外文翻譯企業(yè)并購財(cái)務(wù)問題分析

1、畢業(yè)設(shè)計(jì)(論文)外文資料翻譯學(xué) 院： 經(jīng)濟(jì)管理學(xué)院 專 業(yè)： 會(huì)計(jì)學(xué) 姓 名： 張曉亮 學(xué) 號(hào)： 0805180122 (用外文寫)外文出處： a financial analysis of acquisition and merger premiums 附 件： 1.外文資料翻譯譯文；2.外文原文。 指導(dǎo)教師評語： 簽名： 年 月 日附件1：外文資料翻譯譯文企業(yè)并購財(cái)務(wù)問題分析企業(yè)并購已成為企業(yè)資本運(yùn)營的一種主要形式。企業(yè)運(yùn)用這種資本經(jīng)營方式實(shí)現(xiàn)對外部的低成本擴(kuò)張，將生產(chǎn)和資本集中，獲取協(xié)同效應(yīng)，對提高競爭能力、分散經(jīng)營風(fēng)險(xiǎn)起到了很重要的作用。企業(yè)并購過程中涉及許多財(cái)務(wù)問題，而財(cái)務(wù)問題的解決

2、是企業(yè)并購成功的關(guān)鍵。因此，對在并購中出現(xiàn)的財(cái)務(wù)問題進(jìn)行分析研究來提高并購財(cái)務(wù)效率就有著重要的現(xiàn)實(shí)意義。 一 企業(yè)并購產(chǎn)生的財(cái)務(wù)效應(yīng)1.節(jié)約交易費(fèi)用。企業(yè)并購實(shí)質(zhì)上是企業(yè)組織對市場的替代，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上進(jìn)行同樣交易的成本，從而減少了生產(chǎn)經(jīng)營活動(dòng)的交易費(fèi)用。2.減少代理成本。當(dāng)企業(yè)所有權(quán)與經(jīng)營權(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，對代理人監(jiān)督與控制的成本等。而通過并購或代理權(quán)的競爭，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。3.降低融資成本。通過企業(yè)并購

3、，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，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。4.取得稅收優(yōu)惠。并購過程中企業(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)作為并購對象，尤其是當(dāng)并購方為高盈利企業(yè)時(shí)，能夠充分發(fā)揮并購雙方稅收方面的互補(bǔ)優(yōu)勢。由于股息收入、利息收入、營業(yè)收益與資本收益間的稅率差別較大，在并購中采取恰當(dāng)?shù)呢?cái)務(wù)處理方法可以達(dá)到合理避稅的效果。5.增加企業(yè)價(jià)值。并購?fù)ㄟ^有效的控制權(quán)運(yùn)動(dòng)為企業(yè)帶來利潤，增加企業(yè)價(jià)值。即意欲獲取企業(yè)控制權(quán)

4、的權(quán)利主體通過交易方式獲取了其他權(quán)利主體所擁有的控制權(quán)來重新配置社會(huì)資源。在有效的企業(yè)控制權(quán)市場運(yùn)行的條件下，對大部分接管者來說，其爭奪控制權(quán)的動(dòng)機(jī)就在于尋求公司的市場價(jià)值和在有效管理的條件下應(yīng)具有的市場價(jià)值之間的差額。 二 企業(yè)并購的財(cái)務(wù)評價(jià)企業(yè)并購之前，并購企業(yè)必須對目標(biāo)企業(yè)的財(cái)務(wù)狀況進(jìn)行評價(jià)，為決策提供可靠的財(cái)務(wù)依據(jù)。評價(jià)企業(yè)的財(cái)務(wù)狀況，不僅要對過去幾年中的財(cái)務(wù)報(bào)告資料進(jìn)行仔細(xì)分析，而且還要對被并購以后五年甚至更長年份內(nèi)的現(xiàn)金流量及資產(chǎn)、負(fù)債進(jìn)行預(yù)測。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)償還債務(wù)。良好

5、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)營狀況和競爭前景來體現(xiàn)。在具體評估時(shí)，要預(yù)測固定費(fèi)用支出和現(xiàn)金流量總額的變化趨勢，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)相對比重等。2.考察企業(yè)財(cái)務(wù)狀況還必須評估后備流動(dòng)資金的潛力。當(dāng)資本市場資金緊張，企業(yè)資金流動(dòng)性較差時(shí)，對資金流動(dòng)性的評估應(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)營中

6、獲取的現(xiàn)金量，企業(yè)向外界籌措資金的能力，銷售可兌換證券所能帶來的可利用流動(dòng)資金量。在分析企業(yè)的各種資金來源時(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，向外界求助無援時(shí)，那些關(guān)系密切的貸款機(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)從證券市場兌換成現(xiàn)金，用來償還企業(yè)到期的短期負(fù)債。三 企業(yè)并購交易價(jià)格的確定并購價(jià)格是并購成本的重要組成部分，目標(biāo)公司的價(jià)值是并購價(jià)格確定的依據(jù)，因此企業(yè)在進(jìn)行并購決策時(shí)應(yīng)對目標(biāo)企業(yè)進(jìn)行科學(xué)、客觀的價(jià)值評估，慎重選擇收購對象，以使自身在市場競爭的大潮中立于不敗之地。對于目標(biāo)公司價(jià)值的衡量，一般有賬面價(jià)值調(diào)整法、市場價(jià)值

7、比較法、市盈率法、現(xiàn)金流量貼現(xiàn)法、收益現(xiàn)值法等方法。1.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。但是若要評估目標(biāo)公司的真正價(jià)值，還必須對資產(chǎn)負(fù)債表的各個(gè)項(xiàng)目作必要調(diào)整。一方面，對資產(chǎn)項(xiàng)目應(yīng)根據(jù)企業(yè)固定資產(chǎn)的市價(jià)與折舊、企業(yè)經(jīng)營中的債權(quán)可靠性、存貨、有價(jià)證券以及無形資產(chǎn)的變動(dòng)來調(diào)整。對負(fù)債項(xiàng)目要詳細(xì)列其明細(xì)科目以供核查和調(diào)整。并購雙方針對這些項(xiàng)目逐項(xiàng)協(xié)商，得出雙方都可以接受的公司價(jià)值。主要適用于簡單的并購中賬面價(jià)值與市場價(jià)值偏離不大的非上市企業(yè)。2.市場價(jià)值比較法。它是將股票市場上與目標(biāo)公司經(jīng)營業(yè)績相似的公司的最近平均交易價(jià)格，作為估算公司價(jià)值的參照物，同時(shí)分析比較參照物的交易條件，

8、進(jìn)行對比調(diào)整，據(jù)以確定評估目標(biāo)公司的價(jià)值。但這種方法的應(yīng)用需要有一個(gè)充分發(fā)育的、交易活躍的市場。而且存在主觀因素和受市場影響因素較大，具體采用時(shí)應(yīng)當(dāng)慎重。主要適用于完善的市場體系中上市公司的并購。3.市盈率法。它是根據(jù)目標(biāo)企業(yè)的收益和市盈率來確定其價(jià)值的方法。其表達(dá)式為：目標(biāo)企業(yè)的價(jià)值=目標(biāo)企業(yè)的收益市盈率。其中市盈率(價(jià)格和收益比率)可選擇并購時(shí)目標(biāo)企業(yè)的市盈率、與目標(biāo)企業(yè)具有可比性的企業(yè)的市盈率或目標(biāo)企業(yè)所處行業(yè)的平均市盈率。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(jià)指標(biāo)。這種方法易于理解又便于應(yīng)用，但其收益指標(biāo)和市盈率的

9、確定具有很大主觀性，因此，由此估價(jià)可能給我們帶來很大風(fēng)險(xiǎn)。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)。5.收益現(xiàn)值法。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(jià)值的評估方法。收益現(xiàn)值法的原理，就是收購者之所以收購目標(biāo)公司，是考慮到目標(biāo)公司能為自己帶來收益，如果公司的收益大，收購價(jià)格就會(huì)高。所以根據(jù)公司所能帶來收益的高低來確定公司的價(jià)值是科學(xué)合理的方法。這種方法的運(yùn)用須具備兩個(gè)條件：一是被評估企業(yè)的未來收益能夠被預(yù)測，并能基本保證預(yù)測收益數(shù)額的合理性和可能性；二是與企業(yè)獲得未來預(yù)期收益相聯(lián)系的風(fēng)險(xiǎn)也能被估量，并能提供令人信服的根據(jù)。當(dāng)企業(yè)并購

10、的目的是利用目標(biāo)企業(yè)的資源進(jìn)行長期經(jīng)營時(shí)，則適合使用收益現(xiàn)值法。在企業(yè)并購活動(dòng)中，并購企業(yè)可以通過多種融資渠道獲得并購所需的資金。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(jià)，選擇最佳的融資渠道。從企業(yè)并購融資的實(shí)際情況分析，并購融資方式分為內(nèi)部融資和外部融資。內(nèi)部融資是指企業(yè)動(dòng)用自身盈利積累進(jìn)行并購支付。但是由于并購活動(dòng)所需資金數(shù)額往往非常巨大，而企業(yè)內(nèi)部資金畢竟有限，利用并購企業(yè)的營運(yùn)現(xiàn)金流進(jìn)行融資有很大的局限性，因此內(nèi)部融資一般不能作為企業(yè)并購融資的主要渠道。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。 在實(shí)際確定融資渠道時(shí)應(yīng)對自身資本結(jié)構(gòu)進(jìn)行分析，如果并購企業(yè)自有資金

11、充裕，動(dòng)用自有資金無疑是最佳選擇；如果企業(yè)負(fù)債率已經(jīng)較高，則應(yīng)盡量采取權(quán)益性融資而不增加企業(yè)負(fù)債的融資方式。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。企業(yè)并購無論是作為企業(yè)發(fā)展和擴(kuò)張的一種手段，還是市場競爭的一種必然結(jié)果，都將在社會(huì)經(jīng)濟(jì)舞臺(tái)上扮演重要的角色。作為企業(yè)并購的重要參與者和決策者，在從財(cái)務(wù)上對企業(yè)并購行為進(jìn)行合理分析和選擇的同時(shí)，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。附件2：外文原文（復(fù)印件）m & financial analysiscorporate mergers and acquisitions hav

12、e 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, enhancing competitiveness, spread business plays a very important role. m & a process involves a lot

13、 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 & finance has an important practical significance.a financial effect resulting from mergers and acq

14、uisitions1. saving transaction costs. m & a market is essentially an alternative organization 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 red

15、ucing production and operation the transaction costs.2. to reduce agency costs. when the business separation of ownership and management, because the interests of corporate management and business owners which resulted in inconsistencies in agency costs, including all contract costs with the agent,

16、the agent monitoring and control costs. through acquisitions or agency competition, the incumbent managers of target companies will be replaced, which can effectively reduce the agency costs. 3. lower financing costs. through mergers and acquisitions, can expand the size of the business, resulting i

17、n a common security 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 enterprises to lower capital cost, refinancing.4. to obtain tax benef

18、its. m & 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 company is highly profitable, can give full play to complementary acquisitions both tax advantage.

19、 since dividend income, interest income, operating income 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 & a movement through effective co

20、ntrol 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 social resources. effective control over enterprises in the operation of the market co

21、nditions, for most over who are in competition for control of its motives is to seek the companys market value and the effective management of the condition should be the difference between the market value. second, the financial evaluation of m & a before merger, m & a business goal must be to eval

22、uate the financial situation of enterprises, in order to provide reliable financial basis for decision-making. evaluate the enterprises 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 years or m

23、ore years of cash flow and assets, liabilities, forecast. 1. the company liquidity and solvency position is to maintain the basic conditions for good financial flexibility. companys financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repaym

24、ent of debt. good cash flow performance in a good income-generating capacity and funding from the capital market capacity, but also the companys overall profitability, profitability is the size of which can be companys overall business conditions and competition prospects come to embody. specific as

25、sessment, 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 companys working capital demand in the near future, on the accounts receivable turnover and inve

26、ntory turnover rate of the data to be reviewed, should include other factors that affect financial flexibility, such as short-term corporate debt levels, capital structure, the higher the interest rate of zhaiwu relatively specific weight.2. examine the financial situation of enterprises also have t

27、o 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 availability of back-up liquidity, the analysis of enterprise can get the cash management, corporate finance t

28、o the outside world the ability to sell convertible securities can bring the amount of available liquidity. in the analysis of various sources of financing enterprises, the enterprises should pay particular attention to its lenders are closely related to the ease of borrowing, because once got in tr

29、ouble, helpless to the outside world, those close to the lending institutions are likely to help businesses get rid of dilemma. others include convertible securities are convertible at any time from the stock market into cash, to repay short-term corporate debt maturity.3 determination of m & a tran

30、saction price m & m price is the cost of an important part of the target companys value is determined based on m & a prices, so enterprises in m & juece oclock on targeted business jinxing scientific, objective value of ping gu, carefully xuanze acquisition duixiang to shi zai market competition its

31、elf tide in an 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, income approach and other methods. 1. the book value adjustment method. net balance sheet s

32、hall be the companys book value. however, to assess the true value of the target company 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, invento

33、ry, marketable securities and changes in intangible assets to adjust. on liabilities subject to detailed presentation of its details for the verification and adjustment. m & a for these items one by one consultations, the two sides, both sides reached an acceptable value of the company. mainly appli

34、ed to the simple acquisition of the book value and market value of the deviation from small non-listed companies. 2. the market value of comparative law. it is the stock market and the target companys operating performance similar to the recent average trading price, estimated value of the company a

35、s a reference, while analysis and comparison of reference of the transaction terms, compared to adjust, according to assessment to determine the value of the target company. however, application of this method requires a fully developed, active trading market. and a subjective factors and more by ma

36、rket factors, the specific use of time should be cautious. mainly applied to improve the market system in the acquisition of listed companies. 3. pe method. it is based on earnings and price-earnings ratio target companies to determine the value of the method. the expression is: target = target ente

37、rprise value of the business income pe. where pe (price earnings ratio) can choose when the target companys price-earnings ratio m, with the target companys price-earnings ratio of comparable companies or the target company in which the industry average price-earnings ratio. corporate earnings targe

38、ts and the target company can choose the after-tax income last year, the last 3 years, the average after-tax income, or ex post the expected after-tax earnings target company as a valuation indicator. this method is easy to understand and easy to apply, but its earnings targets and price-earnings ra

39、tio 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. income approach. it is the company expected future earnings discounted using appropriate discount

40、 rate to assess the present value of the base date, and thus determine the value of the companys assessment. income approach in principle, that is the reason why the acquirer acquired the target company, taking into account the target company can generate revenue for themselves, if the companys retu

41、rns, but the purchase price will be high. therefore, according to the company level can bring benefits to determine the value of the company is scientific and reasonable way. the use of this method must have two conditions: first, assess the companys future earnings are to be predicted, and can pred

42、ict the basic income 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 & a target long-term management and enterprise resources, th

43、en use the income approach is suitable. 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 financing 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 internal financing and external financing.