课程信息
4.4
11 个评分
3 个审阅
专项课程

第 4 门课程(共 5 门)

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中级

中级

完成时间(小时)

完成时间大约为29 小时

建议:6 hours/week...
可选语言

英语(English)

字幕:英语(English)
专项课程

第 4 门课程(共 5 门)

100% 在线

100% 在线

立即开始,按照自己的计划学习。
可灵活调整截止日期

可灵活调整截止日期

根据您的日程表重置截止日期。
中级

中级

完成时间(小时)

完成时间大约为29 小时

建议:6 hours/week...
可选语言

英语(English)

字幕:英语(English)

教学大纲 - 您将从这门课程中学到什么

1
完成时间(小时)
完成时间为 5 小时

Why M&As? Stakeholders, Framework and Process. Legal and Regulatory Environment. Accounting and Tax Issues an Overview

In Week 1 we paint the big picture of the M&A field. We identify the value creation as the key motive behind these deals. In order to analyze the value creation process, we introduce the stakeholders’ approach and study stakeholders’ motives in some detail. Then we discuss the idea of synergy as the core objective of a successful M&A transaction and its pitfalls. We introduce the framework and process of M&As and discuss the overall environment of these transactions – legal and regulatory issues (especially, antitrust motives), accounting treatment of M&As, and some important tax considerations. We will see how the transaction environment and treatment influence the potential of successful implementation of a transaction and the corresponding value creation. ...
Reading
9 个视频 (总计 93 分钟), 8 个阅读材料, 2 个测验
Video9 个视频
1.1. Introduction: Why study M&As?5分钟
1.2. The stakeholders’ paradigm14分钟
1.3. Buzzwords and challenges. Synergy11分钟
1.4. Studying M&As – framework and process11分钟
1.5. Legal and regulatory environment (1) – antitrust motives9分钟
1.6. Legal and regulatory environment (2) – other issues11分钟
1.7. M&As – some accounting issues11分钟
1.8. M&As – some tax considerations13分钟
Reading8 个阅读材料
Konstantin Kontor10分钟
AIBEc. The American Institute of Business and Economics10分钟
Grading10分钟
Handouts – an important comment10分钟
1.1. The takeover process10分钟
1.2. The stakeholders’ paradigm10分钟
1.3. Legal and regulatory environment10分钟
1.4. Some accounting and tax Issues – an overview10分钟
Quiz2 个练习
1 (Practice)30分钟
1 - Takeover process, stakeholders, and environment
2
完成时间(小时)
完成时间为 4 小时

Strategy and M&As. Theories of M&As

In Week 2 of the Course we discuss corporate strategy and its role in value creation. We revisit some well-known schools of strategic thinking and frameworks of strategy formulation and implementation. Our objective is to understand strategic motives behind M&A transactions. Equipped with the overall understanding of strategy, we proceed with the discussion of major theories of M&As – the motives behind the planned transactions that have the value creation potential. In all theories we try to reveal the actual interests of the key stakeholders. Finally, we study the actual deal mechanics and ways to overcome incumbent shareholder resistance (the free-rider problem). ...
Reading
8 个视频 (总计 93 分钟), 3 个阅读材料, 2 个测验
Video8 个视频
2.2. Strategic vocabulary – some approaches and frameworks7分钟
2.3. Challenges to strategic planning8分钟
2.4. Some well-known classic schools of strategy12分钟
2.5. Theories of M&As (1)15分钟
2.6. Theories of M&As (2)11分钟
2.7. Free-rider problem – solutions (1)12分钟
2.8. Free-rider problem – solutions (2)12分钟
Reading3 个阅读材料
2.1. Strategy and M&As10分钟
2.2. Theories of M&As10分钟
2.3. Small shareholders and tender offers10分钟
Quiz2 个练习
2 (Practice)30分钟
2 - M&A strategy and value creation potential in the uncertain world
3
完成时间(小时)
完成时间为 4 小时

Valuation of M&As

Week 3 is devoted to the central topic of the Course – M&A valuation. We start with the analysis of the importance of valuation in the potential value creation. Then we discuss and compare alternative approaches to valuation, paying special attention to free cash flow (FCF) valuation. We analyze major value drivers – profitability, growth, cost of capital etc. and derive general valuation formulas for special cases of no growth, constant and supernormal growth. Then we apply the formulas to analyze value gains/losses in M&A transactions on examples. ...
Reading
9 个视频 (总计 94 分钟), 3 个阅读材料, 2 个测验
Video9 个视频
3.2. Alternative approaches to valuation16分钟
3.3. Free cash flow (FCF) valuation10分钟
3.4. The general formula8分钟
3.5. Some methodology, or how to extract value drivers11分钟
3.6. Cost of capital10分钟
3.7. Value creation in M&As8分钟
3.8. Calculating gains (losses)6分钟
3.9. Valuation in the “new economy” – some comments8分钟
Reading3 个阅读材料
3.1. M&A valuation (1) – value drivers, approaches, and formulas10分钟
3.2. M&A valuation (2) – cost of capital10分钟
3.3. M&A valuation (3) – value creation example10分钟
Quiz2 个练习
3 (Practice)30分钟
3 - Getting used to value drivers and formulas
4
完成时间(小时)
完成时间为 3 小时

M&A Financing. LBOs and MBOs

In Week 4 we study M&A financing. Motives, theories, and deal mechanics are fine – but where’s the money? If a transaction is friendly, a stock payment is likely to help. But what if there’s a conflict? Then a lot of cash is needed, and a lot of debt must be issued. One way is issuing junk bonds. We discuss both facts and myths about junk bonds. Then we consider LBO and MBO transactions. First, we analyze how a company may be taken private through heavy borrowing and further gradual debt repayment. We illustrate the mechanics of an LBO/MBO transaction on a detailed example. Finally, comments on a famous LBO case – RJR Nabisco – are provided. ...
Reading
7 个视频 (总计 87 分钟), 2 个阅读材料, 2 个测验
Video7 个视频
4.2. Junk bonds (1) – facts12分钟
4.3. Junk bonds (2) – legends11分钟
4.4. Joint venture as a form of a merger7分钟
4.5. LBOs and MBOs (1) – a way of financing11分钟
4.6. LBOs and MBOs (2) – an example22分钟
4.7. An example of an LBO – the RJR Nabisco case (1988)10分钟
Reading2 个阅读材料
4.1. Junk bonds and M&A financing10分钟
4.2. LBOs and MBOs10分钟
Quiz2 个练习
4 (Practice)30分钟
4 - Junk bonds and LBOs – how investors profit from them
4.4
3 个审阅Chevron Right

热门审阅

创建者 HCOct 30th 2018

Very interesting course....there are, very well explained, both the base and advanced concepts of valuing companies....I'll strongly recommend this course....

讲师

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Konstantin Kontor

Director and Professor of Finance and Strategy
American Institute of Business and Economics (AIBEc)

关于 Moscow Institute of Physics and Technology

Московский физико-технический институт (неофициально известный как МФТИ или Физтех) является одним из самых престижных в мире учебных и научно-исследовательских институтов. Он готовит высококвалифицированных специалистов в области теоретической и прикладной физики, прикладной математики, информатики, биотехнологии и смежных дисциплин. Физтех был основан в 1951 году Нобелевской премии лауреатами Петром Капицей, Николаем Семеновым, Львом Ландау и Сергеем Христиановичем. Основой образования в МФТИ является уникальная «система Физтеха»: кропотливое воспитание и отбор самых талантливых абитуриентов, фундаментальное образование высшего класса и раннее вовлечение студентов в реальную научно-исследовательскую работу. Среди выпускников МФТИ есть Нобелевские лауреаты, основатели всемирно известных компаний, известные космонавты, изобретатели, инженеры....

关于 American Institute of Business and Economics

The American Institute of Business and Economics (AIBEc) offers a wide variety of business courses in finance, accounting, marketing, strategy, HR, business law, economics, general management, business psychology, as well as course projects and the Field study. AIBEc provides for flexibility and customization of programs and schedules....

关于 Understanding Modern Finance 专项课程

This Specialization is designed for a wide audience of those interested in finance either professionally or just of curiosity, including managers of different levels specializing in finance, accounting, business planning, strategy, consulting, and project management, IT specialists engaged in the area of finance, fin-tech, big data, and valuation, etc. Through four courses and the final Project, you will cover the theory and practice of capital markets and financial institutions, corporate finance and project valuation, financial and managerial accounting as applied to finance, as well as the M&A market as the ultimate judge of financial efficiency and value creation. The Specialization will prepare you to understand and use the applications of financial ideas, concepts, models, strategies, and tools to build a successful career in finance and in business, as well as to take advantage of opportunities offered by financial markets....
Understanding Modern Finance

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