外文翻譯---企業(yè)并購(gòu)財(cái)務(wù)問(wèn)題分析

1、<p>　　畢業(yè)設(shè)計(jì)(論文)外文資料翻譯</p><p>　　學(xué) 院： 經(jīng)濟(jì)管理學(xué)院 </p><p>　　專(zhuān) 業(yè)： 會(huì)計(jì)學(xué) </p><p>　　姓 名： 張曉亮 </p>&

2、lt;p>　　學(xué) 號(hào)： 0805180122 </p><p>　　外文出處： A Financial Analysis of Acquisition and Merger Premiums </p><p>　　附 件： 1.外文資料翻譯譯文；2.外文原文。 </p><

3、p>　　附件1：外文資料翻譯譯文</p><p>　　企業(yè)并購(gòu)財(cái)務(wù)問(wèn)題分析</p><p>　　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。企業(yè)運(yùn)用這種資本經(jīng)營(yíng)方式實(shí)現(xiàn)對(duì)外部的低成本擴(kuò)張，將生產(chǎn)和資本集中，獲取協(xié)同效應(yīng)，對(duì)提高競(jìng)爭(zhēng)能力、分散經(jīng)營(yíng)風(fēng)險(xiǎn)起到了很重要的作用。企業(yè)并購(gòu)過(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。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

4、購(gòu)財(cái)務(wù)效率就有著重要的現(xiàn)實(shí)意義?！?一 企業(yè)并購(gòu)產(chǎn)生的財(cái)務(wù)效應(yīng)　　1.節(jié)約交易費(fèi)用。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)了外部交易的內(nèi)部化，由于在適當(dāng)?shù)慕灰讞l件下，企業(yè)的組織成本有可能低于在市場(chǎng)上進(jìn)行同樣交易的成本，從而減少了生產(chǎn)經(jīng)營(yíng)活動(dòng)的交易費(fèi)用?！　?.減少代理成本。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。而通過(guò)并購(gòu)

5、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，從而可以有效地降低其代理成本?！　?.降低融資成本。通過(guò)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。一般情況下，規(guī)模大的企業(yè)更容易進(jìn)入資本市場(chǎng)，它們可以大批量地發(fā)行股票或債券。由于發(fā)行數(shù)量多，相對(duì)而言，股票或債券的發(fā)行</p><p>　　1.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。企業(yè)的財(cái)務(wù)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)

6、償還債務(wù)。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)。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)行審查，還應(yīng)該包括其他一些影響財(cái)務(wù)彈性的因素，如公司的短期負(fù)債水平，資本結(jié)構(gòu)中利率較高的債務(wù)相對(duì)比

7、重等。</p><p>　　2.考察企業(yè)財(cái)務(wù)狀況還必須評(píng)估后備流動(dòng)資金的潛力。當(dāng)資本市場(chǎng)資金緊張，企業(yè)資金流動(dòng)性較差時(shí)，對(duì)資金流動(dòng)性的評(píng)估應(yīng)重點(diǎn)放在考察后備流動(dòng)資金的可利用性上，分析企業(yè)可從經(jīng)營(yíng)中獲取的現(xiàn)金量，企業(yè)向外界籌措資金的能力，銷(xiāo)售可兌換證券所能帶來(lái)的可利用流動(dòng)資金量。在分析企業(yè)的各種資金來(lái)源時(shí)，應(yīng)特別重視企業(yè)向其有密切關(guān)系的貸款者借款的便利程度，因?yàn)橐坏┢髽I(yè)陷入困境，向外界求助無(wú)援時(shí)，那些關(guān)系密切的貸款

8、機(jī)構(gòu)很可能幫助企業(yè)擺脫困境。其他還有可轉(zhuǎn)換證券等，都可以隨時(shí)從證券市場(chǎng)兌換成現(xiàn)金，用來(lái)償還企業(yè)到期的短期負(fù)債?！　∪?企業(yè)并購(gòu)交易價(jià)格的確定　　并購(gòu)價(jià)格是并購(gòu)成本的重要組成部分，目標(biāo)公司的價(jià)值是并購(gòu)價(jià)格確定的依據(jù)，因此企業(yè)在進(jìn)行并購(gòu)決策時(shí)應(yīng)對(duì)目標(biāo)企業(yè)進(jìn)行科學(xué)、客觀的價(jià)值評(píng)估，慎重選擇收購(gòu)對(duì)象，以使自身在市場(chǎng)競(jìng)爭(zhēng)的大潮中立于不敗之地。對(duì)于目標(biāo)公司價(jià)值的衡量，一般有賬面價(jià)值調(diào)整法、市場(chǎng)價(jià)值比較法、市盈率法、現(xiàn)金流量貼現(xiàn)法、收益現(xiàn)值法等方

9、法?！　?.賬面價(jià)值調(diào)整法。資產(chǎn)負(fù)債表的凈值即為公司的賬面價(jià)值。但是若要評(píng)估目標(biāo)公司的真正價(jià)值，還必須對(duì)資產(chǎn)負(fù)債表的各個(gè)項(xiàng)目作必要調(diào)整。一方面，對(duì)資產(chǎn)項(xiàng)目應(yīng)根據(jù)企業(yè)固定資</p><p>　　附件2：外文原文（復(fù)印件）</p><p>　　M & Financial Analysis</p><p>　　Corporate mergers and acqu

10、isitions have become 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, enhancin

11、g competitiveness, spread business plays a very important role. M & A process involves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears

12、 in merger analysis of the financial p</p><p>　　A financial effect resulting from mergers and acquisitions</p><p>　　1. Saving transaction costs. M & A market is essentially an alternative or

13、ganization to realize the internalization of external transactions, as appropriate under the terms of trade, business organizations, the cost may be lower than in the market for the same transaction costs, thereby reduci

14、ng production and operation the transaction costs.</p><p>　　2. To reduce agency costs. When the business separation of ownership and management, because the interests of corporate management and business own

15、ers which resulted in inconsistencies in agency costs, including all contract costs with the agent, the agent monitoring and control costs. Through acquisitions or agency competition, the incumbent managers of target com

16、panies will be replaced, which can effectively reduce the agency costs. </p><p>　　3. Lower financing costs. Through mergers and acquisitions, can expand the size of the business, resulting in a common securi

17、ty role. In general, large companies easier access to capital markets, large quantities they can issue shares or bonds. As the issue of quantity, relatively speaking, stocks or bonds cost will be reduced to enable enterp

18、rises to lower capital cost, refinancing.</p><p>　　4. To obtain tax benefits. M & A business process can make use of deferred tax in terms of a reasonable tax avoidance, but the current loss of business

19、as a profit potential acquisition target, especially when the acquiring company is highly profitable, can give full play to complementary acquisitions both tax advantage. Since dividend income, interest income, operating

20、 income and capital gains tax rate difference between the large mergers and acquisitions take appropriate ways to achieve a reas</p><p>　　5. To increase business value. M & A movement through effective c

21、ontrol 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 re-distribution of socia

22、l resources. Effective control over enterprises in the operation of the market conditions, for most over who are in competition for control of its motives is to seek the company's market value and the effective mana&

23、lt;/p><p>　　Second, the financial evaluation of M & A </p><p>　　Before merger, M & A business goal must be to evaluate the financial situation of enterprises, in order to provide reliable f

24、inancial basis for decision-making. Evaluate the enterprise's financial situation, not only in the past few years, a careful analysis of financial reporting information, but also on the acquired within the next five

25、years or more years of cash flow and assets, liabilities, forecast. </p><p>　　1. The company liquidity and solvency position is to maintain the basic conditions for good financial flexibility. Company's

26、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 income-generating capacity and funding from the capi

27、tal market capacity, but also the company's overall Profitability, Profitability is the size of which can be company's overall business conditions and comp</p><p>　　2. Examine the financial situation

28、 of enterprises also have to assess the potential for back-up liquidity. When the capital market funding constraints, poor corporate liquidity, the liquidity of the capital assessment should focus on the study of the ava

29、ilability of back-up liquidity, the analysis of enterprise can get the cash management, corporate finance to the outside world the ability to sell convertible securities can bring the amount of available liquidity. In th

30、e analysis of various sour</p><p>　　3 Determination of M & A transaction price </p><p>　　M & M price is the cost of an important part of the target company's value is determined base

31、d on M & A prices, so enterprises in M & Juece O'clock on targeted business Jinxing scientific, objective value of Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market competition itself tide in a

32、n invincible position. Measure of the value of the target company, generally adjusted book value method, market value of comparative law, price-earnings ratio method, discounted cash flow method, inc</p><p>

33、　　1. The book value adjustment method. Net balance sheet shall be the company's book value. However, to assess the true value of the target company must also be on the balance sheet items for the necessary adjustment

34、s. 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 liab

35、ilities subject to detailed presentation of its details for the ve</p><p>　　2. The market value of comparative law. It is the stock market and the target company's operating performance similar to the re

36、cent average trading price, estimated value of the company as a reference, while analysis and comparison of reference of the transaction terms, compared to adjust, according to assessment to determine the value of the ta

37、rget company. However, application of this method requires a fully developed, active trading market. And a subjective factors and more by market factors,</p><p>　　5. Income approach. It is the company expect

38、ed future earnings discounted using appropriate discount rate to assess the present value of the base date, and thus determine the value of the company's assessment. Income approach in principle, that is the reason w

39、hy the acquirer acquired the target company, taking into account the target company can generate revenue for themselves, if the company's returns, but the purchase price will be high. Therefore, according to the comp

40、any level can bring bene</p><p>　　Activities in mergers and acquisitions, M & A business through the acquisition of a variety of financing sources of funds needed. M & M financing enterprises in fina

41、ncing before the deal with a variety of M & A comprehensive analysis and evaluation, to select the best financing channels. M & A financing from the actual situation analysis, M & A financing is divided into

42、internal financing and external financing. Internal financing is an enterprise to use their own accumulated profits to pay for </p><p>　　Channels of financing the actual response to determine their capital s

43、tructure 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 e

44、quity of companies 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.</p><p>

45、;　　Whether M & A business development and expansion as a means or an inevitable result of market competition, will play an important stage in the socio-economic role. As an important participant in M & A and poli

46、cy-makers, from the financial rational behavior on M & A analysis and selection of the same time, also taking into account the market, and management elements that will lead the enterprise's decision making provi