资源描述：
《企业并购财务问题分析外文文献及翻译.doc》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、M&FinancialAnalysisCorporatemergersandacquisitionshavebecomeamajorformofcapitaloperation.Enterpriseuseofthismodeofoperationtoachievethecapitalcostoftheexternalexpansionofproductionandcapitalconcentrationtoobtainsynergies,enhancingcompetitiveness,spreadbusinessplaysave
2、ryimportantrole.M&Aprocessinvolvesalotoffinancialproblemsandsolvefinancialproblemsisthekeytosuccessfulmergersandacquisitions.Therefore,itappearsinmergeranalysisofthefinancialproblemstoimprovetheefficiencyofM&Financehasanimportantpracticalsignificance.Afinancialeffectr
3、esultingfrommergersandacquisitions1.Savingtransactioncosts.M&Amarketisessentiallyanalternativeorganizationtorealizetheinternalizationofexternaltransactions,asappropriateunderthetermsoftrade,businessorganizations,thecostmaybelowerthaninthemarketforthesametransactioncos
4、ts,therebyreducingproductionandoperationthetransactioncosts.2.Toreduceagencycosts.Whenthebusinessseparationofownershipandmanagement,becausetheinterestsofcorporatemanagementandbusinessownerswhichresultedininconsistenciesinagencycosts,includingallcontractcostswiththeage
5、nt,theagentmonitoringandcontrolcosts.Throughacquisitionsoragencycompetition,theincumbentmanagersoftargetcompanieswillbereplaced,whichcaneffectivelyreducetheagencycosts.3.Lowerfinancingcosts.Throughmergersandacquisitions,canexpandthesizeofthebusiness,resultinginacommon
6、securityrole.Ingeneral,largecompanieseasieraccesstocapitalmarkets,largequantitiestheycanissuesharesorbonds.Astheissueofquantity,relativelyspeaking,stocksorbondscostwillbereducedtoenableenterprisestolowercapitalcost,refinancing.4.Toobtaintaxbenefits.M&Abusinessprocessc
7、anmakeuseofdeferredtaxintermsofareasonabletaxavoidance,butthecurrentlossofbusinessasaprofitpotentialacquisitiontarget,especiallywhentheacquiringcompanyishighlyprofitable,cangivefullplaytocomplementaryacquisitionsbothtaxadvantage.Sincedividendincome,interestincome,oper
8、atingincomeandcapitalgainstaxratedifferencebetweenthelargemergersandacquisitionstakeappropriatewaystoachieveareasonablefinan
