国际金融市场管理Ch16Multinational_Restructuring教材教学课件.pptVIP

Chapter Review Factors that Affect the Expected Cash Flows of the Foreign Target Target-Specific Factors Country-Specific Factors The Valuation Process International Screening Process Estimating the Target’s Value Chapter Review Why a Target’s Value May Vary Among MNCs Expected Cash Flows of the Target Exchange Rate Effects on Remitted Funds Required Return of the Acquirer Chapter Review Other Types of Multinational Restructuring International Partial Acquisitions International Acquisitions of Privatized Businesses International Alliances International Divestitures Chapter Review Restructuring Decisions as Real Options Call and Put Options on Real Assets Impact of Multinational Restructuring on an MNC’s Value C15 - * Multinational Restructuring 16 Chapter South-Western/Thomson Learning ? 2003 See c15.xls for spreadsheets to accompany this chapter. Chapter Objectives To introduce international acquisitions by MNCs as a form of multinational restructuring; To explain how MNCs conduct valuations of foreign target firms; To explain why the valuations of a target firm may vary among MNCs; and To identify other methods of multinational restructuring. Multinational Restructuring Building a new subsidiary, acquiring a company, selling an existing subsidiary, downsizing operations, or shifting production among subsidiaries, are all forms of multinational restructuring. MNCs continually assess possible forms of multinational restructuring to capitalize on changing economic, political, and industrial conditions across countries. What are the economic, political, and industrial changes for various countries? Online Application Consult the Country Commercial Guides prepared by embassy staff at /website/ccg.nsf/ccghomepage?openform. Refer to the CIA’s World Factbook at /. International Acquisitions Through an international acquisition, a firm can immediately expand its international business since the target is already in place, and benefit from already-established customer