【正文】 ity 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。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。 the ratios of operating profit to total capital and to sales。企業(yè)并購(gòu)過(guò)程中涉及許多財(cái)務(wù)問(wèn)題，而財(cái)務(wù)問(wèn)題的解決是企業(yè)并購(gòu)成功的關(guān)鍵。 減少代理成本。并購(gòu)過(guò)程中企業(yè)可以利用稅法中的稅收遞延條款合理避稅，把目前虧損但有一定盈利潛力的企業(yè)作為并購(gòu)對(duì)象，尤其是當(dāng)并購(gòu)方為高盈利企業(yè)時(shí)，能夠充分發(fā)揮并購(gòu)雙方稅收方面的互補(bǔ)優(yōu)勢(shì)。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)，而這種創(chuàng)利能力的大小可由公司的整體經(jīng)營(yíng)狀況和競(jìng)爭(zhēng)前景來(lái)體現(xiàn)。 財(cái)務(wù)報(bào)表的比較可能被表示成項(xiàng)目之間的比較，例如，現(xiàn)金狀況除以流動(dòng)負(fù)債項(xiàng)目總產(chǎn)品的現(xiàn)金使所得出的商來(lái)表示總現(xiàn)金的項(xiàng)目測(cè)試。此外，一些比率反映了資金使用的效率，而其他反映資金融資的效率。 比較資產(chǎn)負(fù)債表是否可以反映當(dāng)時(shí)的情況？如果是這樣，重要 的是要知道金融條件在高點(diǎn)和低點(diǎn)的財(cái)務(wù)狀況。這個(gè)比率關(guān)注可能的能力，而不損害其凈營(yíng)運(yùn)資本償付義務(wù)。流動(dòng)資產(chǎn)因?yàn)楝F(xiàn)金出現(xiàn)的比例越大，流動(dòng)資產(chǎn)作為一個(gè)整體流動(dòng)的越快。 現(xiàn)金余額的需求會(huì)受商業(yè)周期的階段的影響。 1:1的比率是令人滿意的，因?yàn)榱鲃?dòng)負(fù)債可以很容易地支付，債權(quán)人在庫(kù)存商品的不確定價(jià)值上沒(méi)有任何風(fēng)險(xiǎn)，小于 1:1的比率可能就足夠了，如果應(yīng)收賬款的快速收集和庫(kù)存很 容易，很快銷售一空，也就是說(shuō)，其營(yíng)業(yè)額變動(dòng)的風(fēng)險(xiǎn)很小。如果可能的話，應(yīng)收款項(xiàng)的計(jì)劃表應(yīng)該給出那些沒(méi)有支付的款項(xiàng)和過(guò)期三十天，六十天，九十天的款項(xiàng)。對(duì)于農(nóng) 業(yè)方面的貸款條件比工業(yè)更加多，在經(jīng)濟(jì)繁榮時(shí)期是有好處的，但是在金融危機(jī)或者經(jīng)濟(jì)不景氣的時(shí)候卻很慢。流動(dòng)資產(chǎn)的流動(dòng)性隨現(xiàn)、可售證券、票據(jù)和應(yīng)收賬款（扣除壞賬準(zhǔn)備充足的儲(chǔ)備）的比率、流動(dòng)負(fù)債總額（劃分總的前四個(gè)項(xiàng)目的總流動(dòng)負(fù)債）的變化而變化。支付現(xiàn)金購(gòu)買所有消費(fèi)品的買賣比使用長(zhǎng)期信用卡需要更多的現(xiàn)金。這只取決于流動(dòng)資產(chǎn)的流動(dòng)性這一點(diǎn)。 正在運(yùn)行的資本 狀況是否良好？如果要分析報(bào)表的目的是合理且足夠充分的，下一步是分析關(guān)注的營(yíng)運(yùn)資本的趨勢(shì)和位置。如果不是這樣，其使用必須限制在其所涵蓋的期間。 四 . 收入和支出的比率： 1. 銷售凈營(yíng)業(yè)利潤(rùn)的比率； 2. 凈營(yíng)業(yè)利潤(rùn)與總資本的比率； 3. 銷售額與經(jīng)營(yíng)成本及開(kāi)支的比率； 4. 銷售凈利潤(rùn)的比例； 5. 凈 利潤(rùn)與凈值的比率； 6. 銷售與財(cái)務(wù)費(fèi)用的比率； 7. 借入資本與資本成本的比率，； 8. 投資與投資收入的比率； 9. 非經(jīng)營(yíng)性收入與經(jīng)營(yíng)溢利凈額的比率； ； ； ，即普通股股息率； 。 我們可以對(duì)比比較財(cái)務(wù)報(bào)表中的項(xiàng)目，作出如下結(jié)論： 1. 項(xiàng)目之間的資產(chǎn)負(fù)債表比較： a）在資產(chǎn)負(fù)債表中的一個(gè)日期之間的比較，例如項(xiàng)目，現(xiàn)金與流動(dòng)負(fù)債相比； b）同一項(xiàng)目在資產(chǎn)負(fù)債表中一個(gè)日期與另一個(gè)日期之間的比較，例如，現(xiàn)在的現(xiàn)金與一年前比較； c）比較兩個(gè)項(xiàng)目之間在資產(chǎn)負(fù)債表中一個(gè) 日期和一個(gè)相似比率在資產(chǎn)負(fù)債表中的另一個(gè)日期的比率，例如，現(xiàn)在現(xiàn)金流動(dòng)負(fù)債的比率與另一個(gè)項(xiàng)目一年前的相似比率和已經(jīng)標(biāo)記的現(xiàn)金狀況趨勢(shì)的比較。 公司資金流動(dòng)狀況和償債能力是保持良好財(cái)務(wù)彈性的基本條件。由于發(fā)行數(shù)量多，相 對(duì)而言，股票或債券的發(fā)行成本也隨之降低，使企業(yè)以較低的資本成本獲得再融資。 節(jié)約交易費(fèi)用。 the greater the savings of interest on the capital invested in receivables, and the higher the profit on total capital, other things being equal. Author(s): James Horne 外文譯文 企業(yè)并購(gòu)財(cái)務(wù)報(bào)表分析 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。s financial history and condition, for example, the stage of the business cycle 2. Similar ratios derived from analysis of the parative statements of peting concerns or of concerns in similar lines of business What financial ratios are used in analyzing financial Comparative analysis of parative financial statements may be expressed by mathematical ratios between the items pared, for example, a concern39。 A prices, so enterprises in 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。 A process involves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial problems to improve the efficiency of M amp。s overall Profitability, Profitability is the size of which can be pany39。s statement and the same item in last period39。 and the ratios of sales to operating costs and expenses reflect efficiency in the use of capital.39。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。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。在具體評(píng)估時(shí)，要預(yù)測(cè)固定費(fèi)用支出和現(xiàn)金流量 總額的變化趨勢(shì)，將固定費(fèi)用支出分成約束部分和酌量部分，為了精確估計(jì)近期內(nèi)公司的周轉(zhuǎn)資金需求量，對(duì)有關(guān)應(yīng)收賬款周轉(zhuǎn)率和存貨周轉(zhuǎn)率的資料也要進(jìn)行審