注会综合阶段经验及知识点归纳 - 图文(25)

acquired and why we need to execute business valuation. How to use business valuation to analysis

In the process of acquisition there are three steps: First, understand the background of the acquiree. When understand the background of an entity the important area is strategy analysis which is the basic of business valuation. Strategy analysis on company A includes

macro-environment analysis, industry environment analysis, operating environment analysis, resources analysis, capacity analysis and competition advantage analysis. Second, pricing which content information select, profit and loss budget and translates the budget to pricing. In this step information selection has variety forms and resources. Generally the useful information is financial reports of company A and its external information which are changes of customer, technology and management. After information select we should budget the profit and loss in the future that the amount and period we can take. Then the budget will be translate to the pricing of acquire company A.

Third, we need to make decision on the results of pricing. We should compare the market price and the pricing that we made, decide whether we should acquire company A. Also non-financial factors should be considered in the decision. We can make decision on whether we should acquire company A through above steps.

Why we need to execute business valuation Business valuation is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. Valuation is used by financial market

participants to determine the price they are willing to pay or receive to perfect a sale of a business. We execute business valuation to analysis whether company A is valuable to our company and the future income it can brought to us. Also it used in strategy analyses that can response on the non-planning situations.

The explanation is finished, if there are any questions you can ask me at anytime. Best regard 模拟题4：

14、According the information in the data four, analyze and demonstrate the resources of funds in the investment centre A. 正确答案：

Debt to equity ratio is above 1, so the percentage of debt is larger than that of equity in the capital structure, i,e. the debt is the main source of funds.

（Non-current liabilities / equity） / （Liabilities/ Equity）＝Non-current liabilities / Liabilities，

In this case, Non-current liabilities / Liabilities＜0.5，i.e. the percentage of current is larger than that of non-current liabilities in the liabilities, so the current liabilities is the

primary source of funds.

模拟卷6：

问题1： According to the information in the data two, briefly state the significance of repurchasing shares for the HongChen Company.

正确答案：

The final purpose of repurchasing shares is to increase the value of the company.

（1） Repurchasing shares pass the signal that the share price is underestimated.

（2）When the disposable cash flow exceeds the cash flow needed, the company can repurchase the shares by free cash flow which helps to increase the EPS.

（3）It can avoid the negative influence from the dividend fluctuation. When the residual cash flow of the company is temporary or unstable, and the company cannot make sure to maintain high level of dividend, the company can repurchase shares for the dividend payout on the basis of maintaining a relatively stable dividend payout ratio. （4）It can make use of the financial gearing. If the company thinks that the percentage of equity in the capital structure is high, it can enhance the debt ratio by repurchasing shares and change the capital structure of the company which helps to lower the weighted average cost of capital. （5）Repurchasing the shares can decreases the outstanding capital stock, and improve the share price, to some extent lower the risk of being merged.

（6）Regulate the ownership structure. The treasury stock can exchange the shares with the acquired or merged company, satisfy the needs for the warrant holders to purchase the shares or for convertible bond holders to convert the ordinary shares, and avoid the share dilution due to the new issue of shares when the management and employees exercise the share option.

问题2：Suppose you are an employee of the risk management department of Baochen Company. Your company plans to expand overseas business, but it has to meet the exchange rate risk. You are required to write an email to your superior to advise on how to deal with the exchange rate risk. 正确答案： Dear, sir:

Our company plans to expand overseas business, so it is inevitable to come across the exchange rate risk, especially the transaction exposure, and probably influence the performance of our company. I am writing to you to give my advice on how to deal with the exchange rate risk for your reference.

A number of foreign exchange hedging strategies can be employed in order to protect against exchange rate risk. Transaction exposure is often managed either with the use of the money markets, foreign exchange derivatives such as forward contracts, futures contracts, options, and swaps, or with operational techniques such as currency invoicing, leading and lagging of receipts and payments, and exposure netting. …… 此处隐藏：3210字，全部文档内容请下载后查看。喜欢就下载吧 ……