新x信-按小時收費的企業(yè)培訓-會計報表和財務管理(存儲版)
【正文】 trict Electric Source: Value Line, August 16,1996 SINOTRUST 19 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 Why do mergers occur? ? Synergy “ 2 Plus 2 Equals 5 Effect” If panies A amp。 TimeWarner Type of Mergers SINOTRUST 27 Copyright169。 Dell ? A congeneric merger – The related enterprises, such as Microsoft amp。 SML(6) kM = 18% kM = 15% SML1 Original situation Required Rate of Return (%) SML2 After increase in risk aversion Risk, bi 18 15 8 SINOTRUST 22 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 CAPM Model amp。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 MVA amp。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 Du Pont Equations ? ROA=Profit margin*Total assets turnover ? ROE=ROA*Equity multiplier ? ROE=(Profit margin)(Total asset turnover)(Equity multiplier) =Net ine/sales*sales/Total Assets*Total assets/Common equity SINOTRUST 10 Copyright169。Gorden Model 企業(yè)兼并 – Why(Synergy),Which Types – How(Example,Case Study) 會計報表和財務管理 SINOTRUST 3 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 會計報表和財務管理 SINOTRUST 2 Copyright169。E 2,866,592 1,468,800 Balance Sheet:Liabilities and Equity SINOTRUST 5 Copyright169。 EVA (1) ? MVA: Market Value Added ? The difference between the market value of equity and the amount of equity capital that investors supplied ? MVA=Market value of equityEquity capital supplied by investors =(Shares outstanding)(Stock Price) Total mon equity SINOTRUST 12 Copyright169。 EVA (5) ? Security analysts: The stock prices track EVA far more closely than other factors such as EPS,ROE and Operating Margin SINOTRUST 16 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 . Tbills SML kM = 15 kRF = 8 1 0 1 2 SML: ki = 8% + (15% 8%) bi . ki (%)
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