企业并购财务问题分析外文文献及翻译.pdf

M&FinancialAnalysis

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
taxintermsofareasonabletaxavoidance,butthecurrentlossofbusinessasaprofit
potentialacquisitiontarget,especiallywhentheacquiringcompanyishighly
profitable,cangivefullplaytocomplementaryacquisitionsbothtaxadvantage.Since
dividendincome,interestincome,operatingincomeandcapitalgainstaxrate
differencebetweenthelargemergersandacquisitionstakeap