1、自己動(dòng)手 豐衣足食，畢業(yè)論文好好搞M & Financial AnalysisCorporate mergers and acquisitions have 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 competiti

2、veness, spread business plays a very important role. M & A process involves a lot 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

3、has an important practical significance.A financial effect resulting from mergers and acquisitions1. 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 organi

4、zations, the cost may be lower than in the market for the same transaction costs, thereby reducing 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 whi

5、ch resulted in inconsistencies in agency costs, including all contract costs with the agent, 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 financ

6、ing costs. Through mergers and acquisitions, can expand the size of the business, resulting in 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 wi

7、ll be reduced to enable enterprises to lower capital cost, refinancing.4. To obtain tax benefits. 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 c

8、ompany is highly profitable, can give full play to complementary acquisitions both tax advantage. 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 wit

9、h the effect of tax avoidance. 5. To increase business value. M & A movement through effective control 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-d

10、istribution of social resources. Effective control over enterprises in the operation of the market conditions, for most over who are in competition for control of its motives is to seek the company's market value and the effective management of the condition should be the difference between the

11、market value. Second, the financial evaluation of M & A Before merger, M & A business goal must be to evaluate the financial situation of enterprises, in order to provide reliable financial basis for decision-making. Evaluate the enterprise's financial situation, not only in the past few

12、 years, a careful analysis of financial reporting information, but also on the acquired within the next five years or more 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. Company&

13、#39;s financial flexibility is important, it mainly refers to the enterprises to maintain a good liquidity for timely repayment of debt. Good cash flow performance in a good income-generating capacity and funding from the capital market capacity, but also the company's overall Profitability, Pro

14、fitability is the size of which can be company's overall business conditions and competition prospects come to embody. Specific assessment, 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

15、, in order to accurately estimate the company's working capital demand in the near future, on the accounts receivable turnover and inventory turnover rate of the data to be reviewed, should include other factors that affect financial flexibility, such as short-term corporate debt levels, capital

16、 structure, the higher the interest rate of Zhaiwu relatively specific weight.2. Examine the financial situation of enterprises also have to assess the potential for back-up liquidity. When the capital market funding constraints, poor corporate liquidity, the liquidity of the capital assessment shou

17、ld focus on the study of the availability of back-up liquidity, the analysis of enterprise can get the cash management, corporate finance to the outside world the ability to sell convertible securities can bring the amount of available liquidity. In the analysis of various sources of financing enter

18、prises, the enterprises should pay particular attention to its lenders are closely related to the ease of borrowing, because once got in trouble, helpless to the outside world, those close to the lending institutions are likely to help businesses get rid of dilemma. Others include convertible securi

19、ties are convertible at any time from the stock market into cash, to repay short-term corporate debt maturity.3 Determination of M & A transaction price M & M price is the cost of an important part of the target company's value is determined based on M & A prices, so enterprises in M

20、 & Juece O'clock on targeted business Jinxing scientific, objective value of Ping Gu, carefully Xuanze acquisition Duixiang to Shi Zai market competition itself tide in an invincible position. Measure of the value of the target company, generally adjusted book value method, market value of c

21、omparative law, price-earnings ratio method, discounted cash flow method, income approach and other methods. 1. The book value adjustment method. Net balance sheet shall be the company's book value. However, to assess the true value of the target company must also be on the balance sheet items f

22、or 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, inventory, marketable securities and changes in intangible assets to adjust. On liabilities subject to detailed presentation of its detai

23、ls 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 applied to the simple acquisition of the book value and market value of the deviation from small non-listed companies. 2. The marke

24、t value of comparative law. It is the stock market and the target company's operating performance similar to the recent average trading price, estimated value of the company as a reference, while analysis and comparison of reference of the transaction terms, compared to adjust, according to asse

25、ssment 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 market factors, the specific use of time should be cautious. Mainly applied to improve the market system in the acquisition

26、 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 enterprise value of the business income × PE. Where PE (price earnings ratio) can choose when the target company's p

27、rice-earnings ratio M, with the target company's price-earnings ratio of comparable companies or the target company in which the industry average price-earnings ratio. Corporate earnings targets and the target company can choose the after-tax income last year, the last 3 years, the average after

28、-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 ratio is very subjective determination, therefore, this valuation may bring us a great risk. This method i

29、s 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 rate to assess the present value of the base date, and thus determine the value of the company's as

30、sessment. 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 company's returns, but the purchase price will be high. Therefore, according to the company level can bring

31、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 company's future earnings are to be predicted, and can predict the basic income guarantee and the possibility of a reasonable amount; second, and en

32、terprises 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, then use the income approach is suitable. Activities in mergers and acquisitions, M &am

33、p; 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 situatio

34、n analysis, M & A financing is divided into internal financing and external financing. Internal financing is an enterprise to use their own accumulated profits to pay for acquisitions. However, due to the amount of funds required for mergers and acquisitions are often very large, and limited int

35、ernal resources, after all, the use of M & A business operating cash flow to finance significant limitations, the internal financing generally not as the main channel for financing mergers and acquisitions. Of external financing is divided into debt financing, equity financing and hybrid financi

36、ng. Channels of financing the actual response to determine their capital structure analysis, if the acquisition of their funds sufficient, using its own funds is undoubtedly the best choice; if the business debt rate has been high, as far as possible should be financed without an increase to equity

37、of companies debt financing. However, if the business prospects for the future, can also increase the debt financing, in order to ensure all future benefits enjoyed by the existing shareholders.Whether M & A business development and expansion as a means or an inevitable result of market competit

38、ion, will play an important stage in the socio-economic role. As an important participant in M & A and policy-makers, from the financial rational behavior on M & A analysis and selection of the same time, also taking into account the market, and management elements that will lead the enterpr

39、ise's decision making provide the most effective Xin Xi . 企業(yè)并購(gòu)財(cái)務(wù)問(wèn)題分析企業(yè)并購(gòu)已成為企業(yè)資本運(yùn)營(yíng)的一種主要形式。企業(yè)運(yùn)用這種資本經(jīng)營(yíng)方式實(shí)現(xiàn)對(duì)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(duì)提高競(jìng)爭(zhēng)能力、分散經(jīng)營(yíng)風(fēng)險(xiǎn)起到了很重要的作用。企業(yè)并購(gòu)過(guò)程中涉及許多財(cái)務(wù)問(wèn)題，而財(cái)務(wù)問(wèn)題的解決是企業(yè)并購(gòu)成功的關(guān)鍵。因此，對(duì)在并購(gòu)中出現(xiàn)的財(cái)務(wù)問(wèn)題進(jìn)行分析研究來(lái)提高并購(gòu)財(cái)務(wù)效率就有著重要的現(xiàn)實(shí)意義。 一 企業(yè)并購(gòu)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(gòu)實(shí)質(zhì)上是企業(yè)組織對(duì)市場(chǎng)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

40、業(yè)的組織成本有可能低于在市場(chǎng)上進(jìn)行同樣交易的成本，從而減少了生產(chǎn)經(jīng)營(yíng)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(yíng)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(duì)代理人監(jiān)督與控制的成本等。而通過(guò)并購(gòu)或代理權(quán)的競(jìng)爭(zhēng)，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(guò)企業(yè)并購(gòu)，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(chǎng)，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(duì)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(gòu)過(guò)程中企

41、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(gòu)對(duì)象，尤其是當(dāng)并購(gòu)方為高盈利企業(yè)時(shí)，能夠充分發(fā)揮并購(gòu)雙方稅收方面的互補(bǔ)優(yōu)勢(shì)。由于股息收入、利息收入、營(yíng)業(yè)收益與資本收益間的稅率差別較大，在并購(gòu)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(gòu)?fù)ㄟ^(guò)有效的控制權(quán)運(yùn)動(dòng)為企業(yè)帶來(lái)利潤(rùn)，增加企業(yè)價(jià)值。即意欲獲取企業(yè)控制權(quán)的權(quán)利主體通過(guò)交易方式獲取了其他權(quán)利主體所擁有的控制權(quán)來(lái)重新配置社會(huì)資源。在有效的企業(yè)控制權(quán)市場(chǎng)運(yùn)行的條件下，對(duì)大部分接管者來(lái)說(shuō)，其爭(zhēng)奪控制權(quán)的動(dòng)機(jī)就在于尋求公司的市場(chǎng)價(jià)值和在有效管理的條件下應(yīng)具有的市場(chǎng)價(jià)值之間的差額。 二 企業(yè)并購(gòu)的財(cái)

42、務(wù)評(píng)價(jià)企業(yè)并購(gòu)之前，并購(gòu)企業(yè)必須對(duì)目標(biāo)企業(yè)的財(cái)務(wù)狀況進(jìn)行評(píng)價(jià)，為決策提供可靠的財(cái)務(wù)依據(jù)。評(píng)價(jià)企業(yè)的財(cái)務(wù)狀況，不僅要對(duì)過(guò)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(duì)被并購(gòu)以后五年甚至更長(zhǎng)年份內(nèi)的現(xiàn)金流量及資產(chǎn)、負(fù)債進(jìn)行預(yù)測(cè)。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(chǎng)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(yíng)狀況和競(jìng)爭(zhēng)前景來(lái)體現(xiàn)。在具體評(píng)估時(shí)，要預(yù)測(cè)固定費(fèi)用支出和現(xiàn)金流量總額的變化趨勢(shì)，將固定費(fèi)用支出分成約束部分和酌量

43、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(duì)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(duì)比重等。2.考察企業(yè)財(cái)務(wù)狀況還必須評(píng)估后備流動(dòng)資金的潛力。當(dāng)資本市場(chǎng)資金緊張，企業(yè)資金流動(dòng)性較差時(shí)，對(duì)資金流動(dòng)性的評(píng)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(yíng)中獲取的現(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(lái)的可利用流動(dòng)資金量。在分析企業(yè)的各種資金來(lái)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(wú)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(chǎng)兌換成現(xiàn)金，用來(lái)償還企業(yè)到期的短期負(fù)債。三 企業(yè)并購(gòu)交易價(jià)格的確定并購(gòu)價(jià)格是并購(gòu)成本的重要組成部分，目標(biāo)公司的價(jià)值是并購(gòu)價(jià)格確定的依據(jù)，因此企業(yè)在進(jìn)行并購(gòu)決策時(shí)應(yīng)對(duì)目標(biāo)企業(yè)進(jìn)行科學(xué)、客觀的價(jià)值評(píng)估，慎重選擇收購(gòu)對(duì)象，以使自身在市場(chǎng)競(jìng)爭(zhēng)的大潮中立于不敗之地。對(duì)于目標(biāo)公司價(jià)值的衡量，一般有賬面價(jià)值調(diào)整法、