新x信-按小時(shí)收費(fèi)的企業(yè)培訓(xùn)-會(huì)計(jì)報(bào)表和財(cái)務(wù)管理-預(yù)覽頁
【正文】 case study ? CSX Corporation in 1988, stock price $28 ? BU:Lootive,containers,trailer,railcars ? EVA approach lost $70M ? Selling off, increasing volume ? Till 1993, stock price $ SINOTRUST 15 Copyright169。 SML(1) ? CAPM Capital Asset Pricing Model ? SML The Security Market Line ? SML Equation Required return On Stock I= Riskfree rate + (Market risk premium)(Stock’s beta) OR Ki=KRF+(KMKRF)bi Note: KM,required rate of return on a portfolio consisting of all stocks SINOTRUST 17 Copyright169。 SML(3) ? The beta of some stocks Stock Beta America Online Bally Entertainment Microsoft Corp General Electric Procter amp。2000 By Sinotrust Management Consulting MBA基礎(chǔ)培訓(xùn) 會(huì)計(jì)報(bào)表和財(cái)務(wù)管理 CAPM Model amp。2000 By Sinotrust Management Consulting MBA基礎(chǔ)培訓(xùn) 會(huì)計(jì)報(bào)表和財(cái)務(wù)管理 Gorden Model （ Constant Growth Model） To evaluate the stock price with the constant growth rate. P0= D0(1+g)/(Ksg) ? P0 the expected price of the stock today ? D0 dividend the stockholder expects to receive today ? Ks required return rate ? g expected growth rate SINOTRUST 23 Copyright169。2000 By Sinotrust Management Consulting MBA基礎(chǔ)培訓(xùn) 會(huì)計(jì)報(bào)表和財(cái)務(wù)管理 – Operating Economies ? Economics of Scales in management,marketing,production,or distribution – Financial Economies ? Lower transaction cost, better coverage – Differential Management Efficiency ? More efficiency of the management ? more productivity of the weaker firm’s asset – Increased market power ? Reduced petition Synergy could arise from SINOTRUST 25 Copyright169。 IBM ? A conglomerate merger – The unrelated enterprises, such as American Online amp。2000 By Sinotrust Management Consulting MBA基礎(chǔ)培訓(xùn) 會(huì)計(jì)報(bào)表和財(cái)務(wù)管理 Merger Case Study ? The acquiring firm: – Smitty’s Home Repair ? The target firm – Hill’s Hardware You should ? Identify which type of merger it is ? Take DCF analysis ? Take the scope of your bid ? Present your decisions in 10 minutes with less than 5 slide
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