成為企業(yè)資本運(yùn)營(yíng)的一種主要形式。 A prehensive analysis and evaluation, to select the best financing channels. M amp。s priceearnings ratio of parable panies or the target pany in which the industry average priceearnings ratio. Corporate earnings targets and the target pany can choose the aftertax ine last year, the last 3 years, the average aftertax ine, or ex post the expected aftertax earnings target pany as a valuation indicator. This method is easy to understand and easy to apply, but its earnings targets and priceearnings ratio is very subjective determination, therefore, this valuation may bring us a great risk. This method is suitable for the stock market a better market environment, a more stable business enterprise. approach. It is the pany expected future earnings discounted using appropriate discount rate to assess the present value of the base date, and thus determine the value of the pany39。s value is determined based on M amp。 A business goal must be to evaluate the financial situation of enterprises, in order to provide reliable financial basis for decisionmaking. Evaluate the enterprise39。A Financial Analysis 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。 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 trading access to the other rights owned by the control subjects to redistribution of social resources. Effective control over enterprises in the operation of the market conditions, for most over who are in petition for control of its motives is to seek the pany39。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. Examine the financial situation of enterprises also have to assess the potential for backup liquidity. When the capital market funding constraints, poor corporate liquidity, the liquidity of the capital assessment
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