企业并购中的财务评估及风险衡量（financial evaluation and risk measurement in mergers and acquisitions）

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企业并购中的财务评估及风险衡量（Financialevaluationandriskmeasurementinmergersandacquisitions）First,thefinancialevaluationofmergersandacquisitionsM&Aisthemostimportantwayforenterprisestoseekexpansionthroughthecapitalmarket,andtheimplementationofM&AisoftenaffectedbythenearfutureOrdrivenbylong-terminterests,andformaunifiedwholewiththerestructuringofenterprisesaftermergerandacquisitionandtheimplementationofnewstrategies,Themarkofsuccessisthatthevalueofthecompanyexceedsthevaluebeforethemerger.Therefore,tominimizeandBuyriskoravoidpayingtoohighapriceforanattractivecompany,carefulfinancialevaluationandanalysisItseemsverynecessary.(I)financialevaluationTheacquisitionofthewholeprocessinvolvesmanytaxissuesand,intheUStaxcode,thereorganizationofthethreetypesofCompaniesTransactionsareexempt:first,acquiringcompanyonlyusesitsvotingstocktoexchangesharesofacquiredcompany; Inthesecondcategory,thepricepaidbytheacquirermayincludesomenonvotingassets,butnotmorethanall20%oftheprice;thethirdcategory,inthebuyer'sdesignofthetransaction,thepricepaidtotheacquiredcompanyInChina,theproportionofbuyerssharesisover50%.ThetaxstructureandstatusofanenterprisewillproducefinancialresultsfortheenterpriseAsaresult,thetaxassessmentshouldincludethetaxstructureoftheacquiredenterpriseaswellasthewholeofthebuyerEvaluatethenewtaxstructureandpositionaftertheacquisitionofthetargetenterprise.Forexample,thecapitalgainstaxwillincreasethebuyer'sacquisitionTheexpenditureaffectsthepurchasepriceandtransaction,sothebuyershouldtrytoreducethebuyer'staxexpenditureScheme.(two)conductingfinancialreviewThebuyershalldeterminewhetherthefinancialreportprovidedbythetargetenterpriseaccuratelyreflectsthefinancialpositionoftheenterprise, Throughthereviewofassets,liabilitiesandotherinformationprovided,thecompany'sfinancialpositionisanalyzed.YingProfitabilityanalysis,intheincomestatement,deductexpenses,expensesandtaxesfromtheincomeTothenetprofit,theamountthatdeductaprojectcanreflectdifferenteconomicinformationoftheenterprise,forinstancesalegrossprofitcanUsedtoassessthecompetitivepositionofcompaniesofsimilarsizeandsimilarproductsinvariousindustries,excludinglong-termTheprofitbeforetheloanisdeductedfromtheinterestbeforetaxandtheprofitbeforetheloancanbeusedtoreflectthecapitalstructureandthecapitalstructureComparableeffectsoftaxstructureonbusinessperformance.Owingtotheexistenceofdepreciation,loanprincipalrepayment,capitalexpenditure,Differencesinliquidity,cashflowmorereflectstheactualsituationofenterprises.Capitalstructure,Theproportionofshort-termliabilities,long-termliabilitiesandowner'sequityreflectsthelong-termviabilityofenterprises,M&Aenterprisescanjudgetheirantiriskabilityand financingabilityfromthecapitalstructureofthetargetenterprise.AssetsLiquidityreflectstheshort-termsolvencylevelofanenterpriseandexaminestheliquidityofthetargetenterpriseThepossibilityofitsentryintothemarket,especiallyforthepurposeoffinancingformergersandacquisitions,shouldbeanalyzedinparticularToevaluatetheantiriskabilityofenterprises,suchastheamountofliquidityandtheliquidityofassets.(three)profitandlossanalysisofmergersandacquisitionsThecashflowstatusofenterprisesundervariousgrowthandprofitabilityshallbeplanned,seeformula3_1,mentionAplantoincreasesalesandimprovesalesmargins.Cashflow=operatingprofitX(1-incometaxrate)+depreciationandothernoncashdisbursementsacapitalbranchAmountout(3-1)Orforvalueanalysis,onlytwoofthevalueofthemergerisgreaterthanthesumofthevalueofthetwoindependent enterprisesWhenthereiseconomicinterest,thatis,formula3-2:Income=PVAB(totalenterprisevalue)1(PVA+PVB)(thesumofindividualenterprisevalue)(3-2)BecauseoftheexpectedeffectofM&A,themarketpriceofBcompanyishigherthanPVB,andthecostisformula3_3:Cost=pricepremiumabovetheBmarketprice,+Bcompany'smarketvalueandvalueasindependententity(3_3)(four)decisionmakingofM&ARefertothefollowingindicators:earningspershare,thatis,changesinearningspershare,istheimpactofmergersandacquisitionsonEnterprisesTheultimateembodimentof;TheprofitoftheacquiredenterpriserelativetotheacquirerisgreaterthanthatoftheM&a,Earningspershareareoftenlowerthanbefore,butbymakingnewdevelopmentstrategiesfortargetfirms Highenterprisedevelopmentspeed,profitabilityshouldgraduallyincrease;themarketprice,thestockpriceisenterpriseprofitAbility,managementabilityanddevelopmentprospectreflectthatthehigherthemarketpriceis,theM&afundstheM&AwillneedtoinvestMore,itisalsothebasisfordeterminingtheproportionofconvertibleshares,butalsotodeterminethepotentialbidpricehigherthanthetargetenterpriseInthevalue,suchasthemarketsideoftheacquirer,brandadvantageandnewtechnologyhavenotyetplayedabenefit;ifthesquareenterpriseThepriceearningsratioisgreaterthanthetargetenterprise'spriceearningsratio,andafterthemerger,theacquisitionenterprisesincreaseearningspershare,mergersandacquisitionsDecreaseineps.AfterthefinancialevaluationofM&A,thefollowingtypesofenterprisescanbecomeM&AEnterprises:capitalvalueUndervaluedfirms,whosevalueislessthantheirnetassetvalue,areknownasundervaluedstockexchanges, Becausetheacquisitioncostsaremuchlowerthanthecostofnewsimilarenterprises,suchcompaniestendtobeacquiredAnenterprisewithanetoperatingloss,inwhichalossmaybederivedfromtheproceedsoftheyearafteritsoccurrenceTooffsetthetaxoftheacquirer:financialdifficultiesduetobadmanagementorotherwise,butOrhasthegoodprospectsforitselftheuntappedpotentialoftheenterprise,orduetolargeamountsofcashandsecuritiesinvestmentandutilizationTheabilitytouseloans,andtheshareholdersofthebuy-outcompanytoevadepaymentofpersonalincometaxfordividends,dividendsandchangeTargetenterprisesoffinancialincentivesforcapitalgainstax.ThemeasurementofM&ariskisthebasisofdeterminingtheinvestmentriskanddeterminingthediscountrateThepurchaseprocessiscomplex,involvingawiderangeofriskprediction,assessmentandcontrol,istoreduceacquisitioncosts,acquisitionThekeytosuccessfulmergersandacquisitions.Theuncertaintyinthedebts,costs,andearningsofbothsides intheprocessofmergersandacquisitionsTheformationoffinancialrisks;thecompletionofmergersandacquisitionsinthemarket,thelistedcompaniesmayriseinpricesandmanyThemarketriskandtheriskcausedbytheexchangeratechange.CantakecontrolofThemeansofproductioninclude:theacquirerestablishesawhollyownedsubsidiarycompanyandmergesitintothetargetenterprise,andthetargetenterprisegetsthesonCompanystock,sotheacquireralsoobtainsthetargetenterprisestock,thusmakesthetargetenterprisetobecomethemergerandacquisitionside'sguaranteeAwhollyownedsubsidiaryoflegalpersonstatussothattheacquirercanobtainthecontrolofthetargetenterpriseandleavetheriskbehindInthetargetenterprise,throughtheacquisitiontargetenterprisevaluableassets,thusavoidsbearsthemergerandacquisitionstockownershipcontrolTheexpensesofstaffandworkers,insuranceandotherexpensesthatmustbeborne:installmentpaymentstothetargetenterpriseandthebenefitsoftheacquirerThelevelofadjustmentshallbeadjustedaccordingtotheagreedproportion. (I)acquisitionofventurecapitalbudgetItcanbemeasuredbytheacquisitionriskcapitalbudgetanalysismethod,bysettingupsomeindicatorstodeterminetheincomeThefeasibilityofbuying,especiallyincross-borderacquisitions,fromtheacquirer'spointofview,bycalculatingthetaxindomesticcurrencyAfterthecashflow,wecananalyzetheinfluenceoftheoriginalinvestment,cashflowandresidualvalueonthenetpresentvalueofthepurchase.Thegeneralformulais3-4:(3-4)NPAFAinM&A--netpresentvalueofM&a;IFA-initialinvestment,includingdomesticcurrencydenominatedinitsownfunds,andforeigncurrencyborrowingfundsNumberofcurrenciesindomesticcurrency;KFA-necessaryrateofreturn;CFFA,T-meaningfulcashflowtotheacquirer,thatis,theactualaftertaxcashflow.deduction Afteracertainproportionislefttothefutureoperationofthesubsidiary,thecashflowisconvertedattherateafterdeductingtheexchangerate;SVFA,N-thesignificantresidualvalueoftheacquirer,theexpectedvalueoftheforeignmarketoftheacquiredenterprise,andWhentheassetplanissold,theexpectedexchangerateisdetermined;T-period;N-projectlifeexpectancy.Expectedearningsrelatedfactors,Includingrisk-freeinterestratesandoperatingrisks,whenotherconditionsremainunchangedThelowerthemarketvalueofthebusiness,thehighertheriskisduetothefollowingimpactonoperatingcostsandvalueUncertainties:cashflowsfromeachperiod,theproportionofcashflowsremainingineachcountry,theperiods,theexchangerate,thepricesThefuturemarketvalueoftheindustryandtheexchangerateoftheenterprise.Thesourcesofcross-border acquisitionsofChineseenterprisesaredifferentTheriskofadifferentacquisition,thusaffectingtheexpectedrateofreturnofmergersandacquisitionsactivities.DomesticcapitalandliabilitiesThedomesticandforeignriskfreerates,risk-freeinterestrateaffectthecostofborrowingmoneyabroad,ChinaWhenthecostofforeigncapitalislow,theimplementationofcross-bordermergersandacquisitionscanmakeappropriateuseofforeignfunds.(two)applyingstandarddeviationmethodAccordingtotheformulaofriskreward,theindifferencecurveofrewardriskismadeonthereturnriskcoordinate,Withminimumreturnandmaximumriskcapacityconstraints,afeasibleregionofrewardriskisfound,asshowninFigure3-2,Capitalassetpricingmodel(CAPM),whichusesthesystemriskofsecuritiespricesasameasurementtool,Thevalueofthecompanyisevaluatedbythecontributionofthecompany'spresentassetsandthepresentvalueofthecompany'sfutureinvestmentopportunities