会计报表与财务管理(英文版)(ppt 29页)

会计报表与财务管理(英文版)内容提要：
CAPM Capital Asset Pricing Model
SML The Security Market Line
SML Equation
Required return On Stock I=
Risk-free rate + (Market risk premium)(Stock’s beta)
OR Ki=KRF+(KM-KRF)bi
Note: KM,required rate of return on
a portfolio consisting of all stocks
……

Synergy could arise from：
Operating Economies
Economics of Scales in management,marketing,production,or distribution
Financial Economies
Lower transaction cost, better coverage
Differential Management Efficiency
More efficiency of the management
more productivity of the weaker firm’s asset
Increased market power
Reduced competition
……

The Acquiring Firm V.S The Target Firm
Valuing the target firm
Setting the bid price
Postmerger control
Structuring the takeover bid

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