A Comparative Study Of Financial Statements In The Case Of Mergers And Acquisitions Of Enterprise Group Using The Income Approach

With the development of modern market economy,structure complexities of modern enterprise development have emerged:Simple structures are transformed into composite structures,and the enterprise growth pattern tends to be grouplization.In this new pattern,with the frequent occurrence of company listings,company restructuring,company mergers and acquisitions and other economic activities,the needs for the value assessment of enterprise group are growing every day.This assessment is to access the overall value of enterprise group.In order to accurately assess the value of enterprise group,appraisers need to select a proper method and set proper parameter values.As an approach of enterprise value assessment,the income approach is widely applied to practice.At present,in the practice of the income approach,the use of the two statements is confusing;the academic community also lacks systematic research on the applicability of the two statements.Under this background,this thesis studies the problem of the selections of financial statements in the case of mergers and acquisitions of enterprise group using the income approach.This thesis takes the value assessment of the Group W as an example,introduces the assessment of the income approach under the parent's statements,and points out the irrationality of the assessment.For these problems,this thesis uses the consolidated statements to improve it,and obtain more reliable and accurate assessment conclusions.Finally,through the case,we have obtained the application situations of the consolidated statements,the precautions for the parameter selections under the consolidated statements,and the premise of using the consolidated statements.After study,this thesis believes that if the subsidiary companies rely on the parent's company in the use of resources such as technology,brand,market and customers,then these resources are the hidden resources of the subsidiary companies;under this circumstance,it is more reasonable to consider the parent's company and subsidiary companies as a whole to assess the value of enterprise group:Compared with the parent's statements,the assessment result of the consolidated statements is more reliable and accurate.The assessment criteria of consolidated statements are not just reports under the consolidated statements;during the assessment process of the consolidated statements,appraisers need to have an in-depth understanding of the business of a group company,and select appropriate classification criteria to predict parameters,so that the assessment results can be closer to the essence of business operating.