兼并與收購

     Contents
   Introduction
    Historical pattern of UK takeover activity
    Objectives of mergers and acquisitions
    Mergers and acquisitions and business strategy
    The dynamics of the takeover process
    Economic consequences of takeovers
    Cross-border acquisitions
    Corporate divestments
    Strategic alliances as alternatives to acquisitions
    Objective of the book
    Outline of the book
    References and further reading
   Acquisition motives
    Shareholder wealth maximisation perspective
    Managerial perspective
    Empirical evidence on acquisition motives
    Overview
    References and further reading
   Acquisitions and corporate strategy
    Analytical framework for generic strategies
    Corporate strategies for market entry
    Acquisition as strategic choice
    Value creation in different acquisition types
    Value chain analysis for acquisitions
    Acquisition criteria and target profile
    Overview
    References and further reading
   Organisational dynamics and human aspects of
    acquisitions
    A model of the acquisition process
    Managing acquisition dedsion making
    The post-acquisition integration process
    Political and cultural perspectives of integration
    Problems in integration
    Overview
    References and further reading
   Antitrust regulation
    The UK antitrust regime
    Antitmst regulation in the European Union
    Stock market reaction to MMC references
    Antitrust regulation in the USA
    Antitrust regulation in Continental Europe
    Overview
    References and further reading
    Regulating takeover bids
    Importance of regulating the bid process
    Takeover regulation in the UK
    Takeover regulation in the USA
   Regulation of takeover bids on the Continent
    Takeover regulation and takeover activity
    Overview
    Further reading
   Advisers in takeovers
    Role of advisers in acquisitions
    Merchant banks
    Responsibilities of advisers
    Empirical evidence on the impact of advisers
    Overview
    References and further reading
   Bid strategies and tactics
    Bid strategies
    Toehold, bid premium and bid outcome
    Bid tactics
    Empirical evidence on bid strategies
    Empirical evidence on bid strategies from the USA
    Overview
    References and further reading
   Target valuation
    Earnings and asset-based valuation models
    Discounted cash flow model
    Valuation of private companies
    Impact of tax on target valuation
    Acquisitions and employee pension funds
    Overview
    References and further reading
   Accounting for mergers and acquisitions
    Accounting rules for business combinations
    Merger relief
    Accounting for goodwill
    Accounting methods in practice
    Accounting for business combinations in other countries
    Overview
    References and further reading
   Paying for the acquisition
    Methods of payment for acquisitions
    Tax aspects of payment currency
    Impact of bidder's financial strategy
    Earnings dilution in a share exchange
    Finandng a cash offer
    Financing with loan stock
    Deferred consideration financing
    Empirical evidence on the impact of payment method
    Overview
    References and further reading
   Defences against takeovers
    Bid resistance motives
    Bid defence strategies
    Impact of defensive strategies
    Cost of defence
    Takeover defence outside the UK
    Overview
    References and further reading
   Assessing the success of acquisitions
    Defining success
    Acquisitions and shareholders
    Acquisitions and managers
    Acquisitions and employees
    US evidence on success of acquisitions
    Overview
    References and further reading
   Making acquisitions work
    Survey evidence on acquisition performance
    Factors contributing to acquisition failure
    Survey evidence on the acquisition process
    Evidence on acquisition integration
    Critical success factors
    Acquisitions and the human factor
    Illustrations of successful acquisition process
    Overview
    References and further reading
   Corporate divestments
    Rationale for divestments
    Forms of corporate divestment
    Management buyouts and buyins
    Divestments in the USA
    Divestments in Europe
    Overview
    References and further reading
   Cross-border acquisitions
    Alternative overseas expansion strategies
    Recent trends in cross-border acquisitions
    Motivations behind cross-border acquisitions
    Barriers to takeovers
    Post-acquisition integration
    Survey evidence on international acquisitions
    Overview
    References and further reading
   Strategic alliances
    Types of strategic alliance
    Equity and non-equity joint ventures
    Intemational joint ventures
    Models of a joint venture
    Structuring a joint venture
    Regulatory issues in joint ventures
    Performance evaluation of joint ventures
    Critical success factors in alliances
    Overview
    References and further reading
   Index