会计报表与财务管理培训(英文版).ppt

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 re-position the old management Step 4 Takeover Action 第三十页，共三十二页。 Merger Case Study The acquiring firm: Smitty’s Home Repair The target firm Hill’s Hardware You should Identify which type of merger it is Take DCF analysis Take the scope of your bid Present your decisions in 10 minutes with less than 5 slides 第三十一页，共三十二页。 会计报表和财务管理 第一页，共三十二页。 会计报表 资产负债表，损益表，现金流量表 常用会计指标 Du Pont Chart 流行财务模型介绍 EVA MVA; CAPM SML;Gorden Model 企业兼并 Why(Synergy),Which Types How(Example,Case Study) 会计报表和财务管理 第二页，共三十二页。 会计报表 资产负债表，损益表，现金流量表 常用会计指标 Du Pont Chart 流行财务模型介绍 EVA MVA; CAPM SML;Gorden Model 企业兼并 Why(Synergy),Which Types How(Example,Case Study) 会计报表和财务管理 第三页，共三十二页。 会计报表 资产负债表，损益表，现金流量表 常用会计指标 Du Pont Chart 流行财务模型介绍 EVA MVA; CAPM SML;Gorden Model 企业兼并 Why(Synergy),Which Types How(Example,Case Study) 会计报表和财务管理 第四页，共三十二页。 Cash 7,282 57,600 AR 632,160 351,200 Inventories 1,287,360 715,200 Total CA 1,926,802 1,124,000 Gross FA 1,202,950 491,000 Less: Deprec. 263,160 146,200 Net FA 939,790 344,800 Total Assets 2,866,592 1,468,800 1997 1996 Balance Sheet: Assets 第五页，共三十二页。 1997 1996 Accts payable 524,160 145,600 Notes payable 720,000 200,000 Accruals 489,600 136,000 Total CL 1,733,760 481,600 Long-term debt 1,000,000 323,432 Common stock 460,000 460,000 Retained earnings (327,168) 203,768 Total equity 132,832 663,768 Total LE 2,866,592 1,468,800 Balance Sheet:Liabilities and Equity 第六页，共三十二页。 Sales 5,834,400 3,432,000 COGS 5,728,000 2,864,000 Other expenses 680,000 340,000 Deprec. 116,960 18,900