谈企业并购与其资本结构的有关问题（On the problems of M A and its capital structure）.docVIP

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谈企业并购与其资本结构的有关问题（On the problems of M A and its capital structure）.doc

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谈企业并购与其资本结构的有关问题（On the problems of M A and its capital structure） On the problems of M A and its capital structure Talking about the problems of M A and its capital structure 2008-12-20 15:11:42 The financing of enterprises in mergers and acquisitions will make their capital structure change greatly, and will also have a tremendous impact on the enterprises capital costs, after tax earnings per share (EPS), corporate value, and even the development of the company. Based on this, this paper will discuss how to make the capital investment decision before M A and achieve the best capital structure after M A. I. capital structure, capital structure and growth of enterprises Through the combination of capital, the enterprise can promote its growth from the outside, and the choice of capital combination between the two sides will make the capital structure difference after the merger. We study the relationship between different combinations of capital and capital structure. We can see that shareholders in different positions in the company have different attitudes towards the companys capital structure: 1, in the acquisition of a controlling stake in the majority shareholder, the companys business will focus on the use of its controlling value. They expect: (1) to maximize the EPS; to maximize the value of the company; to confiscate the use of financial leverage. At this point, the companys capital structure will focus on adapting to high-risk, high retained earnings, high return, high debt management. 2., forming a joint venture between the two shareholders, focusing on the return on investment and the acquisition of market interests. Their expectation is: (1) the small capital cost of the county; the maximization of EPS; and the maximization of the value of the company. At this point, the companys capital structure focuses on stable, debt ratio general operation. 3, the acquisition of only a minority stake in the acquisition of shareholders, the most concern is th