Mergers, Acquisitions, and Other Restructuring Activities, Fifth Edition

Mergers, Acquisitions, and Other Restructuring Activities, Fifth Edition pdf epub mobi txt 电子书 下载 2026

出版者:Academic Press
作者:Donald DePamphilis
出品人:
页数:800
译者:
出版时间:2009-09-09
价格:USD 99.95
装帧:Hardcover
isbn号码:9780123748782
丛书系列:
图书标签:
  • M&A
  • restructuring
  • Finance
  • Mergers and Acquisitions
  • Restructuring
  • Corporate Finance
  • Investment Banking
  • Financial Modeling
  • Valuation
  • Deal Structuring
  • Corporate Law
  • Business Strategy
  • Financial Analysis
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具体描述

In the 5th edition of this well-known text, Dr. DePamphilis explains the real world of mergers, acquisitions, and restructuring based on his academic knowledge and personal experiences with over 30 such deals himself. The CDROM and password-protected website for students is unique in enabling students to download and customize content. Important enhancements unique to the fifth edition: all 99 cases involve real-life deals made or announced within the last 5 years, extensive discussions of all current valuation techniques and their strengths and weaknesses, cross-border transactions analyzed and explained in detail, tax and legal issues covered comprehensively. Student Resource CDROM contains with hundreds of practice problems in interactive tests providing immediate feedback and solutions, chapter outlines, and selected case study solutions. Complete on-line instructor's manual completely updated as well including test bank with hundreds of questions not provided to students, in multiple choice, true false and essay format and all with answers, case study questions and solutions, ppt slides for each lecture, and many other instructor resources. Instructors can load the test bank into their institutions LMS for randomized and scoring tests.

INSTRUCTORS MANUAL

Extensive instructor support material is available on our Elsevier textbooks.com password protected website:

Section 1: Chapter PowerPoint lecture slides. (Note that the Student Resources CDROM accompanying the text contains an identical set of slides.)

Section 2: Test Bank/Solution Set (More than 1500)

? Chapter Learning Objectives/Outcomes (i.e., what the instructor hopes students will master upon completion of each chapter)

? Answers to End of Chapter Discussion Questions

? Solutions to End of Chapter Business Cases

? Solutions to End of Chapter Practice Problems for Chapters 7 and 8

? Examination Questions and Answers:

--True/False

--Multiple Choice

--Short Essay Questions (The author also recommends using end of chapter Discussion Questions

for this purpose)

Section 3: Example Syllabi for teaching the course at various levels:

Undergraduate

advanced undergraduate

MBA and Masters in Finance

Section 4: Examples of Excellent Student Papers

a. Sony Acquires MGM in a Cash for Stock Deal

1. Sony Business Plan

2. Sales by Business Segment __2

3. Sales by Business Segment

4. LTD Analysis

5. Final Financials

b. Lionshare Equity's LBO of Plumtree

1. Revised Model for Plumtree

2. LBO Business Plan

c. K2 Acquires Fotoball in a Stock for Stock Deal

1. K2 Fotoball Worksheet

d. CCF Acquires CPK in a Cash and Stock for Stock Deal

1. Title and Executive Summary

2. Final Version

3. CPK Final Valuation Model

PLUS:

Over 1,500 Question Interactive Test Bank with Multiple Choice Questions and True or False Questions using the Elsevier Learning Interactions Library. Instructors can download these flash files, place them on their university's Learning Management System and students can take the test online. The Test Bank in concert with the LMS enables randomized testing as well. If the university allows for content posting to the LMS, students will be able to post these files without additional instruction.

These tests are are SCORM compliant, so the tests will be automatically scored and scorse can be returned to the LMS for the instructor's review.

STUDENT RESOURCES CDROM INCLUDED WITH THE BOOK

Contents:

1. Acquirer Due Diligence Question List

2. Excel-Based Mergers and Acquisitions Valuation and Structuring Model

3. Excel-Based Leveraged Buyout Valuation and Structuring Model

4. Excel-Based Real Options Valuation Model

5. PowerPoint Slides for each chapter

6. Chapter Summaries

7. Acquisition Process: The Gee Whiz Media Case Study (including discussion

questions and solutions)

8. Examples of Agreements of Purchase and Sale for Asset and Stock Purchases

9. 2005 MCI-Verizon Merger Agreement (actual agreement)

10. Supernormal Growth Model Valuation Example

PLUS:

Interactive Practice Tests using the Elsevier Learning Interactions Library with

Over 750 questions:

--True/False

--Multiple Choice

All run using Flash, and provide immediate feedback on correct answer if answered wrong, and are randomized and timed.

Focuses on the REAL WORLD, not just theory. The 99 case studies span every industry and dozens of countries and show how deals are done rather than just the theory behind them. All cases fully updated for this edition. Cases all involve transactions that have occurred or been announced within the past 3-5 years. All cases have questions and problems and solutions for the instructors on protected website.

Dozens of excel-based models of valuation, cash flows and other key financial aspects of M&A decisionmaking are provided on the Student Resources CDROM. These are all interactive and can be downloaded and customized by the students or within the context of practice cases and tests with instructor provided data. The Interactive Learning Library puts the learning tools into the students hands to they can learn in their way on their time.

Extensive updating and enhanced content provided on reorganization, bankruptcy, and liquidation issues both inside and outside of bankruptcy court

作者简介

目录信息

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用户评价

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我必须得承认,这本书的排版和图表设计,简直是为深度学习者量身定做的“反直觉”体验。随便翻开一页,你可能会被一个横跨半页的复杂流程图或者一张密密麻麻的数据表格镇住。我特别提一下其中关于“反垄断审查风险评估”的那一部分,它不是简单地罗列了各国机构的审查标准,而是提供了一套动态的风险评分模型,涉及到市场集中度(HHI指数)、潜在进入壁垒以及监管机构的历史判例偏好。那个模型非常精妙,但同时也极其耗费精力去理解。我花了一个下午的时间,试图将书中的模型套用到一个我正在关注的虚拟案例中,结果发现,要真正跑通这个模型,需要采集大量一手或高度专业化的二手数据,这在实际工作中是极其昂贵的。这本书的优点在于它告诉你“应该”如何做最完美、最理论化的分析,它的缺点可能就在于,它提供的工具箱过于专业化,以至于很多中小型企业甚至部分大型企业的战略部门,可能根本没有资源去搭建所需的分析基础设施。它更像是为顶级咨询公司和大型律所准备的“圣经”,是那种被放在办公室里,只有在遇到极其棘手的、需要顶尖智慧才能解决的问题时,才会被翻开参考的工具书。对于一般的企业管理者而言,可能更多的是一种“知道天花板在哪里”的认知提升,而不是直接可用的行动指南。

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这家伙,拿到手上沉甸甸的,光是看封面就觉得一股“商业大佬”的气息扑面而来。我原本是想找一本能快速上手、讲点实操技巧的书,毕竟现在市场变化这么快,谁有空慢慢啃那些晦涩的理论啊。结果翻开这本书,好家伙,简直像是在上大学的MBA高阶课程。它压根就不是那种“手把手教你做尽职调查”的工具书,更像是一本详尽的百科全书,把兼并收购这个复杂流程里涉及到的所有学术模型、法律框架、财务估值方法,从根上就给你捋得清清楚楚。我记得我一开始看到第三章关于交易结构设计的论述时,就感觉有点吃力,里面大量引用了各种经典的经济学理论来解释为什么特定结构在特定市场环境下更具效率,对于我这种更偏向实务操作的人来说,信息量实在太大了,需要反复对照着笔记才能勉强跟上作者的思路。它对“协同效应”的分析尤其深入,不是简单地说“1+1大于2”,而是拆解了运营协同、财务协同、管理协同的数学模型和实现路径,每一个模型背后都隐藏着大量的历史案例支撑,这让我深刻体会到,没有扎实的理论基础,很多看似成功的交易,其背后的驱动力是抓不住的。读完前面几章,我不得不承认,这本书更适合那些打算长期深耕于投行、PE/VC或者企业战略部门,需要建立宏大知识体系的人。对于我这种想快速拿几个PPT模板应付眼前项目的读者来说,它有点“杀鸡用牛刀”的感觉,但换个角度想,打好这个底子,未来做任何项目都会更加胸有成竹。

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说实话,这本书的文字风格,怎么说呢,有一种老派学者的严谨和一丝不苟,读起来就像是跟一位非常博学但略显古板的教授在对话。它对于“文化整合”和“治理结构调整”这些软性因素的探讨,篇幅远超我的预期,而且分析角度非常新颖。我原以为这种厚重的书籍会把所有精力都放在估值和融资上,但这本书花了相当大的篇幅去剖析交易失败的根源,很多时候都不是钱的问题,而是人与人、组织与组织之间的摩擦。作者对于不同司法管辖区下,对冲基金、主权财富基金以及战略投资者在收购目标公司后,在董事会设置和高管激励机制上的差异化处理,进行了极为细致的对比。举个例子,书中对比了美国特拉华州公司法和德国特定行业法律对“工人参与决策权”的不同规定如何影响并购后的管理层稳定性的案例分析,那段内容简直是微观层面的社会学研究。对我这个更关心如何避免“水土不服”的实务人士来说,这些细节无比珍贵,远比那些泛泛而谈的“加强沟通”管用得多。它让我明白,成功的并购不只是签署一份合同那么简单,它是一个漫长而痛苦的系统重塑过程,每一步的法律和文化背景都必须被精确计算。这书的阅读体验是慢热的,你需要放下浮躁,才能品出其中蕴含的深厚功力。

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这本书的作者群(或者说主编与贡献者)的学术背景给我留下了深刻印象,从其引用的参考文献质量和广度来看,这绝对是一本集大成之作,汇聚了过去数十年该领域最重要的理论成果。然而,也正是这种“包罗万象”的野心,使得这本书的叙事节奏显得有些跳跃。有时候,它会用十页篇幅来论证一个在实践中可能已经被边缘化的金融工具的理论有效性,接着,又会在两页内草草带过一个在当下热点领域(比如数字化转型背景下的数据资产并购)的关键实践挑战。这让我的阅读体验时而觉得酣畅淋漓,时而又感到略微脱节。特别是当你试图寻找关于“如何应对创始人离职后的股权加速归属问题”这类非常具体、且高度依赖法律细节的实务条款时,这本书往往会退回一步,将其归类到“公司治理”的宏大叙事中去解释,而不是直接提供一个清单式的操作指南。因此,它更像是一份“史书”或者“理论基石”,它告诉你每一种做法背后的哲学和数学原理,但对于那些追求“速成”或“SOP”的读者,可能会感到它不够“接地气”。它要求读者具备很强的知识迁移能力,能将书中的宏观原理,自己提炼并映射到具体的商业场景中去,门槛相当高。

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最让我感到意外的是,这本书对“私有化”和“杠杆收购(LBO)”的分析角度,充满了批判性思维,而非简单的赞美。很多市面上的书籍在介绍LBO时,总会强调其高回报潜力,但第五版(我读的这个版本)非常深入地探讨了高杠杆结构对目标公司长期运营稳健性的潜在负面影响,甚至详细分析了在经济衰退期,过度负债的收购案例是如何引发连锁反应,最终导致破产清算和利益相关者大规模损失的。作者引用了大量的案例数据来支持其观点,这些数据挖掘的深度远超普通商业评论的范畴,更像是金融历史研究的成果。这使得全书的基调非常审慎,告诫读者,金融工程上的精妙设计,如果脱离了对实体经济和长期价值创造的敬畏之心,最终只会走向反噬。这种对风险的极端关注,对于那些盲目追求交易数量和短期财务指标的从业者来说,无疑是一剂强力的“清醒剂”。它不会告诉你如何“快速致富”,而是告诉你如何“避免毁灭”,这是一种更高层次的商业智慧的体现,也正是我认为它能在众多同类书籍中脱颖而出的关键所在。

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经典M&A教材,现在出到第6版了,几乎每个要点都会附上或简短或详细的案例,对理解实践应该是很有帮助的。非常喜欢。

评分

经典M&A教材,现在出到第6版了,几乎每个要点都会附上或简短或详细的案例,对理解实践应该是很有帮助的。非常喜欢。

评分

经典M&A教材,现在出到第6版了,几乎每个要点都会附上或简短或详细的案例,对理解实践应该是很有帮助的。非常喜欢。

评分

经典M&A教材,现在出到第6版了,几乎每个要点都会附上或简短或详细的案例,对理解实践应该是很有帮助的。非常喜欢。

评分

经典M&A教材,现在出到第6版了,几乎每个要点都会附上或简短或详细的案例,对理解实践应该是很有帮助的。非常喜欢。

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