外文翻譯---企業(yè)并購(gòu)財(cái)務(wù)問題分析-資料下載頁(yè)
【導(dǎo)讀】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。散經(jīng)營(yíng)風(fēng)險(xiǎn)起到了很重要的作用。企業(yè)并購(gòu)過程中涉及許多財(cái)務(wù)問題，而財(cái)務(wù)問題。的解決是企業(yè)并購(gòu)成功的關(guān)鍵。企業(yè)并購(gòu)實(shí)質(zhì)上是企業(yè)組織對(duì)市場(chǎng)的替代，實(shí)現(xiàn)了外部交易。樣交易的成本，從而減少了生產(chǎn)經(jīng)營(yíng)活動(dòng)的交易費(fèi)用。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。監(jiān)督與控制的成本等。替，從而可以有效地降低其代理成本。通過企業(yè)并購(gòu)，可以擴(kuò)大企業(yè)的規(guī)模，產(chǎn)生共同擔(dān)保作用。由于股息收入、利息收入、營(yíng)業(yè)。在有效的企業(yè)控制權(quán)市場(chǎng)運(yùn)行的條件下，對(duì)大部分接管。彈性很重要，它主要是指企業(yè)保持良好的資金流動(dòng)性以便及時(shí)償還債務(wù)。單的并購(gòu)中賬面價(jià)值與市場(chǎng)價(jià)值偏離不大的非上市企業(yè)。而且存在主觀因素和受市場(chǎng)影響因素較大，具體采用時(shí)應(yīng)。日的現(xiàn)值，并以此確定公司的價(jià)值的評(píng)估方法。當(dāng)企業(yè)并購(gòu)的目的是利用目標(biāo)企。部融資是指企業(yè)動(dòng)用自身盈利積累進(jìn)行并購(gòu)支付。但是由于并購(gòu)活動(dòng)所需資金數(shù)額
【正文】 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 generate revenue for themselves, if the pany39。s returns, but the purchase price will be high. Therefore, according to the pany level can bring benefits to determine the value of the pany is scientific and reasonable way. The use of this method must have two conditions: First, assess the pany39。s future earnings are to be predicted, and can predict the basic ine guarantee and the possibility of a reasonable amount。 second, and enterprises to obtain expected benefits associated with future risk can be invaluable, and can provide convincing evidence. When the purpose is to use M amp。 A target longterm management and enterprise resources, then use the ine approach is suitable. Activities in mergers and acquisitions, M amp。 A business through the acquisition of a variety of financing sources of funds needed. M amp。 M financing enterprises in financing before the deal with a variety of M amp。 A prehensive analysis and evaluation, to select the best financing channels. M amp。 A financing from the actual situation analysis, M amp。 A financing is divided into internal financing and external financing. Internal financing is an enterprise to use their own accumulated profits to pay for acquisitions. However, due to the amount of funds required for mergers and acquisitions are often very large, and limited internal resources, after all, the use 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。 if the business debt rate has been high, as far as possible should be financed without an increase to equity of panies debt financing. However, if the business prospects for the future, can also increase the debt financing, in order to ensure all future benefits enjoyed by the existing shareholders. Whether M amp。 A business development and expansion as a means or an inevitable result of market petition, will play an important stage in the socioeconomic role. As an important participant in M amp。 A and policymakers, from the financial rational behavior on M amp。 A analysis and selection of the same time, also taking into account the market, and management elements that will lead the enterprise39。s decision making provide the most effective Xin Xi .
鄂ICP備17016276號(hào)-1