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1、ExpansionprojectCshFkowProjectionsR.r,PolcyResidualDividendPoicyh点：Ct念统析.不同的税收方式对公司及!蛛的g.*点：mtff.不何a69内用（区WMS及结.TaxEffectstTradingStrategiesSJustafterx-dMdndSelljustbeforeex-dividendIIt考点：itBB.WStockpurehase&AssetpurchaseStockpurchaseASSetpurchase*考点：i金W晰.w5方式的区别.DkCOUCtECxhFlowArwIysH(DCF)BidEvalua
2、tionA点：计IUB.DefenseMechanKmsPoet-offerdefensemechanismsPre-offertakeoverSfmchanMms*看点：我念加饼.前后两M败同你护描鱼名词和解明h对应区别.Case1ThefollowinginformationrelatestoQuestions16ThecapitalbudgetingcommitteeforLarocheIndustriesismeeting.LarocheisaNorthAmericanconglomeratethathasseveraldivisions.Oneofthesedivisions,Lar
3、ocheLivery,operatesalargefleetofvans.Laroche5Smanagementisevaluatingwhetheritisoptimaltooperatenewvansfortwo,three,orfouryearsbeforereplacingthem.Themanagershaveestimatedtheinvestmentoutlay,annualafter-taxoperatingexpenses,andafter-taxsalvagecashflowsforeachoftheservicelives.Becauserevenuesandsomeop
4、eratingcostsareunaffectedbythechoiceofservicelife,theywereignoredintheanalysis.LarocheLivery,sopportunitycostoffundsis10percent.ThefollowingtablegivesthecashflowsinthousandsofCanadiandollars(C$).SeniceLifeInvestmentYear1Year2Year3Year4Sahage2years-40s000-12s000-15,0002020003years-40i000-12,000-15,00
5、0-20,00017j0004years-40s000-12s000-15,000-20,000-25,00012j000SchoemanProducts,anotherdivisionofLaroche,hasevaluatedseveralinvestmentprojectsandnowmustchoosethesubsetofthemthatfitswithinitsC$40millioncapitalbudget.TheoutlaysandNPVsforthesixprojectsaregivenbelow.Schoemancannotbuyfractionalprojects,and
6、mustbuyallornoneofaproject.ThecurrencyamountsareinmillionsofCanadiandollars.ProjectOutlayPVofFutureCashFlowsNPV131441321521631216.54.5410133581136682Schoemanwantstodeterminewhichsubsetofthesixprojectsisoptimal.AfinalproposalcomesfromthedivisionSocietyServices,whichhasaninvestmentopportunitywithareal
7、optiontoinvestfurtherifconditionswarrant.Thecrucialdetailsareasfollows:Theoriginalproject:AnoutlayofC$190millionattimezero.CashowsofC$40millionperyearforYears1-10ifdemandis“high.”CashflowsofC$20millionperyearforYears1-10ifdemandislow.”Additionalcashflowswiththeoptionalexpansionproject:AnoutlayofC$19
8、0millionattimeone.CashflowsofC$40millionperyearforYears2-10ifdemandis“high.CashflowsofC$20millionperyearforYears2-10ifdemandislow.WhetherdemandishighorlowinYears1-10willberevealedduringthefirstyear.Theprobabilityofhighdemandis0.50,andtheprobabilityoflowdemandis0.50.Theoptiontomaketheexpansioninvestm
9、entdependsonmakingtheinitialinvestment.Iftheinitialinvestmentisnotmade,theoptiontoexpanddoesnotexist.Therequiredrateofreturnis10percent.SocietyServiceswantstoevaluateitsinvestmentalternatives.TheinternalauditorforLarocheIndustrieshasmadeseveralsuggestionsforimprovingcapitalbudgetingprocessesatthecom
10、pany.Theinternalauditorssuggestionsareasfollows:Suggestion1,lnordertoputallcapitalbudgetingproposalsonanequalfooting,theprojectsshouldallusetherisk-freeratefortherequiredrateofreturn.Suggestion2Becauseyoucannotexercisebothofthem,youshouldnotpermitagivenprojecttohavebothanabandonmentoptionandanexpans
11、ion/growthoption/*Suggestion3Whenrationingcapital,itisbettertochoosetheportfolioofinvestmentsthatmaximizesthecompanyNPVthantheportfoliothatmaximizesthecompanyIRR.mSuggestion4Projectbetasshouldbeusedforestablishingtherequiredrateofreturnwhenevertheprojectsbetaisdifferentfromthecompanysbeta?*.noHUSB义S
12、Hg.rtovjvUBA10CLlUSCXJCLluosIoJOJiiOUIAJOsIBlLdoopSBqMInswerBiscorrect.Thewaytosolvetheproblemistocalculatetheequivalentannualannuityandchoosethesenicelifewiththelowestannualcost.Foratwo-yearSerViCelife,teNPVis20,0001.10246,77.H6八-12,000-15,000NPV=-40,000I-+1.10*1.10aTheEAA(PV=-46,776.86,N=2.andS10%
13、)is-26,952.38.Forathree-yearsenicelife,theNPVisNPV=-40,000+-30,00017,0001.1(PI.IQ3-65,559.73TheEAA(PV-65,559.73,N=3.and/-10%)is-26,362.54.Forafour-yearSerViCelife,theNPVisNPV=-40,000+W+=十学+=1.10lLlO31.10aLiO4+=-87,211.26TheEAA(PV三-87,21L26t三4.andf=10%)is-27,512.61.Thethree-yearservicelifehasthelowes
14、tannualcostLarocheshouldreplacetbevanseverythreeyears.2.TheoptimalsubsetofthesixprojectsthatSchoemanisconsideringconsistsofProjects:A.1and5.B.2,3,and4.C.2,4,5,and6.AnswerAiscorrect.Tohelptheselectionprocess,usetheprofitabilit,indexforeachproject,whichshowsthetotalpresentvalueperdollarinvested.Projec
15、tOutlayPVOfFutureCashFlowsNPVPlPIRank13144131.41912152161.400231216.54.5I375(tie)34101331.3006581131375(tie)366821.3335T,toincorporatethehighPIprojectsintothebudgetusingtrialanderror.Thesetrialsincludethefoliowins:SetofProjectsTotalOutlayTotalNPV1and539Y23,and43713.52,3,and5351352,4,5,and63914Amongt
16、hesetsofprojectssuggested,theoptimalsetistheonewiththehighestNPVjprovideditstotaloutlaydoesnotexceedC$40mlon.ThesetconsistingofProjects1and5producesthehighestNPV.3.WhatistheNPV(C$millions)oftheoriginalprojectforSocietyServiceswithoutconsideringtheexpansionoption?A.-6.1LB.-5.66.C.233.AnswerBiscorrect
17、.Ifdemandis“high,”theNPVisio40NPV=-190+V=C$55.783miUionIfdemandislow,theNPVisI。9()NPV=-190+V=-C$67.109million占LliTheexpectedNPVis0.50(55.783)+0.50(-67.109)U-C$5.663million.4.WhatistheNPV(C$millions)oftheoptimalsetofinvestmentdecisionsforSocietyServicesincludingtheexpansionoption?A.6.34B.12.68.C31.03
18、.AnswerBiscorrectAssumeweareattime=1.TheNPvoftheexpansion(attime1)ifdemandislhighis40NPV=190V=Ct40.36lmillion*ii*TheNPVoftheexpansion(attune1)ifdemandis*low,isNPV=-190+V-=-C74.820millionTheoptimaldecisionistoexpandifdemand恒highandnotexpandifulow.BecausethenansionoptionisexercisedonlyWhenitsvalueispo
19、sitive,whichhappens50percentofthetime,theexpectedvalueoftheexpansionproject,attimezero,isNPV=击0.50(40.361)=CS18.346millionThetotalNPVoftheinitialprojectandtheexpansionprojectisNPV三-CS5.663million+C$18.346million三C$12.683millionTheoptionalexpansionPrq)CCLhandledoptimally,addssufficientvaluetomakethis
20、apositiveNPVproject.zUopSooonsIOJONPUBoHoJSBADZUoPS&MrLSJOJSoAPUBIUoPSW)IOJONgzPUBISUoPSw5nsIOJONvIOAPDOdsoCSUOpS8nsPUoDOSPUB:IySkoqPnBIBsOSIOJqlJdOUUB99tiIIUIOUMUPOMPrLqIBEdBUjqIPInoqSg9L00IUUoPUBqB9S豆X8FioA-Mo-S-PUBIUPPUE-UO-IdollIMO6一|一S豆XsnoAc-PUeuJP-5PPeIloqsA一!二PS-XSnoUBl-FIUJ一SaqIoUUPoSuo-Ido
21、IloqnolllU山*sS0-二e豆*SeIeIoUCXS一一loJIelIlunlJosalePIUnoS-PaqP三OLlSSMO-spsdx2so2d-U-.PBqBSUo-IS66ns0m.000-CLNonp二PlnSl。2dEss0oooOlAUedLUS一SnB三ESHH-UB-LI一MSI2dB-SooUoPOO6SUo-IS66nsIIlom.10OoS-MSUVCase2ThefollowinginformationrelatestoQuestions?9McConachieCompanyisconsideringthepurchaseofanew400-tonstamp
22、ingpress.Thepresscosts$360,000,andanadditional$40,000isneededtoinstallit.Thepresswillbedepreciatedstraight-linetozerooverafive-yearlife.Thepresswillgeneratenoadditionalrevenues,butitwillreducecashoperatingexpensesby$140,000annually.Thepresswillbesoldfor$120,000afterfiveyears.Aninventoryinvestmentof$
23、60,000isrequiredduringthelifeoftheinvestment.McConachieisinthe40percenttaxbracket.7.WhatistheMcConachienetinvestmentoutlay?A.$400,000.B.$420,000.C.$460,000.00009SM0+0100009+(0000+OooeO9s)H(OqI。RS)I+CqsIG+AUIOHMjsnnOS守PnoW2uns2sH.csoSI。8MSUV8.McConachie7Sincrementalannualafter-taxoperatingcashflowisc
24、losestto:A.$116,000.B.$124,000.C.$140,000.B三HOOO三0三sISxlvV+EU邑rgUfc&Xq二胃i.s.c=Q三SMsOoK9qz三=0皂WJdaa.8MSUV9.Whatistheterminalyearafter-taxnon-operatingcashflowattheendofyearfive?A.$108,000.B.$132,000.C.$180,000.OOo7二SH(OlOOO07DOyOlo09+OOoFIMGgSqs)IlAUlyYkN+SRSHbOZHSimoUEJMunBjZdOIUOU3ssCsooSInMSUVCase
25、3ThefollowinginformationrelatestoQuestionslO15HennessyInc.,locatedinUnitedStates,isahigh-qualityproductsmanufactureranddistributorwithlonghistoryspecializinginaccessoriesandbags.TheindustrywhereWilliamsisoperatingentersintomaturitystagewithstableearnings.Williams,sboardofdirectorsiswonderinghowtoboo
26、stthestockprice.MaxVerstappen,theCEOofHennessy,answerstotheboardthatbyacquiringanothercompanyusing100%stockpaying,thecompanycanincreasetheearningpershareifthepricemultipledoesnotdeclineafterthemerger.VerstappenaskesDanielRicardo,thechieffinanceofficertoscreenforpotentialtargetswhichareproperforthepu
27、rposeofincreasingEPS.KateInc.andMichaelInc.aretwosmallercompetitorswithshorterhistorieswithinthesameindustry,whicharerecommendedbyRicardotoVerstappen.Tofurtherexaminethepotentialeffectofacquisition,RicardoputtheinformationrelatedtoKateandMichael,togetherwithHennessy,s,asisindicatedinExhibit1.Exhibit
28、1:InformationRelatedtoHennessy,KateandMichaelHenneSSyKateMiChaelPre-mergerearningspershare(in$)Sharesoutstanding(inmillions)Pre-mergerpricepershare(in$)JohnstonHorneristhechairmanoftheboard.Hornersaysinadditiontothepriceappreciationintheshortrunitisalsoimportanttogainrealbenefitfrombusinesscombinati
29、oninthelongrun.Hemakesthefollowingstatementsdescribingmergersthatcanbenefitthecompany:Statement1:Byacquiringacompetitor,wecangainmarketpowertorisethesellingpriceofourproducts.Statement2:Reducingcostbycontrollingthekeydistributionchannelisalsoabenefitofmerger.Verstappensuggeststhat,NewWorld,afurprodu
30、ctsmakerwhoseproductsdirectlycompeteswithHennessy,soneproductlineforyearsmightbeagoodchoiceforthemerger.HethinksthatbyacquiringNewWorld,evenifthecompany,spricemultipledecreases,Hennessy*sshareholderscanalsobenefitfromtheeconomicsofscaleNainedfrommoreeffectiveoperatingandhighersellingpriceinthelongru
31、n.Forthefurproductsindustry,thecurrentHerfindahl-HirschmanIndex(HHI)is1000.IfHennessytakeoverNewWorld,theHHIwillincreasesto1080.Verstappenconcludesthat,theindustryismoderatelyconcentratedandthecompanyispossibletobechallengedbyanti-trustlawregardingthetakeoverofNewWorldVerstappenputstogethertheinform
32、ationofNewWorldandtheestimationregardingthemergerinExhibit2andpresentsthemtotheboard.Exhibit2:InformationRelatedtoMergerofNewWorldOnameetingoftheboardofdirectors,AdrianNewey,oneoftheboardmembers,makestheconclusionthatthemergermightbenefitthemanagementwithoutcreatevaluefortheshareholders.Neweyisalsoc
33、oncernedwiththatthereishugeriskthatthesynergywillnotberealizedafterthemerger,whichwillbeassumedbythecompanysshareholders.WithregardtotheriskconcernedbyNeweyandthevaluecreatedfortheHennessysshareholders,Hornermakesthefollowingtwosuggestions:Suggestion1:Ifwearenotsoconfidentwiththemerger,wecanincrease
34、thecashpayingto$40andreducethestockpayingcorrespondingly.Suggestion2:Weshouldkeepthemergerplansecretetoavoidattractingattentionoftheothercompanies,soastoreducethenumberofbidders.IQEIP-SIoJEyewUUOI3B殳SMuo号yV-OlInbDBOJAIO士=JSOUI=IAVASSoUUOHCSdwMUlSBohUUIJoIBomOAOIqUBo二IEqIqXWfiortsojLpOlgulpOUDV.01Ais
35、correct.高P，E的公司通过股份支付方式收购低PE的公司，可以增加每股收益（EPS）。根据题目给出的数据，P/EOfHennessy=613.2=19.06P/EOfKate=66.28.5=7.79P/EOfMichael=663.1=21.29由此可知，只有Kate公司的RE小于HenneSsy公司的P/E,因此以股份支付的方式收购Kate公司可以实现每股收益的增加。而股份支付收购MlChael公司不能达到该目的，故只有A正确。寸m1.BuIIEuHl6IEupU6IBJUoZIJoHNE06ss1.BuIWuozxohDXI日IESXIBaQx.IOUlIB-:UOAVIlUOUI
36、OMS。0HopAqPOqHUSOPs8Odr?SIMUIAVO=OJJoq-qM二1Ciscorrect.Statementl所描述的是横向并购，横向并购是指并购与自身业务相近的对象，例如，竞争对手。Statement2所描述的是纵向并购中的前向整合，即整合产业链的下游，即分销商。综上，只有C选项符合题意。QPUEoJuoUIOmBUBUIcLZISAUBduIoU一POJPJEIOUSJUopBSUDdUIOUEUBulBUEUIBLPUBLP8EJAqPOZOddnSOIXIoIBOISIUolSnpUoUSeAoMcNPQUCiscorrectNewey的结论是，并购有可能会使管理层获益，而不是使股东获益。管理层的收入如果与公司规模挂钩，会增加管理层实公司施并购的动机，并购可以增加公司规模,给管理层带来收入的增加,但不一定给股东带来利益，因此A不符合题意。如果管理层持有公司的股票期权，管理层会倾向于进行高风险的投资，如果投资成功了，管理层获益，投资失败了，管理层不会蒙受损失，但股东会蒙受损失,因此B不符合题意。C选项所描述的内容与该董事提及的问题无关，因此C符合题意。注意，此题既涉及公司治理的内容，又涉及并购的内容。15.Whichofthesuggestionmad
