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外文翻译----企业并购财务分析.pdf

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Corporatemergersandacquisitionshavebecomeamajorformofcapital operation.Enterpriseuseofthismodeofoperationtoachievethecapitalcostofthe externalexpansionofproductionandcapitalconcentrationtoobtainsynergies, enhancingcompetitiveness,spreadbusinessplaysaveryimportantrole.M&A processinvolvesalotoffinancialproblemsandsolvefinancialproblemsisthekeyto successfulmergersandacquisitions.Therefore,itappearsinmergeranalysisofthe financialproblemstoimprovetheefficiencyofM&Financehasanimportant practicalsignificance. Afinancialeffectresultingfrommergersandacquisitions 1.Savingtransactioncosts.M&Amarketisessentiallyanalternative organizationtorealizetheinternalizationofexternaltransactions,asappropriate underthetermsoftrade,businessorganizations,thecostmaybelowerthaninthe marketforthesametransactioncosts,therebyreducingproductionandoperationthe transactioncosts. 2.Toreduceagencycosts.Whenthebusinessseparationofownershipand management,becausetheinterestsofcorporatemanagementandbusinessowners whichresultedininconsistenciesinagencycosts,includingallcontractcostswiththe agent,theagentmonitoringandcontrolcosts.Throughacquisitionsoragency competition,theincumbentmanagersoftargetcompanieswillbereplaced,whichcan effectivelyreducetheagencycosts. 3.Lowerfinancingcosts.Throughmergersandacquisitions,canexpandthe sizeofthebusiness,resultinginacommonsecurityrole.Ingeneral,largecompanies easieraccesstocapitalmarkets,largequantitiestheycanissuesharesorbonds.Asthe issueofquantity,relativelyspeaking,stocksorbondscostwillbereducedtoenable enterprisestolowercapitalcost,refinancing. 4.Toobtaintaxbenefits.M&Abusinessprocesscanmakeuseofdeferred potentialacquisitiontarget,especiallywhentheacquiringcompanyishighly profitable,cangivefullplaytocomplementaryacquisitionsbothtaxadvantage.Since dividendincome,interestincome,operatingincomeandcapitalgainstaxrate differencebetweenthelargemergersandacquisitionstakeappropriatewaysto achieveareasonablefinancialdealwiththeeffectoftaxavoidance. 5.Toincreasebus