Chapter_7收购、兼并和重组课后题目.ppt

Primer on Cash Flow Valuation;The greater danger for most of us is not that our aim is too high and we might miss it, but that it is too low and we reach it. —Michelangelo;; Learning Objectives ;Required Returns: Cost of Equity (ke);Estimates of Size Premium;Required Returns: Cost of Capital;Analyzing Risk;How Operating Leverage Affects Pretax Profits;How Operating Leverage Affects Financial Returns1;How Financial Leverage Affects Financial Returns1;Leveraged versus Unleveraged Betas;Estimating a Firm’s Beta;Estimating Abbot Labs’ Levered Beta;Valuation Cash Flow;Cash-Based Versus GAAP Accounting:An Example;Calculating Free Cash Flow to Equity Investors or Equity Cash Flow (FCFE);Calculating Free Cash Flow to the Firm or Enterprise Cash Flow (FCFF);Comparing Free Cash Flow to the Firm and to Equity;Discussion Questions;Commonly Used Discounted Cash Flow Valuation Methods;Zero Growth Model;Zero Growth Model Example;Constant Growth Model;Constant Growth Model Example;Variable (Supernormal) Growth Model;Variable Growth Model Cont’d.;Variable Growth Model Example;Variable Growth Model Example Solution;Solving Variable Growth Model Example Using A Growing Annuity;Determining Growth Rates;Choosing the Correct Tax Rate(Marginal or Effective);Practice Exercise;Adjusting Firm Value;Adjusting Firm Value Example;Adjusting Firm Value Example Cont’d.;Things to Remember…