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ID:51617751
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页数:30页
时间:2020-03-26
《财务管理基础 第13版 教学课件Chap020_PPT.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、ExternalGrowththroughMergers20ChapterOutlineMergersasameansofincreasingoperatingefficiencyandforfinancialmotivesAcquiringofcompaniesthroughcashortheexchangeofsharesPotentialimpactofmergersonearningspershareandassessmentofstockvalueDiversificationbenefitsUnfriendlybuyout
2、s2LargestAcquisitionsEver3MotivesforBusinessCombinationsMergerAcombinationoftwoormorecompaniesinwhichtheresultingfirmmaintainstheidentityoftheacquiringfirmConsolidationTwoormorecompaniescombinedtoformanewentityMightbeutilizedwhenthefirmsareofequalsizeandmarketpower4Fina
3、ncialMotivesMergerallowsacquiringfirmstoenjoyapotentiallydesirableportfolioeffectAchieveriskreductionwhilemaintainingthefirm’srateofreturnVariabilityinperformancemaybereducedforthebusinessfirmswithoppositephasesofthebusinesscyclePortfoliodiversificationbecomescomplicate
4、dwithrespecttopracticalitiesItimprovesthefinancingpostureasaresultofexpansion5FinancialMotives(cont’d)LargerfirmsmayenjoygreateraccesstothecapitalmarketCanattractlargerandmoreprestigiousinvestmentbankerstohandlefuturefinancingGreaterfinancingmayalsobeinherentinthemerger
5、itself,especiallylikelywhen:TheacquiredfirmhasthestrongcashpositionAlowdebt-equityratiothatcanbeusedtoexpandborrowingbytheacquiringfirm6TaxLossCarryforwardMaybeavailableinamergerifoneofthefirmshaspreviouslysustainedataxlossAssumingFirmAacquiresFirmB,whichhasa$220,000tax
6、losscarryforwardTheassumptionisthatthefirmhasa40%taxrate.ThetaxshieldvalueofacarryforwardtoFirmAisequaltothelossinvolvedtimesthetaxrate($220,000X40%=$88,000)Thecompanycanreduceitstotaltaxesfrom$120,000to$32,000,andthuscouldpay$88,000forthecarryforwardaloneTheincomeavail
7、abletostockholdersalsohasincreasedby$88,000FirmB’santicipatedoperatinggainsandlossesforfutureyearsmustalsobeconsideredinanalyzingthedeal7TaxLossCarryforward(cont’d)8NonfinancialMotivesDesiretoexpandmanagementandmarketingcapabilities,andacquisitionofnewproductsMaybedirec
8、tedtowardverticalorhorizontalintegrationAntitrustpolicygenerallyprecludestheeliminationofcompetitionManagement
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