金融管理基础英文版第16版人大版MGH版简答题附答案BHD6eSMChapter20.pdf

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Chapter20-ExternalGrowththroughMergers

Chapter20

ExternalGrowththroughMergers

DiscussionQuestions

20-1.Namethreeindustriesinwhichmergershavebeenprominent.

Computers,telecommunications,publicutilities,pharmaceuticals,andenergy.

20-2.Whatisthedifferencebetweenamergerandaconsolidation?

Inamerger,twoormorecompaniesarecombined,butonlytheidentityofthe

acquiringfirmismaintained.Inaconsolidation,anentirelynewentityis

formedfromthecombinedcompanies.

20-3.Whymighttheportfolioeffectofamergerprovideahighervaluationforthe

participatingfirms?

Iftwofirmsbenefitfromoppositephasesofthebusinesscycle,theirvariability

inperformancemaybereduced.Risk-averseinvestorsmaythendiscountthe

futureperformanceofthemergedfirmsatalowerrateandthusassignahigher

valuationthanwasassignedtotheseparatefirms.

20-4.Whatisthedifferencebetweenhorizontalintegrationandverticalintegration?

Howdoesantitrustpolicyaffectthenatureofmergers?

Horizontalintegrationistheacquisitionofcompetitors,andverticalintegration

istheacquisitionofcompaniesthatproducegoodsandservicesusedbythe

company.

Antitrustpolicygenerallyprecludestheeliminationofcompetition.Forthis

reason,mergersareoftenwithcompaniesinalliedbutnotdirectlyrelated

fields.

Chapter20-ExternalGrowththroughMergers

20-5.Whatissynergy?Whatmightcausethisresult?Isthereatendencyfor

managementtoover-orunderestimatethepotentialsynergi

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