一、企业兼并与收购的含义 企业兼并是指由一家企业以现金、证券或其他形式购买取 得其他企业的产权,使其他企业丧失法人资格,并取得对这些 企业控制权的经济行为。企业收购是指一个企业用现金、有价 证券等方式购买另一家企业的部分或全部资产或股权,以获得 对该企业控制权的一种经济行为

分析公司生产经营活动的特点,了解制造业环境下会计循环所产生的信息与商业企业有何不同?了解筹资业务的核算,了解供应、生产、销售业务的账户设置以及记录方法, 了解财务成果的形成、计算以及会计记录,了解资金退出企业的会计处理

Goal of the Firm 1) Profit Maximization? this goal ignores: a) TIMING of Returns (Time Value of Money Ch. 5) b) UNCERTAINTY of Returns (Risk- Ch. 6)

Financial statement analysis Are our decisions maximIzing shareholder wealth?

The Time value of money Compounding and Discounting Single Sums

Characteristics of Bonds o Bonds pay fixed coupon ( interest) payments at fixed intervals(usually every 6 months)and pay the par value at maturity

Capital Budgeting: the process of planning for purchases of long term assets。 ° example Suppose our firm must decide whether to purchase a new plastic molding machine for $125.000. How do we decide? will the machine be profitable? Will our firm earn a high rate of return on the investment?

Three Measures of a Project's Risk Project Standing Alone risk

Top Creators of shareholder value 1999 invested cost of MVA capital return capital Microsoft3282571095456.16%12.64 Gen elect285,320652981929911.92 Intel

2 concepts that enhance our understanding of risk... 1) Operating Leverage affects a firm's business risk. 2) Financial Leverage affects a firm's financial risk