15

South-Western/Thomson Learning 2003



;
;

..

C15 - 2


, ,
,

,
.


,
.

C15 - 3


?
http://www.usatrade
.gov/website/ccg.nsf/ccghomepage?o
penform
.
http://www.odci.gov/.

C15 - 4


,

,

.
,
,

.

C15 - 5


()
$ 350
300
250


200

150

100
50

0
1988 1990 1992 1994 1996 1998 2000

C15 - 6


()
$1400
1200
1000
800

600

400

200

0
1988 1990 1992 1994 1996 1998 2000

C15 - 7


,


.



.

C15 - 8


NPV =
n
+ t
t =1 (1 + k )t

+
(1 + k )n
k =
n =
NPV > 0,

C15 - 9


, ,
,
.


,
.
.

C15 - 10


,

, "", .

C15 - 11


(Antitrust
Division)
http://www.usdoj.gov/atr/


http://www.ftc.gov/

C15 - 12


,
.
,
, ,
, .
,

.

C15 - 13


,




-.

C15 - 14


:
http://surveys.ft.com/intmergers2001/
http://www.mergerstat.com/

C15 - 15





.
.

.

C15 - 16





.


.

.

C15 - 17





.
.
. .

.

C15 - 18





.

..

C15 - 19


.


.


.

C15 - 20



.



.


.

C15 - 21




.



.

C15 - 22




.

.

.

C15 - 23





,

.


(
).

C15 - 24


.


-
, ,
, , ,

C15 - 25




,

,
.
,


.

C15 - 26






().

,
.

C15 - 27



,


,
call .

,
a put .

C15 - 28


NPV


NPV
.
E(NPV) = pi NPVi
i
pi = i
NPVi = NPV i

C15 - 29


m
n

E CFj , t E ER j , t

j 1
=
t =1 1 k t


E (CFj,t ) =
j
t
E (ERj,t ) =
j
t C15 - 30


C15 - 31


- ,
,
,
,

C15 - 32


Required Return of the Acquirer

C15 - 33


C15 - 34


Call Put

C15 - 35