Chapter_18收购、兼并和重组课后题目分析

合集下载

Chapter_1收购、兼并和重组课后题目解析

Motivations for M&A
• Strategic realignment – Technological change – Deregulation • Synergy – Economies of scale/scope – Cross-selling • Diversification (Related/Unrelated) • Financial considerations – Acquirer believes target is undervalued – Booming stock market – Falling interest rates • Market power • Ego/Hubris • Tax considerations
M&As as a Form of Corporate Restructuring
• Restructuring Activity – Corporate Restructuring • Balance Sheet • Assets Only – Financial Restructuring • Potential Strategy – Redeploy Assets • Mergers, Break-Ups, & Spin-Offs • Acquisitions, divestitures, etc. – Increase leverage to lower cost of capital or as a takeover defense; share repurchases – Divestitures, widespread employee reduction, or reorganization
Current Chapter Learning Objectives

unit 18 mergers and acquisitions兼并与收购

Unit 18 Mergers and Acquisitions兼并与收购BackgroundA Typical Leveraged Buyout—一个典型的杠杆收购案例背景介绍兼并与收购(M&A)无疑是资本市场上最惊心动魄、最易引发人的成就感的活动之一，每一次较大的兼并与收购活动都会引起市场各方的震动。

特别是近十年来更是兼并与收购业务大行其道的时期。

随着市场竞争的加剧，兼并与收购或被兼并与收购对公司来说都是可能的，有时它的成功并不完全取决于对等双方或各方的真正实力，技术因素往往起着关键的作用。

在当今市场上，投资银行已经成为兼并与收购活动的主要参与者之一。

兼并与收购业务是投资银行收入的主要来源之一，也是投资银行提高自身竞争能力的主要途径，而投资银行参与兼并与收购活动的方式也日益多样化。

本章主要内容包括两部分：第一部分是对兼并与收购业务的具体介绍与论述，包括：兼并与收购的基本业务类型，如：横向收购、纵向收购、混合收购、管理层收购(MBO)和杠杆收购(LBO)等；反收购措施(如“白衣骑士”、“毒丸”防御等)在敌意收购中的应用；并购融资来源以及各种可能情况下的利弊：投资银行在兼并与收购业务中的作用、费用结构和收入来源。

l 第二部分是一个典型的杠杆收购案例。

正如文中所言“研究一个典型的杠杆收购的全过程是有指导意义的。

我们所使用的例子是建立在假设基础上的，它并不说明任何特定的杠杆收购，而是旨在抓住典型的公司合并过程的本质。

把握本质要求把问题做一些简化——_{旦不失其现实意义”。

通过这个假设的但十分详细、具体的杠杆收购过程，读者能以最简单、最典型的方式把握兼并与收购业务中最本质的东西。

The 1980s was one of the most intense periods for M&A activity in Americans history .The prime reasons for this were two fold: The Reagan administration encouraged the trend by not pursuing many potential infringement of the Sherman Anti-Trust Act and also helped it immeasurably by passing indirectly to investors who became involved. The results helped change the face and history, of American finance and engendered some of the most emotional discussion surrounding the investment banking industry since the 1930s.The 1980s was one of the most intense periods for M&A activity in Americans history. 在美国历史上，20世纪80年代是兼并和收购的一个高峰时期。

收购、兼并和企业重组

收购、兼并和企业重组收购、兼并和企业重组是企业在市场竞争中进行战略调整和扩大规模的重要手段。

本文将从收购、兼并和企业重组的定义、目的、影响等方面进行详细探讨。

一、收购、兼并和企业重组的定义收购是指通过购买目标公司的股权或资产，使得购买公司成为目标公司的大股东或全资子公司的行为。

兼并是指两个或两个以上的公司合并成为一个新的公司。

企业重组是指企业通过对其组织结构、资产配置、业务范围等方面进行调整和重新布局的行为。

二、收购、兼并和企业重组的目的1. 扩大市场份额：通过收购、兼并和企业重组，企业可以快速进入新的市场或拓展现有市场，在竞争激烈的市场中获取更大的市场份额。

2. 实现资源整合：通过收购、兼并和企业重组可以整合各自的资源，提高资源利用效率，降低成本，实现协同效应。

例如，合并后的企业可以共享研发、生产、销售等资源，提高整体运营效率。

3. 获取核心技术和知识产权：通过收购、兼并和企业重组，企业可以快速获取其他公司的核心技术和知识产权，提升自身的竞争力。

4. 开拓新的业务领域：通过收购、兼并和企业重组，企业可以快速实现对新的业务领域的进入和扩张，降低市场进入壁垒。

5. 兼并竞争对手：通过收购、兼并和企业重组，企业可以消除一部分竞争对手，减少市场竞争压力，实现市场份额的增加。

三、收购、兼并和企业重组的影响1. 经济效益：收购、兼并和企业重组可以实现资源整合和协同效应，提高企业的经济效益。

同时，通过拓展市场份额和增加市场竞争力，企业的销售收入和利润也会相应增加。

2. 品牌价值：通过收购、兼并和企业重组，企业可以获取其他企业的品牌价值，提升自身品牌形象和市场竞争力。

3. 人力资源管理：在收购、兼并和企业重组过程中，涉及到不同企业的员工合并和调整。

企业需要合理配置员工，避免重复和浪费，并对员工进行合理利用和激励，以保障持续发展。

4. 技术创新：通过收购、兼并和企业重组，企业可以获取其他企业的技术和研发能力，提高自身的技术水平和创新能力。

《收购兼并与重组》课件

重组分类
• 资产重组 • 股权重组 • 业务重组
并购与重组的优势和风险
优势
资源整合、市场扩张、经济规模效益、协同效应。
风险
文化冲突、管理融合、法律风险、财务风险。
并购与重组的案例分析
ABC公司收购XYZ公司
ABC公司成功收购XYZ公司，扩大了市场份额并实现了资源整合。
合资公司成立
两家公司合资成立新公司，共同利用各自优势资源。
合并失败案例
一次合并失败的案例，分析失败原因以及如何避免类似情况。
并购与重组的实施步骤
1
尽职调查
2
对目标企业进行全面的尽职调查。
3
合并整合
4
进行企业合并整合，包括人员、资产、流程等。
策略制定
制定并购与重组的战略目标和计划。
谈判协议
达成谈判协议，确定交易细节和条件。
并购与重组的成功因素和注意事项
《收购兼并与重组》PPT 课件
欢迎大家来到本次《收购兼并与重组》的PPT课件。在本次课件中，我们将深入探讨并购与重组的定义、背景、意义、目的、类型、优势、风险、案例分析、实施步骤、成功因素和注意事项。让我们一起开始这段精彩的旅业为了增强自身竞争力、实现战略目标，通过收购其他企业或者对内部进行组织重组，从而达到资源整合、优化配置和创造更大价值的一种业务行为。
并购与重组的意义和目的
1 市场份额扩大
通过并购与重组，企业可以快速扩大市场份额，增强市场竞争力。
2 资源整合与优化
并购与重组可以实现资源整合和优化配置，提高企业运营效率。
3 创造更大价值
通过并购与重组，企业可以实现协同效应，创造更大的经济价值。
并购与重组的类型和分类

Chapter_7收购、兼并和重组课后题目课件解析

1To
2(D/E)/(1+D/E)
estimate WACC, use firm’s target debt-to-total capital ratio (TC). = [(D/E)/(E+D)/E] = [(D/E)(E/(E+D)] = D/(E+D) = D/TC; E/TC = 1 – D/TC.
Ch. 7: Discounted Cash Flow Valuation
Ch. 11: Payment and Legal Considerations
Ch. 15: Business Alliances
Ch. 2: Regulatory Considerations
Ch. 5: Search through Closing Activities
Where E = the market value of equity D = the market value of debt PR = the market value of preferred stock ke = cost of equity kpr= cost of preferred stock i = the interest rate on debt t = the firm’s marginal tax rate
$100 $50 $25
$150
$25 $0 $(25) Breakeven Continue Operation
$0
$50
$0
$(50)
Shutdown Operations
Key Points: 1. Once revenue exceeds fixed costs, increases in revenue result in more than proportional increases in profits 2. A firm should operate at a loss as long as revenue ≥ variable costs. Why? Because the firm can cover a portion of its fixed costs.

Chapter_3收购、兼并和重组课后题目解析

Jimmy Johnson
—
Exhibit 1: Course Layout: Mergers, Acquisitions, and Other Restructuring Activities
Part I: M&A Environment
Part II: M&A Process
Part III: M&A Valuation and Modeling
Ch. 6: M&A Postclosing Integration
Ch. 9: Financial Modeling Techniques
Ch. 13: Financing the Deal
Ch. 17: Bankruptcy and Liquidation
Ch. 10: Private Company Valuation
Factors Affecting Corporate Governance: Market Model Perspective
External to Firm Legislation: 1933-34 Securities Acts Dodd-Frank Act of 2010 Sherman Anti-Trust Act External to Firm Regulators: SEC Justice Department FTC Internal to Firm Board of Directors Management Internal Controls Incentive Systems Corporate Culture & Values Takeover Defenses Bond Covenants External to Firm Institutional Activism: Pension Funds (Calpers) Mutual Funds Hedge Funds External to Firm Market for Corporate Control: Proxy Contests Hostile Takeovers

Chapter_1收购、兼并和重组课后题目课件解析

Part III: M&A Valuation and Modeling
Part IV: Deal Structuring and Financing
Part V: Alternative Business and Restructuring Strategies
Ch. 1: Motivations for M&A
Success is a Personal Choice
We can choose to be successful by • Setting goals, • Having high expectations of ourselves, • Never quitting,
• By not making excuses, and
Ch. 17: Bankruptcy and Liquidation
Ch. 10: Private Company Valuation
Ch. 14: Valuing Highly Leveraged Transactions
Ch. 18: Cross-Border Transactions
Course Learning Objectives
Profit = price x quantity – variable costs – fixed costs = $4 x 1,000,000 - $2.75 x 1,000,000 - $1,000,000 = $250,000
Profit margin (%)1 = $250,000 / $4,000,000 = 6.25% Fixed costs per unit = $1,000,000/1,000,000 = $1
Ch. 3: Takeover Tactics, Defenses, and Corporate Governance

Chapter_2收购、兼并和重组课后题目

Federal Antitrust Laws
• Sherman Act (1890) • Establishes criminal penalties for restraint of trade – Makes mergers creating monopolies illegal – Applies to firms already dominant in served markets • Created FTC
Ch. 1: Motivations for M&A
Ch. 4: Business and Acquisition Plans
Ch. 7: Discounted Cash Flow Valuation
Ch. 11: Payment and Legal Considerations
Ch. 15: Business Alliances
• Antitrust Laws
Other Applicable Legislation
• Industry specific laws • Banking, communications, railroads, defense, insurance, and public utilities • Define disclosure requirements • Define disclosure requirements • Cross-border transactions subject to laws of countries in which participants have operations
Ch. 18: Cross-Border Transactions
Current Chapter Learning Objectives

Chapter_4收购、兼并和重组课后题目解析

Ch. 14: Valuing Highly Leveraged Transactions
Ch. 18: Cross-Border Transactions
Current Learning Objectives
• Primary learning objectives: To provide students with an understanding of – a highly practical “planning based” approach to managing the acquisition process and – the issues associated with each phase of the M&A process • Secondary learning objectives: To provide students with an understanding of how to – select the correct strategy from a range of reasonable alternatives and – develop an acquisition plan
How will these changes impact my business?
Phase 1: Business Plan
• Industry/market definition • External analysis (customers, current competitors, potential entrants, substitute products, and suppliers) • Internal analysis (strengths and weaknesses as compared to the competition) – Key questions: • Do our strengths enable us to pursue opportunities identified in the external analysis? (Google’s acquisition of Motorola Mobility?) • Do our weaknesses make us vulnerable to the threats identified in the external analysis? (Microsoft’s Bing search engine?) – Example: Automotive industry • If our targeted customer values fuel efficiency, do our strengths enable us to produce high quality fuel efficient cars better than our competition? To what extent do our strengths help us satisfy our customers’ needs better than the competition? To what extent do our weaknesses make us vulnerable to losing customers?

企业并购与资产重组课后案例分析

企业并购与资产重组课后案例分析在中国企业当前的发展阶段，并购和资产重组已经成为当前市场体系中的重要因素。

这一趋势反映了传统企业模式的转变，中国企业已经开始将自己的发展与国际市场联系起来，在此过程中并购与资产重组是极为重要的步骤。

本文将分析某国企业进行并购及资产重组的案例，由此总结出企业在并购与资产重组过程中应遵循的原则，使企业能够以更大的力量去应对国内外市场的挑战和把握机遇。

某国公司是一家成立于20世纪70年代初期的中国企业，以船舶制造业为主导，其他业务包括建筑物维护、投资和贸易。

由于公司规模较小、经营模式落后，近年来企业业绩不佳，资产负债率过高。

在市场竞争日趋激烈的背景下，该公司决定采用并购和资产重组的方式进行转型。

首先，该公司加大了外资融资力度。

2017年，公司完成了一系列融资活动，从投资者那里募集了3000万元的融资，主要用于新产品开发和债务偿还。

此外，该公司还通过向国外投资者出售股份融资，把公司经营风险分散在跨国投资者手中，从而更好地管理公司财务风险。

其次，该公司进行了一系列的并购活动，以弥补公司缺失的现代化产品，拓展自身的生产能力和市场占有率，并以整体企业的形式购进更多的商业机会。

2017年，公司先后收购了多家国外企业，拓展了自身的业务领域。

第三，该公司进行了一系列资产重组。

2017年，公司实施了多种形式的资产重组：一是对原有股权结构进行重组，将一部分股份转让给国外投资者，使公司未来发展获得支持；二是拆分公司股权，充分发挥外部投资者的活力，为公司转型发展添砖加瓦；三是重新定位公司业务，包括甩卖资产、变更经营模式、改善管理结构以及对资源进行整合等等。

通过案例分析可以总结出企业在并购与资产重组中应当注意的几点。

首先，企业应当加大融资力度，合理降低财务风险，并有效规避财务风险。

其次，在收购其他企业的同时，还要加强品牌建设，将整个企业的经营模式转型为现代化的市场经营模式，使公司更好地进入国际市场。

Chapter_12收购、兼并和重组课后题目解析

Ch. 18: Cross-Border Transactions
Learning Objectives
• Primary Learning Objective: To provide students with knowledge of how accounting treatment and tax considerations impact the deal structuring process. • Secondary Learning Objectives: To provide students with knowledge of – Purchase (acquisition method) accounting used for financial reporting purposes; – Goodwill and how it is created; and – Alternative taxable and non-taxable transactions.
Ch. 1: Motivations for M&A
Ch. 4: Business and Acquisition Plans
Ch. 7: Discounted Cash Flow Valuation
Ch. 11: Payment and Legal Co: Business Alliances
Part I: M&A Environment
Part II: M&A Process
Part III: M&A Valuation and Modeling
Part IV: Deal Structuring and Financing
Part V: Alternative Business and Restructuring Strategies

Chapter_12收购、兼并和重组课后题目课件解析

Part I: M&A Environment
Part II: M&A Process
Part III: M&A Valuation and Modeling
Part IV: Deal Structuring and Financing
Part V: Alternative Business and Restructuring Strategies
Ch. 18: Cross-Border Transactions
Learning Objectives
• Primary Learning Objective: To provide students with knowledge of how accounting treatment and tax considerations impact the deal structuring process. • Secondary Learning Objectives: To provide students with knowledge of – Purchase (acquisition method) accounting used for financial reporting purposes; – Goodwill and how it is created; and – Alternative taxable and non-taxable transactions.
Accounting Treatment Background
• Statement of Financial Accounting Standard 141 (SFAS 141) required effective 12/15/01 purchase accounting to be employed for all business combinations by allocating the purchase price to acquired net assets. Limitations included difficulty in comparing transactions (e.g., those with minority shareholders to those with none) and mixing of historical and current values (e.g., staged purchases). Pooling of interest method was grandfathered. Effective 12/15/08, SFAS 141R required that acquirers must – Recognize, separately from goodwill,1 identifiable assets, and assumed liabilities at their acquisition date2 fair values;3 – Recognize goodwill attributable to non-controlling shareholders;4 – Revalue acquired net assets in each stage of staged transactions to their current fair value; – Compute fair value of contingent payments5 as part of total consideration, revalue as new data becomes available, and reflect on income statement; – Capitalize “in-process” R&D on acquisition date with indefinite life until project’s outcome is known (amortize if successful/write-off if not); and – Expense investment banking, accounting, and legal fees at closing; capitalize financing related expenses

Chapter_10收购、兼并和重组课后题目分析

98% of all firms with employees
Percent Distribution of U.S. Firms Filing Income Taxes in 2008
Proprietorships 9%
Partnerships
72%
19%
Corporations
Family-Owned Firms
Ch. 17: Bankruptcy and Liquidation
Ch. 10: Private Company Valuation
Ch. 14: Valuing Highly Leveraged
Transactions
Ch. 18: Cross-Border Transactions
Learning Objectives
Key Characteristics of Privately Held U.S. Firms
• There are more than 28 million firms in the U.S. • Of these, 7.4 million have employees, with the
rest largely self-employed, unincorporated businesses • M&A market in U.S concentrated among smaller, family-owned firms -- Firms with 99 or fewer employees account for
Analyzing Privately Held Companies
Maier’s Law: If the facts do not conform to the theory,

企业并购与资产重组课后案例分析

企业并购与资产重组课后案例分析企业并购是指企业采用收购的方式，以股权的形式进行资产和业务收购，用以拓展企业经营范围及发展机会。

资产重组是指企业运用不同融资技术、企业融资结构和市场联合、财务重新组合等技术，进行资产结构、财务结构、经营构架、管理结构、人事架构等调整，来改善企业的财务状况和经营效率的过程。

以下将以三起具体案例来阐述企业并购与资产重组的具体运作机制，以及它们在实际应用中带来的优势。

案例一：改善企业组织结构2012年，国内最大的珠宝品牌中国珠宝集团收购了某珠宝公司，以扩大自身经营范围。

收购之后，中国珠宝集团在收购公司的组织架构上进行了有效的重组。

原本以非标准化的营销组织结构，中国珠宝集团将其改为合理的销售组织结构，并在此基础上重新组建了一个集团募资部门，专注于募集投资，以便增加中国珠宝集团的盈利能力。

案例二：企业的财务重组2015年，著名的医药制药企业安泰集团达成了一项债务购买协议，它收购了某制药公司的部分负债，并使用自身股权资产进行重组，以降低安泰集团业务运营的经营成本，最终实现了财务优化。

通过调整资产需求、负债结构以及股权转让，安泰集团受益于收购公司现有负债低成本的情况，消除了自身债务，给企业节省了资金成本，使安泰集团的现金流量更加稳定。

案例三：提高效率2016年，某银行实施了一项名为“活期存款转换为贷款”的计划，以解决客户取现困难的问题，进一步促进经济发展。

经过重组，该银行将原本的存款流程简化，让存款客户直接把存款变为贷款，而不需要再次经由转账等步骤，节省了客户的时间和金钱成本，有效地提高了效率。

以上三起案例展示了企业并购与资产重组的具体运作机制，以及它们在实际应用中的优势。

企业并购与资产重组不仅有助于企业增加规模，提升效率，拓展业务，改善经营结构，而且还可以帮助企业节省成本，提高投资回报率。

此外，企业并购和资产重组还可以促进经济发展，改善市场竞争环境，促进企业的转型升级。

因此，企业并购和资产重组是企业战略发展的重要方式，具有重大的经济效益和战略意义，因此，企业并购与资产重组是一项必须慎重考虑和做好准备的重大战略决策。

《收购、兼并和企业重组》

48
第4章企业价值的差别判断方法
从购并双方的互补性看企业价值差别不同的被收购对象之间的企业价值差别不同的被收购对象之间的地区价值差别
49
一、从购并双方的互补性看企业价值差别考察双方的互补性如何？
是否能够形成较好的协同效应？细致考察在：规模、效益、组织效率、技术及产品、等等方面，双方的互补性如何？
《收购、兼并和企业重组》授课纲要
南京大学商学院经济学系姜宁
1
教学目的：
从公司活动的角度，帮助学生了解企业收购、兼并活动的一般内容，理解企业重组方案设计的一般方法；帮助学生掌握公司在特定背景下收购、兼并方案的设计方法要点，掌握具体企业重组的方案设计和实施要领。
2
教学对象：
具有：一定企业经历或间接阅历的 MBA学员
收购对象的债务总量、特别是近期需偿还的债务量，是制定收购方案中重要的财务问题之一。或有债务
企业担保、潜在的付款事项、潜在赔款的经济纠纷、 … 其它纠纷
股东与管理层的纠纷、管理层与员工的纠纷、技术纠纷、销售纠纷、…
44
二、从企业所处行业考察
行业发展的前瞻性考察行业生命周期的四阶段：
1、幼稚阶段； 2、成长阶段； 3、成熟阶段； 4、衰退阶段。
16
（二）其它发达国家的企业购并
其它欧洲大陆国家德、法、荷、意等国： 1、私有化浪潮与兼并收购交织； 2、跨国兼并较多。
17
（三）中国的企业购并
对中国大陆企业购并的考察，只能是最近十年的情况。
考虑的香港与祖国大陆在体制改革、经济发展方面的联系，特别是香港金融市场及金融活动对祖国大陆的影响，有必要先考察香港近二十年的企业购并状况。
（一）美国企业购并

Chapter_17收购、兼并和重组课后题目解析

Alternative Exit and Restructuring Strategies: Reorganization and Liquidation
What is important is not adding more years to life but more life to your years.
Ch. 7: Discounted Cash Flow Valuation
Ch. 11: Payment and Legal Considerations
Ch. 15: Business Alliances
Ch. 2: Regulatory Considerations
Ch. 5: Search through Closing Activities
— Doug Fields
Exhibit 1: Course Layout: Mergers, Acquisitions, and Other Restructuring Activities
Part I: M&A Environment
Part II: M&A Process
Part III: M&A Valuation and Modeling
Reorganization and Liquidation in Bankruptcy
• In absence of out-of-court voluntary settlement, debtor firm may – Seek protection from creditors by petitioning the bankruptcy court or – Be forced into bankruptcy by its creditors • Bankruptcy allows creditor firm to stop all principal and interest payments and prevents secured creditors from taking possession of their collateral • U.S. Bankruptcy Code: – Chapter 11 deals with reorganization and provides for the debtor to remain in possession, unless court rules otherwise – Chapter 7 deals with liquidation and defines priority in which creditors will be paid – Chapter 15 addresses insolvency issues involving assets, lenders, and other parties in various countries