合并中的财务英文版.pptVIP

Mergers Take-overs Process Due diligence Mgt Buy-outs Listing Rules Internal Growth Payback Page 209 How Long to repayment of Initial Investment Pluses: Easy/Liquidity Mgt/ Caution/Risk Mgt Minuses:No Cash post PB/No TVOM/Timing Page 211 Internal Growth Comparative Cost Page 211 Project with lowest cost wins Ignores Time Value of Money Project Cash Flows Internal Growth Discounted Cash Flows (DCF) Page 212 Internal Rate of Return Discounts all CF at Rate for Zero NPV Pluses:Cashflow/TVOM Minuses:Not unique/Magnitude of CF/Fails to select between Mutually Exclusive Internal Growth Di