外文翻譯----企業(yè)并購財務(wù)分析(編輯修改稿)
2025-06-26 11:44 本頁面
【文章內(nèi)容簡介】 lf 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 book value. However, to assess the true value of the target pany must also be on the balance sheet items for the necessary adjustments. On the one hand, on the asset should be based on market prices and the depreciation of fixed assets, business claims in reliability, inventory, marketable securities and changes in intangible assets to adjust. On liabilities subject to detailed presentation of its details for the verification and adjustment. M amp。 A for these items one by one consultations, the two sides, both sides reached an acceptable value of the pany. Mainly applied to the simple acquisition of the book value and market value of the deviation from small nonlisted panies. 2. The market value of parative law. It is the stock market and the target pany39。s operating performance similar to the recent average trading price, estimated value of the pany as a reference, while analysis and parison of reference of the transaction terms, pared to adjust, according to assessment to determine the value of the target pany. However, application of this method requires a fully developed, active trading market. And a subjective factors and more by market factors, the specific use of time should be cautious. Mainly applied to improve the market system in the acquisition of listed panies. 3. PE method. It is based on earnings and priceearnings ratio target panies to determine the value of the method. The expression is: target = target enterprise value of the business ine PE. Where PE (price earnings ratio) can choose when the target pany39。s priceearnings ratio M, with the target pany39。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. 5. Ine 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 assessment. Ine approach in principle, that is the reason why the acquirer acquired the target pany, taking into account the target pany can generat
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