Q群：100六2六4八3
新浪微博: @AZ1J
个人微信号: checonomics
公众微信号: checonomicsdotcom
英文原文请参考 www.checonomics.com
荔枝FM46060 www.lizhi.fm
RSS订阅: http://www.lizhi.fm/rss/46060.xml


感谢收听,期待你对本期节目的评论留言哦～

Q群：100六2六4八3
新浪微博: @AZ1J
个人微信号: checonomics
公众微信号: checonomicsdotcom
英文原文请参考 www.checonomics.com
荔枝FM46060 www.lizhi.fm
RSS订阅: http://www.lizhi.fm/rss/46060.xml


感谢收听,期待你对本期节目的评论留言哦～

Q群：100六2六4八3
新浪微博: @AZ1J
个人微信号: checonomics
公众微信号: checonomicsdotcom
英文原文请参考 www.checonomics.com
荔枝FM46060 www.lizhi.fm
RSS订阅: http://www.lizhi.fm/rss/46060.xml


感谢收听,期待你对本期节目的评论留言哦～

感谢收听,期待你对本期节目的评论留言哦～

节目录制于20161012上午，说成1011啦，还在过昨天，口误口误。

感谢收听,期待你对本期节目的评论留言哦～

Q群：100六2六4八3
新浪微博: @AZ1J
个人微信号: checonomics
公众微信号: checonomicsdotcom
英文原文请参考 www.checonomics.com
荔枝FM46060 www.lizhi.fm
RSS订阅: http://www.lizhi.fm/rss/46060.xml


感谢收听,期待你对本期节目的评论留言哦～

感谢收听,期待你对本期节目的评论留言哦～

Q群：100六2六4八3
新浪微博: @AZ1J
个人微信号: checonomics
公众微信号: checonomicsdotcom
英文原文请参考 www.checonomics.com
荔枝FM46060 www.lizhi.fm
RSS订阅: http://www.lizhi.fm/rss/46060.xml


感谢收听,期待你对本期节目的评论留言哦～

感谢收听,期待你对本期节目的评论留言哦～

Firms in the process of restructuring: Firms in the process of restructuring often sell some of their assets, acquire other assets, and change their capital structure and dividend policy. Some of them also change their ownership structure (going from publicly traded to private status) and management compensation schemes. Each of these changes makes estimating future cashflows more difficult and affects the riskiness of the firm. Using historical data for such firms can give a misleading picture of the firm&`&s value. However, these firms can be valued, even in the light of the major changes in investment and financing policy, if future cashflows reflect the expected effects of these changes and the discount rate is adjusted to reflect the new business and financial risk in the firm.

Firms involved in acquisitions: There are at least two specific issues relating to acquisitions that need to be taken into account when using discounted cashflow valuation models to value target firms. The first is the thorny one of whether there is synergy (协同效应) in the merger and if its value can be estimated. It can be done, though it does require assumptions about the form the synergy will take and its effect on cashflows. The second, especially in hostile takeovers, is the effect of changing management on cashflows and risk. Again, the effect of the change can and should be incorporated into the estimates of future cashflows and discount rates and hence into value.


Q群：100六2六4八3
新浪微博: @AZ1J
个人微信号: checonomics
公众微信号: checonomicsdotcom
英文原文请参考 www.checonomics.com
荔枝FM46060 www.lizhi.fm
RSS订阅: http://www.lizhi.fm/rss/46060.xml


感谢收听,期待你对本期节目的评论留言哦～