TAILIEUCHUNG - Corporate Finance handbook Chapter 5

Tuy nhiên, để đánh giá giá trị của doanh nghiệp của bạn, bạn cần phải xem xét một số yếu tố - theo dõi hồ sơ, xu hướng trong tương lai lợi nhuận tiềm năng, đối thủ cạnh tranh 'hành động, tài sản thuần và giá trị tài sản. | Part Five Mergers and Acquisitions Buying a Business David Houghton TMG Corporate Finance Introduction UK merger and acquisition activity totalled approximately 329 billion during 2000 consisting of 3 049 deals source Thompson Financial Securities Data . Trends in deal activity generally coincide with the wider economic situation merger and acquisition M A activity levels are often subject to the availability of new external funding in both the private and public equity markets which in turn is dependent upon economic confidence in the United Kingdom and abroad. Recently economic conditions in the world s largest economy the United States deteriorated significantly as both sales and production weakened. In response US interest rates were cut to ease the debt burden and stimulate a recovery in equity prices. Changes in the US economy have been reflected in a more moderate slow down in the United Kingdom and the Eurozone. Predictions for the UK economy indicate that it will achieve a relatively soft landing in line with the latest Treasury consensus forecast for 2001. Hence it is hoped that activity in the UK M A market will be only moderately affected in the short and medium term. 172 Mergers and Acquisitions Motives for buying The rationale for buying businesses usually includes one or more of the following consolidation - purchase of a competitor to strengthen a company s position by increasing their critical mass and hence their buying power market protection - defensive move to prevent another competitor buying the same target diversification - through the purchase of a company in a related industry a purchaser can diversify their product range cross-selling related products to new customers in the same market sectors new markets - widening geographic coverage through the purchase of a business located in new markets synergies - a common theme running through all corporate acquisition strategies is that of synergistic benefits ie cost savings by amalgamating

• Tài chính doanh nghiệp
• corporate finance
• tài chính doanh nghiệp
• cfa
• giáo trình
• phân tích tài chính
• Intermediate corporate finance
• Lecture Intermediate corporate finance
• Corporate valuation
• Value based management
• Fundamentals of corporate finance
• Business organization
• Financial management
• International corporate finance
• Capital market history
• Raising capital
• Financial leverage
• Financial reporting
• Social welfare
• Forward contracts
• The stock markets
• Basic return concepts
• Portfolio theory
• Bond valuation
• Basic stock valuation
• Accounting for financial management
• Analysis of financial statements
• Financial planning
• Forecasting financial statements
• Capital budgeting
• Decision criteria
• Estimating cash flows
• Real options
• Capital structure decisions
• The levered firm
• Cash management
• Financial distress
• Hedging risk
• Warrants and convertibles
• Principles of corporate finance
• Understanding options
• Valuing options
• Financial analysis
• Financial manager
• Financial institutions