[財(cái)會(huì)考試]財(cái)務(wù)管理第十六章(1)-資料下載頁
2025-01-19 17:46本頁面
【正文】 Determination of Firm Value 3) Chopshop or Breakup value: determines if multiindustry firms would be worth more if separated into their parts. Firms are valued by their business segments. Determination of Firm Value 4) Free Cash Flow or “Going Concern” value steps: ? Estimate the target firm’s free cash flows. ? Estimate the target firm’s aftertax riskadjusted discount rate. ? Calculate the present value of the target firm’s free cash flows. ? Estimate the initial outflow of the acquisition. ? Calculate the NPV of the acquisition. Divestitures Divestiture Eliminating a division or subsidiary that does not fit strategically with the rest of the pany. Divestitures ? Selloff: selling a firm’s subsidiary or division to another pany. ? Spinoff: separating a subsidiary from its parent pany, with no change in equity ownership. The parent firm no longer has control over the subsidiary. Divestitures ? Liquidation: Selling assets to another pany and distributing the proceeds from the sale to shareholders. ? Going Private: A group of private investors buys all of a firm’s publiclytraded stock. The firm is now private, and its shares are no longer traded in the secondary market.
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