新x信-按小時收費的企業(yè)培訓-會計報表和財務管理-wenkub.com
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【正文】 2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 Analysis of a potential merger The Acquiring Firm The Target Firm ? Valuing the target firm ? Setting the bid price ? Postmerger control ? Structuring the takeover bid Note:the goal of merger valuation is to value the target business’s equity because a business is acquired from its owners, not from its creditors SINOTRUST 28 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 ? A horizontal merger – In the same industry, such as two ICP ? A vertical merger – Supplierbuyer, such as Intel amp。 B merge to form Company C, and if C’s value exceeds that of A amp。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 . Tbills SML kM = 15 kRF = 8 1 0 1 2 SML: ki = 8% + (15% 8%) bi . ki (%) Risk, bi CAPM Model amp。 SML(2) Beta(bi): ? A measure of the extent to which the returns on a given stock move with the stock market. ? Beta is the theoretically correct measure of the stock’s riskness. SINOTRUST 18 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。 EVA (3) ? EVA: Economic Value Added ? Value added to shareholders by management during a given year ? To measure the effects of managerial actions ? EVA = Aftertax operating profit Aftertax cost of total capital = EBIT (1Corporate tax rate) Aftertax cost of total capital Total capital includes: Longterm debt,preferred stock, and mon equity SINOTRUST 14 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
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