新x信-按小時收費(fèi)的企業(yè)培訓(xùn)-會計報表和財務(wù)管理(專業(yè)版)
【正文】 2000 By Sinotrust Management Consulting MBA基礎(chǔ)培訓(xùn) 會計報表和財務(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。 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。2000 By Sinotrust Management Consulting MBA基礎(chǔ)培訓(xùn) 會計報表和財務(wù)管理 (523,936) OPERATING ACTIVITIES Net ine (519,936) Add (sources of cash): Depreciation 116,960 Increase in Accts. Payable 378,560 Increase in accruals 353,600 Subtract (uses of cash): Increase in (280,960) Increase in inventories (572,160) Net cash provided by ops. Statement of Cash Flow(1997) SINOTRUST 7 Copyright169。 CAPM amp。2000 By Sinotrust Management Consulting MBA基礎(chǔ)培訓(xùn) 會計報表和財務(wù)管理 MVA amp。 SML(5) SML1 Original situation Required Rate of Return k (%) SML2 0 18 15 11 8 New SML SINOTRUST 21 Copyright169。2000 By Sinotrust Management Consulting MBA基礎(chǔ)培訓(xùn) 會計報表和財務(wù)管理 Merger example The acquring firm: Hightech The target firm: Apex Corporation ? Step 1: Valuing the target firm – Discounted Cash Flow Approach (DCF) ? Gorden Model and CAPM ? Step 2: Setting the bid price – The difference between Apex’s MVA and the evaluated price – Offer cash or securities – The negotiating skills of the both sides – The bargaining positions as determined by fundamental economic situation….. ? Step 3 Postmerger control – How to reposition the old management ? Step 4 Takeover Action SINOTRUST
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