完整版企业并购财务问题分析外文文献及翻译.pdf

M&FinancialAnalysis
capital
formofbecomeacquisitionshaveamajorCorporatemergersand
operation.Enterpriseuseofthismodeofoperationtoachievethecapitalcostofthe
synergies,toobtainproductionandcapitalconcentrationexternalexpansionof
AM&veryimportantrole.enhancingcompetitiveness,spreadbusinessplaysa
processinvolvesalotoffinancialproblemsandsolvefinancialproblemsisthekeyto
theofinmergeranalysisandsuccessfulmergersacquisitions.Therefore,itappears
importantanFinancehasofimprovetheefficiencyM&financialproblemsto
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
taxintermsofareasonabletaxavoidance,butthecurrentlossofbusinessasaprofit
potentialacquisitiontarget,especiallywhentheacquiringcompanyishighly
profitable,cangivefullplaytocomplementaryacquisitionsbothtaxadvantage.Since
dividendincome,interestincome,operatingincomeandcapitalgainstaxrate
differencebetweenthelargemergersandacquisitionstakeapprop