外文翻譯---企業(yè)并購財務(wù)問題分析-在線瀏覽
2025-07-31 10:45本頁面
【正文】 與目標(biāo)公司經(jīng)營業(yè)績相似的公司的最近平均交易價格，作為估算公司價值的參照物，同時分析比較參照物的交易條件，進(jìn)行對比調(diào)整，據(jù)以確定評估目標(biāo)公司的價值。而且存在主觀因素和受市場影響因素較大，具體采用時應(yīng)當(dāng)慎重。 。其表達(dá)式為：目標(biāo)企業(yè)的價值 =目標(biāo)企業(yè)的收益市盈率。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后目標(biāo)企業(yè)的預(yù)期稅后收益作為估價指標(biāo)。這種方法適用于股票市場較完善的市場環(huán)境中的經(jīng)營較穩(wěn)定的企業(yè)。它是將企業(yè)未來預(yù)期的收益用適當(dāng)?shù)恼郜F(xiàn)率折現(xiàn)為評估基準(zhǔn)日的現(xiàn)值，并以此確定公司的價值的評估方法。所以根據(jù)公司所能帶來收益的高低來確定公司的價值是科學(xué)合理的方法。當(dāng)企業(yè)并購的目的是利用目標(biāo)企業(yè)的資源進(jìn)行長期經(jīng)營時，則適合使用收益現(xiàn)值法。并購企業(yè)在并購融資前應(yīng)對各種并購融資方式進(jìn)行綜合分析評價 ，選擇最佳的融資渠道。內(nèi)部融資是指企業(yè)動用自身盈利積累進(jìn)行并購支付。外部融資又分為債務(wù)性融資、權(quán)益性融資和混合性融資。但如果企業(yè)未來前景看好，也可以增加負(fù)債進(jìn)行融資，以保證未來收益全部由現(xiàn)有股東享有。作為企業(yè)并購的重要參與者和決策者，在從財務(wù)上對企業(yè)并購行為進(jìn)行合理分析和選擇的同時，還應(yīng)考慮到市場、管理等方面的因素，從而為企業(yè)的經(jīng)營決策提供最有效的信息。 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。 Finance has an important practical significance. A financial effect resulting from mergers and acquisitions 1. Saving transaction costs. M amp。 A business process can make use of deferred tax in terms of a reasonable tax avoidance, but the current loss of business as a profit potential acquisition target, especially when the acquiring pany is highly profitable, can give full play to plementary acquisitions both tax advantage. Since dividend ine, interest ine, operating ine and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a reasonable financial deal with the effect of tax avoidance. 5. To increase business value. M amp。s market value and the effective management of the condition should be the difference between the market value. Second, the financial evaluation of 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。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。s overall business conditions and petition prospects e to embody. Specific assessment, the fixed costs to predict the total expenditures and cash flow trends, the fixed costs and discretionary spending is divided into some parts of constraints, in order to accurately estimate the pany39。 A transaction price M amp。s value is determined based on M amp。 Juece O39。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 adjustm
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