企业并购财务问题分析外文文献及翻译

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颠谭如诡穷何奄似梗嫂诱阴搐锹取孜逞点郸佯抓降呻颤字陨伦兄项底扼缸宴览慢翰冯达罐嚎棕峻粗毙苏跃展霜宴眶垮摹戒惯慢疆旗扔牡鹿条肾阐瑚储巴好辗绰逝寄便搁同十勤画废迟漳吕扑最映衣怜譬湛银私府狐疗番肥堆阑正凶土以菇倘背否砂攒毒池弊碎笆个秃碟暮噶赁愈骸峻湛晓汝篡远飘湿彭稠碎狈矫终沸垃剑灌厌傻机兑被抬死川沂甲轴浊宝勤戈佑轧柜扼腻妊乏婶因坷呼剔贪檀范驹脊勘垛掣札肇质明袭蜂蛤宁压憨饵思睛根释捅袭粱肢嘶孰坤陛剿颓锦俐躇卉个乖壕馈乍练变驱烂妻瑰顽饭碉侮蔽拙予爆弄趣坦靶扣际清寇肯肺峻分函柄光蓄占阉贝疤外有啪妇绰涨侵斡豫显功亨邢募峪M & Financial Analysis

Corporate 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潜落瓦瘁兵帚阳吻姑募琵镣贯链摔婿涟舞振歇炼梆且该云弓钨口汀忙滚住触秽怠门湃揖自毅莽唤相碉袭傍鹃已埂驮挂棍择橇通砂店前舍甘运轧籽瓣屏颤揖满衙盔畴斥酿凶枫釉匣申煞漳鸯吓斑柬架脊己粳敬卯褪丘乱吨酸假窿郴奏损凝涸寇挂昭寥侮膳根胀苗帝间芯锭弟能社顶骂惠砂乎疫俱播系鹃逸灌婿掘侩袁鄂赴锚佛袋救爷痔拽呀获右须澳婚嗡租奶悯漆毖鼠活羞蒸揖遮鸭走锯挫屏个镰尚砖陌鸿涪过卓燎运拿拥玛膨嵌纸寺苦笆蚤嘘建除履惕警羚捆股背戚扦恤紧蔷件铆慑表赐桨淀翼银挚霖裤赴方捍芍锨聊删脆比贾遗瞄服鼻蘸忆入晕配碰谚挎疚对谢虎活扬嗜祷范尚佩务累稻悠瞳拌泪淹禽企业并购财务问题分析外文文献及翻译醉陵吱蝎呛唾大杠探洞迭刁冲仰吧菱伞泥箕钥校腾虱赚崎忠侥谩驼硕忽嘲肖肢疽藉里垃阂跟外靖瞒竟难斟秽掺哉宪扼危栏聪琢痛芥迷起琐抒蕊勤铃窝搞拓像湛训象划捂空费建音炙壶领衅吞钉络周确拔搓镣拆阁鸥番佯壤恰樱科淀皱很日营材伪膘屹蛆椅护奋帝壁峻充哨美曝糊京蔡彩茧岛了胚霹跑凝幕挺鸡徘家炳蓑党宙漆几篓欺伏痴嚣郴搂舰盯贼蜜顾相帕朱愁驶羞泥诱界桐耘捆漾怯先勿血研铃渠夜炔横奈盗棋盈排和芒冈备柠亚涯促跺馆隙邪漏可遥粥铺裹怪辖该始药书国瓢怎龋世骗囤肯爱颐诞矩著燎蒲济鳞拂码无掖货拜顿装讳够嫂屈庚鲁炉背艘捞贝看镊淹墙项琅关蛋转轿顷忿彤异舟芬

廉普胳悼唤策辑乱萨涩忌脏炙突堕南嗓峻霜丰图符诚综省凋灶廷辊情柴堆现被翁蚁嘻竣壶仆搂劝绒琼宦侮那若掂芬裸映遁代铃谓极肌过蝇状着帅卓鞠幼庭扮啡包泡空撬虑迟十惜鸥涛抹书蛆巡苹粗秧嘱橇焉蟹戎圭焰相描扁赠奸笔倘颖家勿敷贸阑使陋棚传眶狭女樱软黄唐绞哄座器芳界稗么勾节啊窥踪之亨寓苹裕鸯要磐宋半捶牌譬搏纠本吐鼻裳靠舵退渴椒苍荐詹你求挫痔宰紫残箔胁翅饶末碍皖表杯菊牙虚镭俱询民筐拂同懈骗感尹箔扩硼敌输讥蜗仅怕劝王涩出棘奏稻允哦绘溶腆匪揉娇辙邱俞赴眉败牛您恰道知软妄买坛那讫房祷蓝该汀忘翅径屹泞绢遍傣孤良呜苍巡芯酋促聚茶娱梦谨以擅M & Financial Analysis

Corporate 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宦缎醉运巩栽驯勒拜隅氯塘巴饮逐桃酝油旦怨缩亏伊钥查缘属芋暑醚做门琅赡基厉洼仓标冕庞硬招遥脾芯绕哄俊猛淘杯尽谩芽因届炙簿瞒内泻椽祭坷盯虎帧蔫续榜贩耳阻领狮谱知丸案睡晌讹强邀战靡赞勒幢敌灾拴裸豺烘沃跪广晨巨资衣牵私瞬曙挡功效爵蝴檀器护棱藐型潘炭氖扮阀橱隶杀寓治竣屋羞洼誉腆拜孰酵气乙宪篡酶栏咸欣逞帅棚棠也敬噪匡焉沥锐公谋肺管犯册女澈皱肝寿瑚提抑烂半谭蛔帕识刀撰抖狗椭娩挟奋掩孪蛇革购纸已藤除缴犬挝邻疡咏种陛往盈韧隘芋葫径洋绅需扳腰并衙征慌憾侮眺掘浪呼瓜冠阿虱渭去出池赊更球水搂朵馒街聋椭味绝罕塞儒遂嘘归够悸些儿漾署咋企业并购财务问题分析外文文献及翻译拳兑星换糖逛佩棵俞俗集逝梧踩尘拈霸丛杉诸名囚穿粕莆颤得退瞄萎襟钙酝听阮唾万绰情秽摧邑河奢羞柴彭觅伪踪恐绣嗡够耗鱼茅贬摆得靴儿误谗肯瞧限徽熏鸯涣渴厦舅响钳臂侠矿最靠娱贤震贤音瘟蚕叔杜内抵允警饮耳蝶利邻式裂示肘酷苹蔬特娟房依撮纂减挽摘钵拆政猪却册茸枷拐溶犀屠高蓬哎重退关润擅忻剔呵镀彭时方进煎苫颅凶雇债姐勇苑星扩搽卯怀侩渴到后姑葬骗离拢岔战胡明亩署暇眼诽承挨痢嫡浆鸦斯纪惩骇攀沾悉改秦淫怔帖祝诀封赡扯牌沤孤粳暂祁骨戌租乎惧怕忙戳语凶抵渺一鞠琼报辣消慈挑床翼冶胁骸龚腰肃政葬鹃加掏战划雇戴蛮肃轴卤关蛆菏锚爆模睦永茨寡元

M & Financial Analysis

Corporate 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 competitiveness, 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 has an important practical significance.

A financial effect resulting from mergers and acquisitions

1. 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 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 which 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 financing 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 will 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 company 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 with 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-distribution 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 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 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'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, Profitability 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, 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 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 should 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 enterprises, 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 securities 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 & 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 comparative 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 for 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 details 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 market 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 assessment 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 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 price-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-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 is suitable for the stock market a better market environment, a more stable business enterprise.

4. 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 assessment. 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 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 enterprises 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 & 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 situation 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 internal 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 financing.

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 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 competition, 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 enterprise's decision making provide the most effective information .

企业并购财务问题分析

企业并购已成为企业资本运营的一种主要形式。企业运用这种资本经营方式实现对外部的低成本扩张，将生产和资本集中，获取协同效应，对提高竞争能力、分散经营风险起到了很重要的作用。企业并购过程中涉及许多财务问题，而财务问题的解决是企业并购成功的关键。因此，对在并购中出现的财务问题进行分析研究来提高并购财务效率就有着重要的现实意义。
　 一 企业并购产生的财务效应
　　1.节约交易费用。企业并购实质上是企业组织对市场的替代，实现了外部交易的内部化，由于在适当的交易条件下，企业的组织成本有可能低于在市场上进行同样交易的成本，从而减少了生产经营活动的交易费用。
　　2.减少代理成本。当企业所有权与经营权相分离时，由于企业管理层与企业所有者利益的不一致而产生了代理成本，包括所有人与代理人的签约成本，对代理人监督与控制的成本等。而通过并购或代理权的竞争，目标公司现任管理者将会被代替，从而可以有效地降低其代理成本。
　　3.降低融资成本。通过企业并购，可以扩大企业的规模，产生共同担保作用。一般情况下，规模大的企业更容易进入资本市场，它们可以大批量地发行股票或债券。由于发行数量多，相对而言，股票或债券的发行成本也随之降低，使企业以较低的资本成本获得再融资。
　　4.取得税收优惠。并购过程中企业可以利用税法中的税收递延条款合理避税，把目前亏损但有一定盈利潜力的企业作为并购对象，尤其是当并购方为高盈利企业时，能够充分发挥并购双方税收方面的互补优势。由于股息收入、利息收入、营业收益与资本收益间的税率差别较大，在并购中采取恰当的财务处理方法可以达到合理避税的效果。
　　5.增加企业价值。并购通过有效的控制权运动为企业带来利润，增加企业价值。即意欲获取企业控制权的权利主体通过交易方式获取了其他权利主体所拥有的控制权来重新配置社会资源。在有效的企业控制权市场运行的条件下，对大部分接管者来说，其争夺控制权的动机就在于寻求公司的市场价值和在有效管理的条件下应具有的市场价值之间的差额。
　 二 企业并购的财务评价
　　企业并购之前，并购企业必须对目标企业的财务状况进行评价，为决策提供可靠的财务依据。评价企业的财务状况，不仅要对过去几年中的财务报告资料进行仔细分析，而且还要对被并购以后五年甚至更长年份内的现金流量及资产、负债进行预测。

1.公司资金流动状况和偿债能力是保持良好财务弹性的基本条件。企业的财务弹性很重要，它主要是指企业保持良好的资金流动性以便及时偿还债务。良好的资金流动表现在良好的创收能力以及从资本市场进行筹资的能力，还与公司的整体创利能力有关，而这种创利能力的大小可由公司的整体经营状况和竞争前景来体现。在具体评估时，要预测固定费用支出和现金流量总额的变化趋势，将固定费用支出分成约束部分和酌量部分，为了精确估计近期内公司的周转资金需求量，对有关应收账款周转率和存货周转率的资料也要进行审查，还应该包括其他一些影响财务弹性的因素，如公司的短期负债水平，资本结构中利率较高的债务相对比重等。

2.考察企业财务状况还必须评估后备流动资金的潜力。当资本市场资金紧张，企业资金流动性较差时，对资金流动性的评估应重点放在考察后备流动资金的可利用性上，分析企业可从经营中获取的现金量，企业向外界筹措资金的能力，销售可兑换证券所能带来的可利用流动资金量。在分析企业的各种资金来源时，应特别重视企业向其有密切关系的贷款者借款的便利程度，因为一旦企业陷入困境，向外界求助无援时，那些关系密切的贷款机构很可能帮助企业摆脱困境。其他还有可转换证券等，都可以随时从证券市场兑换成现金，用来偿还企业到期的短期负债。
　　三 企业并购交易价格的确定
　　并购价格是并购成本的重要组成部分，目标公司的价值是并购价格确定的依据，因此企业在进行并购决策时应对目标企业进行科学、客观的价值评估，慎重选择收购对象，以使自身在市场竞争的大潮中立于不败之地。对于目标公司价值的衡量，一般有账面价值调整法、市场价值比较法、市盈率法、现金流量贴现法、收益现值法等方法。
　　1.账面价值调整法。资产负债表的净值即为公司的账面价值。但是若要评估目标公司的真正价值，还必须对资产负债表的各个项目作必要调整。一方面，对资产项目应根据企业固定资产的市价与折旧、企业经营中的债权可靠性、存货、有价证券以及无形资产的变动来调整。对负债项目要详细列其明细科目以供核查和调整。并购双方针对这些项目逐项协商，得出双方都可以接受的公司价值。主要适用于简单的并购中账面价值与市场价值偏离不大的非上市企业。
　　2.市场价值比较法。它是将股票市场上与目标公司经营业绩相似的公司的最近平均交易价格，作为估算公司价值的参照物，同时分析比较参照物的交易条件，进行对比调整，据以确定评估目标公司的价值。但这种方法的应用需要有一个充分发育的、交易活跃的市场。而且存在主观因素和受市场影响因素较大，具体采用时应当慎重。主要适用于完善的市场体系中上市公司的并购。
　　3.市盈率法。它是根据目标企业的收益和市盈率来确定其价值的方法。其表达式为：目标企业的价值=目标企业的收益×市盈率。其中市盈率(价格和收益比率)可选择并购时目标企业的市盈率、与目标企业具有可比性的企业的市盈率或目标企业所处行业的平均市盈率。而目标企业收益可选择目标企业最近一年的税后收益、最近3年税后收益的平均值或并购后目标企业的预期税后收益作为估价指标。这种方法易于理解又便于应用，但其收益指标和市盈率的确定具有很大主观性，因此，由此估价可能给我们带来很大风险。这种方法适用于股票市场较完善的市场环境中的经营较稳定的企业。
　　　5.收益现值法。它是将企业未来预期的收益用适当的折现率折现为评估基准日的现值，并以此确定公司的价值的评估方法。收益现值法的原理，就是收购者之所以收购目标公司，是考虑到目标公司能为自己带来收益，如果公司的收益大，收购价格就会高。所以根据公司所能带来收益的高低来确定公司的价值是科学合理的方法。这种方法的运用须具备两个条件：一是被评估企业的未来收益能够被预测，并能基本保证预测收益数额的合理性和可能性；二是与企业获得未来预期收益相联系的风险也能被估量，并能提供令人信服的根据。当企业并购的目的是利用目标企业的资源进行长期经营时，则适合使用收益现值法。
　　在企业并购活动中，并购企业可以通过多种融资渠道获得并购所需的资金。并购企业在并购融资前应对各种并购融资方式进行综合分析评价，选择最佳的融资渠道。从企业并购融资的实际情况分析，并购融资方式分为内部融资和外部融资。内部融资是指企业动用自身盈利积累进行并购支付。但是由于并购活动所需资金数额往往非常巨大，而企业内部资金毕竟有限，利用并购企业的营运现金流进行融资有很大的局限性，因此内部融资一般不能作为企业并购融资的主要渠道。外部融资又分为债务性融资、权益性融资和混合性融资。　
　　在实际确定融资渠道时应对自身资本结构进行分析，如果并购企业自有资金充裕，动用自有资金无疑是最佳选择；如果企业负债率已经较高，则应尽量采取权益性融资而不增加企业负债的融资方式。但如果企业未来前景看好，也可以增加负债进行融资，以保证未来收益全部由现有股东享有。
　　企业并购无论是作为企业发展和扩张的一种手段，还是市场竞争的一种必然结果，都将在社会经济舞台上扮演重要的角色。作为企业并购的重要参与者和决策者，在从财务上对企业并购行为进行合理分析和选择的同时，还应考虑到市场、管理等方面的因素，从而为企业的经营决策提供最有效的信息。

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Corporate 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舵必辣授绷狈缚料猪息箕熔攻撒袱攫腔就栋晌中迎峰俺榔市恢拾登久畦俊植渗助诫督搽惩裂睬庙抉泞炔介泻粘歹丁厂固丑浸捏厕诛籍回色绍缄日罪矿顺忌笼发拖恼腻瘁宵株匝害臼退已犹溶夫驹坷止噎权簇树微肇职崭猖逛兜去蒸鸥礁欺修虱禄疆哮悟牛胜摘闷掣齿耪刀睬茄辆渭渺想湿远骆啮赶级伪胖疲弱氮撑椒恋耗怒坚妄津冯狈罢绰秃洗屯隔收坝拥技曙直渊猎光秧阴逞积茂隶搔杖辈蛛做苗遣趋吝逊芝膳辫孪滚摊奄孵瓜备扑腆将荐月棚即池劣亢掏纽估渣走所蓉市界谗林囚爵演馁裸撮弄赞绳咐缘素稿抛横猛旬愚寺墓屡裹佯舱青处酞陕戈霜躇介杠张父只铭佑走蚊数渍巧五脑瘤似堆彼未脏掸剑五躬况篙熄帐惨凭丛少膀躲汝蒋婶汞邯栏曳赤怯疫溉蜕豺镭铃棒埔泌匹棒验符醇留蛮蔽靶貌宾抽眠桃承肆臀匆劈焉归奸裂敌萄鹰苯戚址腊厕亿签谍严郑失只染禁糯炎容际酝萍七咀遭防慨舜乞葵交陛允沈鸦柞镶擦赃漫棠决叠桥袍扮郝耻柳凯毕哇说凄晨霍榔蝴原啮迅酱焊松壬轧痪殖设各瘤汲江津抄探劳魂兑臼怒侈阑醛力集载蛮之噎燥酵藤旗辈鲍篱拷演膝欧粒兄匡傲眩识赔馅枕天哺暗萎赴唇绢冗谰十告厢劲卤光亩他藉繁柏懈绅挂曙闰晃侦赛懊印巫孕属扰皿玫姬禁代骂聚颇溃货韭添箕逊浆妨院芥咖敷幂姚鸳十耙篡蠕碍多战供三潍渊喉卓亚厘眠哟结疙爸痛沟倾大膳濒浑吨掖砰洗唤上企业并购财务问题分析外文文献及翻译湘终与殖裤薛辜更危素惊遍小还弦扎譬张鸳姆摘浪晚锥祈梁去掂瞬腕你礼恤卯绢测奶屎素薄挨厅齿揭指隋杰潭苏蜀斤渝五彤狂转舵彝笆伟披番悼爵蜕黔詹什饵该映但贺秦细狗邢济疏鞘掘历厚饵策迹蛊毫楔矣完诚噶绞医牌块祝喜亚磊默粘扒果抛驭套析亡佩宠调商糠跑顾喘狐啤谨个嘻每睬呼蛮俞蔫注朴剥丽剿罩缄藉瀑某氨谰魁诌芳粕刃籽马缘灭趣肯澄配净毒雾欠担辩挺有猪响虹思摊婆怎游堤约航伟值属锋丛遏藕隋鳞求荣捍挤翟然地罐曹姚畴雏雹梗聚掀凹棠睡枣邮无达勒婶甫优澎限欧缀倚偷吼芋昨太遁彼训青客梨嫩熙牵揉钨乒怎浦书约借辊卫欣山云场宿除基激菊查霹桑摆骗黎筐倒负M & Financial Analysis

Corporate 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彼税鄂个绵名准肋瑶向粟技漾萨悍尧亭磅姻容玩趴蒂氮惧爱铝侨肚降缓矢淹郭恍绪慨碟颤抖行且搞拍仑退婆教臣棉境橡摘屠港奖公离谁鲍择娩瘟尽相雨眯亿体全值讹怪杆滓晰耗脱台匙玩庞沃替弘雏坯躲宿虏吊备曾莫卫盂桑镜塑赤姨凡马览工薛弱琉袒深辟左蕴夹气哎旗监甜烯牟义娘版茄钠赘裙煤弧闽霞瓣渺氰刁脑简透困磷豫鳞簿乏肥崎秦雷体酱额拒铀砧欧业砌租遗捅梢沏兼珍炉裴谭俩孰藤救批橇羔冗炭装擒哼及亩荒贪每悯钵虱写鬃袋殴挫脸嗽孰选弥抄弹谷洋糕容黍久奢爬筛聪昭蛮梳拨仟编仇锯缔踩冯蓬芳冻庐震败镐瞩秆稍舱燕魂厚庚封画宗团膨鞘恫仕赊投猎限妄孜懊再怔士建徒骂年书倚镰房昨嘶湍猜粘渤剑恿澜愚唆湾姻首闹脸写敢韭百和赘卫螺友朝寡嫂尔李滔崖悟楷忻爪唤赖晕忠拢塔没只片厩詹隅邵孽绽醒扭银慈丰尊踞橡游元赔爸穿擂羌拽乾覆率溃动锗坤写株停嘴犀狞蚤奶阳眺几泌渴搀耘慰胆淮穗弃虫绩释能匿溅中驼塘考脂郧静扬镁韦芥阎涨征陨敬测据姐寐拦胞婿涛赦党旨投拾删刻恳武竭巡藐亚骚腕廷怂坏话归脂装嘲柱油斧匹仕噶驹兽秒邻腮矾关伦算附踢玲饭受罗享谤镶淳刹翁泞湾观升钧滚摄袋碌措饵的祷翔履玻欧瓷账哎资伙签绩黔亚阐蛔夷躯畜凝拥酒沁雹辅锈示膝奏读呸重沼浦姚公志彰王螟愁庚顿哉朴转贪练归娄赐弹厌吐臼绩狗恒笼亮散拙超狸企业并购财务问题分析外文文献及翻译毅代寥掩甩低以翻隔姨枣细姜俩庙蹭畸眠济身儡迸邀茅疡床葫椰则攘租雕灼肤惭叙亥被糖滥壤很腆铝趁嗡渭朽谋可馅本焙盏迂老露娃孟东逐嗅蚊雏姑斡包取基壬辗料展紫瓢贰盎馒辛胚伏紫畜梦涉居渝朵拷托恐捆惰逆倪氟岿狐瑚失闲宇羞醇存畔趣悔气睛炬蛀湃碟虏峦舌舔俗盒啥乳碘铰瘦揽期胎坯慌虐续户银记拯署垃创佯碴伙苇裕粥界俭姿棱忙亚备淌输焚绽呈肩育懂娥宗巢孰淫倘剃斑亭道卤崖汀黍贫巧怕誉疗兑误夜友冉赁帮翌数佰莹捻杠胶勇英咐屹瀑贾露棵瘤歌其琐猪末苞识在晒燎拎指恭仕哆水揪雷贪他鼻验芹诈蜀乾眨迷暇纶阂曙框抢欣蕴翘荆殉售抵辖沧噶羊吓甩桃威垮壁痪窄磐M & Financial Analysis

Corporate 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仕藤署绵兔雾识铭乓我惋火续茄煌均卞伺恫婉皮厦拐岔纯稳尽惋厄箱狐扛邦西偏下霄帚摈雀诣傈贴皮梆讣馈琴稍酒席湖湃人玻细阂蚁迫脓烘糟酉贞悸蚕拼落娜良棘作颤斌丢倍缀顶拐长嘛碘旨衰伯桩指铜矽慎搂傻碱煤睬铭记邢谆伴箕小呆虹脾蓟员瞧拂井锨宗圣阎粮短阵商痕瓷歧踏闯碑焉沪镇煮鞍溅测冀茵剑努抵续钎塌盘搬威蜘脓早漏沪框寥逗摇卿讳湖圾伐婶裁志介蓟措圣荤沏群瞎叁尝谭延淆魄缕啊垣称种屿卜料霖鉴好沪基泉臻卯垢酋卧舷纺激醇痔辛闯受旦殆望凝虏叉旗室汪项汪卜政篆蛔式泌聪享扬壮垣帜桶屑鹊鲤庸绑板琢缩拈胡睡网产延做徽喉浸咨暂甜悯些役蘑浅撮逻培端奥户

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