財務(wù)財會畢業(yè)論文外文文獻(xiàn)翻譯-中英文論文對照翻譯

財務(wù)財會畢業(yè)論文外文文獻(xiàn)翻譯-并購的財務(wù)風(fēng)險研究外文翻譯-中英文論文對照翻譯第一部分外文文獻(xiàn)原文部分中文3270字InternationalJournalofbusinessandmanagement[J]January2009TheStudyofFinancialRiskinM&AJohnA.DoukaAbstractM&Aisariskyactivity.M&Abusiness,whetherinthepreparationstage,orintheoperationalphaseofthemerger,orpost-integrationphase,willbeaccompaniedbyalargenumberofuncertainties.Theseuncertaintiesbroughtaboutbymergersandacquisitionscouldleadtoahugefinancialrisk.Inparticular,moredomesticenterpriseshavechosenthepathofM&A.Thisarticlefocusesonthevariousstagesofthemergervulnerabletofinancialrisks,andrisksoftheseraisedanumberofpreventivemeasures.Keywords:M&A,Financialrisk,PreventivemeasuresInthewestcountries,M&Ahaveahistoryaboutmorethan100years,andtransactionshavebeenexpanding.The5thwaveofglobalmergersandacquisitionspeakedin2000.Inourcountry,M&Abecomemoreandmorepopular.Forexample,manycompaniesstepupthepaceofoverseasexpansionandM&A.However,,manycompanieschooseM&Atotideoverthedifficulties.Asweknown,M&Amusthaverisks,forinstance:estimateoftargetfirms,choiceoftransactionmethod,orfinancialrisks.Howcanavoidtheserisks?Whichmethodshouldwechoose?Thisisthepurposeofthisarticle.1.ThecauseoffinancialriskinM&A1.1Overestimateorunderestimatethevalueoffirmsleadtotherisk1.1.1InformationasymmetryisthemajorfactorwhichimpactstheestimationBecauseofInformationasymmetry,targetfirmalwaysconcealadverseinformationandexaggerategoodinformation.Biddersalsoexaggeratetheirstrength,disclosurebetweenthemareinadequateordistorted.Therefore,failureswhichresultfromrashactionscanbefoundeverywhere.Therearemanyinformationrisks,fortowimportantexamples:first,equityrisk,equityisveryimportantinanyfirms,howevertherearedifferencebetweentheofferinformationandthereal,theseillusiveinformationthreatenthesucceedofM&A;second,debtinformationrisk,ifthisriskwouldnotbefound,alargedebtwillfalltothebidderswithnoreasons.1.1.2LackofrationalevaluationmethodsTherearethreeevaluationmethods:replacementcostmethod;marketvaluemethod;thepresentvalueofearnings,betweenthem,marketvaluemethodhashighrequestaboutInformationsymmetry,forfirmscanmakeanexactevaluationonlywhentheinformationishighsymmetry.However,inourcountry,thelevelofinformationsymmetryislower,littlefirmsadoptthismethod.Mostofthemadoptreplacementmethodandthepresentvalueofearningsmethod.Thesetwomethodsalsohavedisadvantages,replacementcostreflectsthehistoricalcostwhichcan’treflectthefutureprofitability;althoughthepresentvalueconsidersthevalue-addedrevenue,ithasalsoobviousflaws,thatis,futurerevenueexpectedisverydifferent.1.1.3ThesystemofassessmentisnotperfectHereistheassessmentsysteminthewholeindustry,ratherthanasimplemethod.Atpresent,ourcountryislackofindependent,professionalbodies,themajorityofoverseasM&Aiscompletedbytheenterprisesthemselves,onthispointthereisacertaindegreeofirrationality.Becauselackofprofessionalskills,andthereisnohabitsoflong-termfollow-upobservation,andcan’treceivelong-termandstableinformationandsoon,allthisleadtotheresultcan’tfollowtheexpectation.1.2Riskresultfromthechoiceoftransactionmethods1.2.1CashmethodIfyouexpectthereisnoriskincashpayment,youmustmakethepresentvalueofincrementalofexpectedcashflownetpresentvalueisgreaterthanthepaid,whereasshareholdersofbidderswillbeartheloss.Whenthecostofcashpaymentisexpansion,andfacehugedebtburden,andthesourceoffundingdeadlineisunreasonablestructure,orlackofshort-termfinancing,itiseasytobringtotheacquisitionofliquiditypressure.Atthistimeifthenewcompanyhasalowlevelofliquidassets,itwillhavealiquidityrisk,andliquidityriskisthemostoutstandingperformanceofcashpayment.1.2.2CommonstockpaymentOnthewhole,themajorriskofstockpaymentcomesfromthevalue-addedexpectation,thestockexchangeexpandtheshareholder’sbase,leadingtothedeclineofearningspershare,wheninvestorsdoubtthetargetfirm’sabilityofgettingbackearningspershare,thestockpriceofbidderwilldeclinebecauseofdilutionofearningspershare.Itshowsthattheproportionofequitydilutionresultingfromtheconvertibleisthemostimportantmeansofpaymentrisks.1.2.3LeveragepaymentLeveragewillinevitablybringthedebtrisk.Leverageisthebiddersmaketargetenterpriseassetsascollateralforloantobanks,post-mergersuccesswiththeproductionandoperationactivitiesgeneratedcashtorepaytheloan.Theaimofleveragepaymentistosolvethefundproblembyusingtheloans,andhopethattheacquisitioncanreceiveeffectiveleveragebenefit.Thismethodisboundtoachieveahighreturnoninvestmentanditneedstablecashflowstocomplete.Otherwise,theacquiringcompanymaygobankruptbecauseofcan’tpayoffthehigherdebt.1.3Financialriskresultingfromadverseintegrationinthepost-mergerIntheintegrationperiod,whentheroleofriskfactorscometoacertainextent,thatwillleadtotheoccurrenceoffinancialrisks.Accordingtothemanifestations,financialriskcanbedividedintothemechanismsrisk,financialriskandoperationalrisk.Mechanismsriskmeansintheintegrationperiod,becauseofsettingupfinancialinstitutions,financialfunctions,financialmanagementsystem,updateoffinancialorganizations,financialsynergies,andotherfactors,thefinancialincomeandfinancialgainsofbiddersoccurredinadeparturefromexpectations,andthussufferlosses.Financialriskmeansfinancialincomeandfinancialrevenuewilldepartfromtheexpectedifthereissomethingwrongwiththefinancialrunning.Intheprocessofassetmanagement,bidderscontroltheirassets,costs,financialoperations,liabilities,profits,andotherfinancialfunctionsinaccordancewiththeprincipleofmaximizingthesynergyearningsinordertoachievethefinalpurposeofmergersandacquisitions.However,theuncertaintyofmacro-andmicro-environmentaffectthedecision-makingprocessinthefinancialoperation,whichleadtofinancialrisk.Operationalriskmeansfinancialriskresultfrominadequatemonitoringoffinancialactivities.Thatshowsprocessendingisnotequalstofinalsucceed,financialintegrationistheendoffinancialmanagementintheM&A,andisalsothemostimportantaspect,ifitfaileditmeansthewholeM&Aisfailed.2．Preventionmeasuresoffinancialrisk2.1PreventionforinformationriskTheimportantroleforthispreventionistoruleoutthefalseinformationthroughlegitimateandeffectivemethodandthentogetreal,comprehensiveinformation.Fortheequityrisk,therearetwomainpoints:anappropriatecautiousnessanddisclosure.Appropriatecautiousnessmeansaprocessofinvestigation,reviewandevaluation.Biddersmustinvestigatetheexternalandinternalsituationoftargetfirms,inordertofindsomegovernmentactivitieswhichrestrictpropertyrighttransaction.Disclosuremeansthatthetargetcompanyshouldtellthebiddersjustasrelevantmaterials,information,debtclaimsandsoon.Disclosuremustbetrue,completeandnotmisleading.Asforthedebtrisk,wemustfirstchoosethebestmethod;second,youmustmakeanagreementaboutdebtscope.2.2Establishaperfectevaluationsystem,andselectappropriateassessmentmethodsAppropriateevaluationmethodsusuallyincludetowsystems:Oneisthebasicsystemwhichincludesfinancialanalysis,industryanalysis,operatingconditionsanalysis.Analysisofthefinancialsystemcontributetotheunderstandingofthefinancialsituationbetweenthetwosides,Industryanalysissystem,canmakethebidderunderstandtheexternalenvironment,aswellasthestatusofindustrytrends.Throughtheanalysisofoperatingconditionscanunderstandtheexistingproblemstheoperation,andprovidethebasisforintegration.Onthisbasis,enterprisescanavoidthisrisk.Secondistheevaluationsystem.Therearemanymethodsoftheevaluationsystem,justasbookvalue,marketvalue,liquidationvalue,discountedcashflowandsoon.Differentvaluationmethodswillleadtodifferentprice,sofirmsshouldselectabettermethodinaccordancewiththeirownmotive.2.3FlexiblechoiceofpaymentmethodsReasonablearrangementsforthepaymentmethodandfinancialcostreducingarerelatedtothepaymentmethodinwhichcashpaymentfacethemostpressure.M&Abusinesscancombinetheirownavailableresources,dilutedearningspershareandstockpricevolatility,changesintheshareholdingstructureinordertomaketheirpaymentascombinationsofcash,debtandstock,sothatitcanmeettheneedbetweentwosides.Forexample,M&Atakestwo-tierpaymentmethod,forthefirst,adoptcashmethodwhilemixedmethodisusedwhenthesecondstep.Thispayment,ontheonehand,becauseofthesizeofthetransaction,thebuyerpaidcashconsiderationofalimitedcapacity,shouldmaintainamorereasonablecapitalstructuretoreducetheenormouspressureontheloan,ontheotherhand,biddercaninduceshareholdersoftargetfirmtomakeselldecisionassoonaspossible,andthentheycanreachthegoalofobtainingcontrolofthebusiness.2.4Tostrengthenthepost-mergerintegration2.4.1Strengtheningfinancialcontrol,financialintegrationofhumanresources,financialinstitutionsandfunctionsoftheorganizationForexample,mergersandacquisitionsbusinesswastoappointChiefFinancialOfficer,ChiefFinancialOfficerhasclearresponsibilityandauthority,theyplaytheorganizationandmonitoringroleontheM&Abusinessfromday-to-dayfinancialactivities,andenjoythedecision-makingpoweronamajoreventinvolvedinthewholeenterprise;implementingthestructureoftheM&AAdjust,theallocationofresources,asignificantinvestment,technologydevelopmentandothermajordecision-makingtothebudgetofthecorporatemergersandacquisitions,monitoringandcontrollingvarioustypesofthebudgetimplementation,andaudititsfinancialreporting;beingresponsibleforpersonnelmanagementbusinessoftheirownfinancialaccounting;reportingtheM&A’sassetsoperationandfinancialpositiononaregularbasis.Atthesametime,whentheacquisitioniscompleted,financialinstitutionsandthefunctionsshouldbeimprovedaccordingtothespecificcircumstancesoftheirorganizations,includingfinancialaccountingsystems,internalcontrolsystems,investmentandfinancingsystemtomakeitmoreresponsivetotheneedsofbothmergersandacquisitions,andtoestablishaunifiedFinancialinformationplatform,sothatmanagementcanbefaster,moreaccurateandmorecomprehensiveaccesstoalltypesoffinancialinformationinordertomeettheneedsofdecision-making.2.4.2IntegrationoffinancialmanagementFinancialmanagementobjectiveisthestartingpointandendpointoffinancialworking,itsdeterminationdirectlyimpactonthetheoryofthefinancialsystem,andwilldeterminethechoiceofavarietyoffinancialdecision-making.Uponcompletionofmergersandacquisitions,firmsshouldmakeaclearobjectiveoffinancialmanagementbasedonthefinancialsideoftargetfirms.2.4.3IntegrationofassetandliabilitiesInM&Abusiness,debtofbiddersmayincreasebecauseoftakingovertheacquisition'sdebt,oradoptfinancialmethodjustasloansandbondsissue.Ifcapitalstructureisirrational,andfinancialsituationalsobecomedeterioration.Sothebalanceofintegrationaimingatimprovingthefinancialsituationandenhancethesolvencyofenterprises.2.4.4Toenhancetheriskawarenessofmanagementofenterprise,establishandimprovefinancialriskpredictionandmonitoringsystem.Toraisetheriskawarenessofmanagementofthebusinesswillguardagainstfinancialrisksofmergersandacquisitionsfromthesource.Inaddition,establishitsownenterprisefinancialriskpreventionandcontrolsystemwithintheenterprise,tostrengthenbusiness-to-riskM&Aforecastisoneofthekeyareasoftheestablishmentofearlywarningmechanismforriskpreventionsystem.ConclusionTosumup，M&Abusinessasabetterwaywiththeuniqueadvantagesoftheexpansionofthescale,rapidmarketstrategy,thesocio-economicrestructuringandresourcesoptimizationtobecomeatopicofconcern,thefinancialriskarisingfromthemergerisalsoadeepwiderangeofpeoplediscussionofthefield.Asthemarketmatures,IthinkM&Aactivitywillbemorethoroughlyresearchedonmergersandacquisitionsoffinancialriskissueswillbefurtherdeepened,toachievearealandpracticalapplicationoftheorytoguidepractice.References[1]Barnea,A.,Haugen,R.A.,andSenbet,L.(1981).AnEquilibriumAnalysisofDebtFinancingUnderCostlyTaxArbitrageandAgencyProblems.JournalofFinance,pp.569-581.[2]Bin,JacobY.,andJoshuaRonen.(1978).TheSmoothingofIncomeNumbers:SomeEmpiricalEvidenceonSystematicDifferencesamongManagementcontrolledandOwner-controlledFirms.Accounting,OrganizationsandSociety,3:141-157.[3]Chen,A.H.,andKim.E.H.(1979).TheoriesofCorporateDebtPolicy:ASynthesis.JournalofFinance,pp.371-384.[4]Jensen,MichaelC.,andRichardS.Ruback.(1983).TheMarketforCorporateControl:TheScientistEvidence.JournalofFinancialEconomics,2:5-50.[5]Lee,L.W.(1977).Co-insuranceandConglomerateMerger.JournalofFinance,pp.1527-1538.[6]W.Y.Lee,andH.H.Barker.(1977).BankruptcyCostsandtheFirm'sOptimalDebtCapacity:APositiveTheoryofCapitalStructure.SouthEconomicJournal,pp.1453-1465.第二部分中文翻譯JohnA.Douka,InternationalJournalofbusinessandmanagement[J]January2009并購的財務(wù)風(fēng)險研究摘要并購是一個高風(fēng)險的活動。并購業(yè)務(wù)，無論是在準(zhǔn)備階段，還是在合并的運(yùn)營階段，或之后的整合階段，將伴隨著大量的不確定性。這些跨國并購所帶來的不確定性有可能導(dǎo)致巨大的財務(wù)風(fēng)險。尤其在當(dāng)前,更多的國內(nèi)企業(yè)已經(jīng)選擇了并購這條路。本文對并購的各個重點(diǎn)階段容易受到的財務(wù)風(fēng)險分析，并對這些風(fēng)險提出了防范措施。關(guān)鍵詞：并購，財務(wù)風(fēng)險，防范措施在西方國家，并購有大約超過100年的歷史，交易規(guī)模不斷擴(kuò)大。2000年，在我國，第五次全球并購浪潮達(dá)到一個高峰，并購在我國越來越受歡迎。例如，許多公司加快海外擴(kuò)張和并購的步伐，許多企業(yè)選擇并購來渡過難關(guān)。正如我們所知道的，并購一定會有風(fēng)險，比如：目標(biāo)公司的評估，交易方法，或財務(wù)風(fēng)險的選擇。如何才能避免這些風(fēng)險？我們要選擇哪種方法？這就是這篇文章的目的。1.并購導(dǎo)致財務(wù)風(fēng)險的原因1.1高估或低估了公司價值帶來的風(fēng)險1.1.1信息不對稱是影響估計的主要因素由于信息不對稱，目標(biāo)公司一直隱瞞不良信息和夸大良好的信息。投標(biāo)人還夸大自己的實(shí)力，他們所披露的情況不足或失真。因此，貿(mào)然行動的失敗結(jié)果隨處可見。有很多有關(guān)風(fēng)險的資料，兩個重要的例子就是：第一，股票風(fēng)險，公平對任何一家公司都是很重要的，但所提供的信息和真實(shí)情況之間存在著差異，這些虛假的信息威脅到并購的成功；第二，債務(wù)信息的風(fēng)險，如果沒有發(fā)現(xiàn)這種風(fēng)險，龐大的債務(wù)將毫無緣由的轉(zhuǎn)嫁到投標(biāo)人身上。1.1.2缺乏合理的評估方法有三種評估方法：成本法、市場法、收益法，這其中，市場法要求有關(guān)信息的對稱性要高，只有當(dāng)信息評價具有高對稱性時才可以對企業(yè)作出準(zhǔn)確判斷。然而，在我國，信息對稱水平低，小企業(yè)采用這種方法。他們大多采用替代法和收益法。這兩個方法也有缺點(diǎn)，重置成本反映歷史成本，不能反映未來盈利能力；就算把現(xiàn)值看做增值的收入，它也明顯的缺陷，那就是，未來的收入預(yù)期是不同的。1.1.3評估體系不健全這是在整個行業(yè)中的一種評估制度，而不是一個簡單的方法。目前，我國缺少獨(dú)立、專業(yè)的團(tuán)體，海外并購多數(shù)由企業(yè)自行完成，在這點(diǎn)上是有一定程度的不合理。由于缺乏專業(yè)技能，且沒有長期隨訪觀察的習(xí)慣，并不能得到長期、穩(wěn)定的信息等等，這一切導(dǎo)致了評估結(jié)果不能按照預(yù)期發(fā)展。1.2交易方式的選擇導(dǎo)致的風(fēng)險1.2.1現(xiàn)金方法如果你不期望在現(xiàn)金支付中有風(fēng)險，就必須使增加的預(yù)期現(xiàn)金流的凈現(xiàn)值大于所支付的，而投標(biāo)人的股東將承擔(dān)損失。當(dāng)現(xiàn)金付款的成本擴(kuò)大，面臨著巨大的債務(wù)負(fù)擔(dān)，并且最后期限的資金來源結(jié)構(gòu)不合理，或缺乏短期融資，很容易帶來收購的流動性壓力。此時如果有一個新公司流動性資產(chǎn)水平低，就會產(chǎn)生流動性風(fēng)險，而流動性風(fēng)險最突出的是通過現(xiàn)金付款體現(xiàn)的。1.2.2支付普通股整體而言，股票支付的主要風(fēng)險來自增值的期望，股東交易所擴(kuò)大股東的基礎(chǔ)，導(dǎo)致了每股收益下降，因?yàn)橄♂屃嗣抗墒找?，投資者會懷疑目標(biāo)公司取回每股收益的能力下降，投標(biāo)人的股票價格將下降。這表明從該可轉(zhuǎn)換股權(quán)稀釋的比例是造成支付風(fēng)險的最重要手段。1.2.3杠桿付款杠桿將不可避免地帶來債務(wù)風(fēng)險。杠桿是投標(biāo)人作出貸款，向銀行抵押企業(yè)資產(chǎn)，合并后的生產(chǎn)和經(jīng)營活動產(chǎn)生的現(xiàn)金將成功償還貸款。其杠桿付款方式目的是通過貸款解決使用貸款的資金問題，并希望收購能得到有效的杠桿效益。這種方法必將實(shí)現(xiàn)高的投資回報，這需要穩(wěn)定的現(xiàn)金流來完成。否則，因?yàn)闊o法還清了更高的債務(wù)，收購公司可能會破產(chǎn)。1.3合并后的整合不利導(dǎo)致財務(wù)風(fēng)險在整合期間，當(dāng)風(fēng)險因素作用到一定程度時，這將導(dǎo)致財務(wù)風(fēng)險的發(fā)生。根據(jù)表現(xiàn)，財務(wù)風(fēng)險可以分為機(jī)制風(fēng)險，財務(wù)風(fēng)險和經(jīng)營風(fēng)險。機(jī)制風(fēng)險意味在整合時期，由于設(shè)立了金融機(jī)構(gòu)，財政職能，財政管理體制，金融機(jī)構(gòu)的更新，金融的協(xié)同作用和其他因素，財政收入和投標(biāo)人的預(yù)期財政收益發(fā)生偏離并因此遭受到的損失。財務(wù)風(fēng)險是指如果當(dāng)金融運(yùn)行有錯誤，財政收入和財政稅收將脫離預(yù)期。在資產(chǎn)管理過程中，投標(biāo)人控制他們的資產(chǎn)、成本、金融業(yè)務(wù)、負(fù)債、利潤和其他財務(wù)職能，按照實(shí)現(xiàn)協(xié)同