外文翻译-- 企业并购财务报表分析

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1、中文 4840 字 毕业设计 (论文 )外文资料翻译 原文题目： Enterprise merger and acquisition analysis of financial statements 中文题目： 企业并购 财务报表分析 文献出处： The modern enterprise financial management美 James C.Van Horne. 2014 年 6 月 6 日 外文原文 Enterprise merger and acquisition analysis of financial statements Corporate mergers and acqu

2、isitions 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 competitiveness, spread business plays a very important role. M & A process in

3、volves 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 has an important practical significance. We need to use financial ratios in a

4、nalyzing financial statements. The analysis of comparative financial statements cannot be made really effective unless it takes the form of a study of relationships between items in the statements. It is of little value, for example, to know that, on a given date, the Smith Company has a cash balanc

5、e of $1oooo. But suppose we know that this balance is only -IV per cent of all current liabilities whereas a year ago cash was 25 per cent of all current liabilities. Since the bankers for the company usually require a cash balance against bank lines, used or unused, of 20 per cent, we can see at on

6、ce that the firms cash condition is exhibiting a questionable tendency. 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 organizations, the cost may be lower th

7、an in the market for the same transaction costs, thereby reducing production and operation the transaction costs. To reduce agency costs. When the business separation of ownership and management, because the interests of corporate management and business owners which resulted in inconsistencies in a

8、gency 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. Lower financing costs. Through mergers and acquisi

9、tions, 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 will be reduced to enable enterprises to

10、 lower capital cost, refinancing. 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 company is highly profitable, can give full p

11、lay 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 with the effect of tax avoidance. To increase b

12、usiness 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-distribution of social resources. Effective control

13、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 companys market value and the effective management of the condition should be the difference between the market value. The company liquidity and solvency positio

14、n is to maintain the basic conditions for good financial flexibility. Companys 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 capit

15、al market capacity, but also the companys overall Profitability, Profitability is the size of which can be companys 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, in order to accurately estimate the companys working capital demand in the near future, on the accounts receivable turnover and