财务分析外文文献.doc

　　M Financial Analysis 　　Corporate mergers and acquisitions have become a major form of capitaloperation. Enterprise use of this mode of operation to achieve the capital cost of theexternal expansion of production and capital concentration to obtain synergies,enhancing competitiveness, spread business plays a very important role. M Aprocess involves a lot of financial problems and solve financial problems is the key tosuccessful mergers and acquisitions. Therefore, it appears in merger analysis of thefinancial problems to improve the efficiency of M Finance has an importantpractical significance. 　　A financial effect resulting from mergers and acquisitions1. Saving transaction costs. M A market is essentially an alternativeorganization to realize the internalization of external transactions, as appropriateunder the terms of trade, business organizations, the cost may be lower than in themarket for the same transaction costs, thereby reducing production and operation thetransaction costs. 　　2. To reduce agency costs. When the business separation of ownership andmanagement, because the interests of corporate management and business ownerswhich resulted in inconsistencies in agency costs, including all contract costs with theagent, the agent monitoring and control costs. Through acquisitions or agencycompetition, the incumbent managers of target companies will be replaced, which caneffectively reduce the agency costs. 　　3. Lower financing costs. Through mergers and acquisitions, can expand thesize of the business, resulting in a common security role. In general, large companieseasier access to capital markets, large quantities they can issue shares or bonds. As theissue of quantity, relatively speaking, stocks or bonds cost will be reduced to enableenterprises to lower capital cost, refinancing. 　　4. To obtain tax benefits. M A business process can make use of deferredtax in terms of a reasonable tax avoidance, but the current loss of business as a profitpotential