Oeiainiaay Aeaaeaiey i?e I?aaeoaeuenoaa ?inneeneie Oaaea?aoeee
Eaoaae?a ioeaiee nianoaaiiinoe
EO?NIAAss ?AAIOA
Oaia: “Neeyiey e iiaeiuaiey. Iniaaiiinoe neeyiee e iiaeiuaiee a ?innee”
Nooaeaio a?. O4-4 Oaaei?ia A.A.
Iao/iue ?oeiaiaeeoaeue Aaeuo E.I.
Iineaa-1999 a.
Ieai:
Aaaaeaiea 3
Neeyiey e iiaeiuaiey e eo nouiinoue 4-6
Oeiu neeyiee e iiaeiuaiee 6-16
Iioeaaoeee e i?iaaaeaieth neeyiee e iiaeiuaiee 16-20
Ioeaiea yooaeoeaiinoe neeyiee e iiaeiuaiee 20-27
Iniaaiiinoe neeyiee e iiaeiuaiee a ?innee 27-29
Caeeth/aiea 29
Eeoa?aoo?a 30
Aaaaeaiea
Aeaiiay ?aaioa noaaeo oeaeueth eco/aiea oaeiai ia?ac?aaioaiiiai o ian
aii?ina, eae neeyiey e iiaeiuaiey. ?anniao?eaathony oai?aoe/aneea
aniaeou i?iaaaeaiey neeyiee e iiaeiuaiee, iniiaiua eo eeanneoeeaoeee, a
oaeaea aiaeece?othony aiciiaeiua iooe ioeaiee yooaeoeaiinoe neeyiee e
iiaeiuaiee. Ioaeaeueiay aeaaa iinayuaia ?anniio?aieth niaoeeoeee
i?iaiaeeiuo a ?innee naeaeie ii neeyieyi/iiaeiuaieyi.
Aeooaeueiinoue aeaiiie ?aaiou iaoneiaeaia oai, /oi a oie iaaeaaii?eyoiie
yeiiiie/aneie ianoaiiaea. eioi?ay neiaeeeanue ia naaiaeiyoiee aeaiue a
?innee, ia?aae ioa/anoaaiiuie eiiiaieyie eae ieeiaaea ino?i noieo
i?iaeaia i?aiaeieaiey e?eceniie neooaoeee iooai i?eiaiaiey eiie?aoiuo e
yooaeoeaiuo ia?. Aicieeaao iio?aaiinoue iienea aeaenoaaiiuo oaoiieiaee
ii auoiaeo ec ninoiyiey e?ecena ia i?aaei?eyoee, iaiaoiaeeiinoue
inaiaiey nia?aiaiiuo iaoiaeia ?ano?oeoo?ecaoeee nianoaaiiinoe. A yoii
naaoa aeayoaeueiinoue ii neeyieyi e iiaeiuaieyi eae iaeei ec iniiaiuo
yeaiaioia ?ano?oeoo?ecaoeee, aa caeeth/eoaeueiia caaii, noaayuaa
oeaeueth eciaiaiea no?oeoo?u nianoaaiiinoe, caneoaeeaaao iniaiai
eco/aiey.
A ?aaioa eniieueciaaiu iaoa?eaeu ia?eiaee/aneeo ecaeaiee, iiiia?aoee
niaoeeaeenoia a iaeanoe ei?ii?aoeaiuo oeiainia, a oaeaea eiino?aiiua
enoi/ieee.
Neeyiey e iiaeiuaiey e eo nouiinoue
I?aaeaea /ai ia?aeoe e ?anniio?aieth i?iaeaiu i?iaaaeaiey i?ioeaaeo?u
neeyiee e iiaeiuaiee, oeaeaniia?aciui auei au oaeaeeoue aieiaiea oiio,
eaeia ianoi i?eiaaeeaaeeo neeyieyi e iiaeiuaieyi a i?ioeanna i?iaaaeaiey
?ano?oeoo?ecaoeee i?aaei?eyoey e iino?iaiey no?aoaaee aai ?acaeoey.
Eae aea iiaeii ii?aaeaeeoue, /oi oaeia neeyiey e iiaeiuaiey? A
i?eioeeia, a niaoeeaeueiie eeoa?aoo?a iiaeiaiay aeayoaeueiinoue
iacuaaaony iaeiei neiaii – neeyiey (mergers), iiae eioi?ie a oe?ieii
niunea iiieiaaony oaeie i?ioeann, a oiaea eioi?iai ec ianeieueeeo
eiiiaiee ia?acoaony iaeia. Iaeiaei th?eaee/aneay iaoea e aooaaeoa?neee
o/ao o?aaotho ae?iaeaiey aeaiiie eaoaai?ee ia i?ioeaaeo?u ii neeyieth
(mergers) e iiaeiuaieth (acquisitions). I?iua anaai yoe aeaa iiiyoey
iiaeii ioa?aeoa?eciaaoue neaaeothuei ia?acii.
A ?acoeueoaoa neeyiey ianeieueei eiiiaiee iauaaeeiythony a iaeio. I?e
yoii, eae i?aaeei, nouanoaoao iaeia “i?eia?aoathuay” eiiiaiey,
aunooiathuay eieoeeaoi?ii iiaeiaiie naeaeee e iaeaaeathuay aieaa iiuiui
yeiiiie/aneei iioaioeeaeii. Ioee/eoaeueiie /a?oie naeaeee neeyiey
eiiiaiee yaeyaony oi, /oi aeoeeiia?u “i?eia?aoaaiie” eiiiaiee iinea
iauaaeeiaiey nio?aiytho naie i?aaa ia aeoeee, ii oaea iiaiai,
iauaaeeiaiiiai aeoeeiia?iiai iauanoaa.
I?ioeaaeo?o iiaeiuaiey ioee/aao oi, /oi caeanue i?eia?aoathuay
(iiaeiuathuay) eiiiaiey aueoiaao o aeoeeiia?ia i?eia?aoaaiie
(iiaeiuaaiie) eiiiaiee ana eee aieueooth /anoue aeoeee. Oaeei ia?acii,
aeoeeiia?u iiaeiuaaiie eiiiaiee oa?ytho naie i?aaa ia aeieth a eaieoaea
iiaie iauaaeeiaiiie eiiiaiee.
(*) A aeaeueiaeoai a oe?ieii niunea, a oaeaea i?e iienaiee i?ioeaaeo?u
neeyiey aoaeoo eniieueciaaoueny iiiyoey “i?eia?aoathuay” e
“i?eia?aoaaiay” eiiiaiee. Iiiyoey “iiaeiuathuay” e “iiaeiuaaiay”
eiiiaiee aoaeoo eniieueciaaoueny i?e iienaiee naeaeie iiaeiuaiey.
Caeanue iaiaoiaeeii inoaiiaeoueny ia oii, /oi iiae aeayoaeueiinoueth ii
neeyieyi e iiaeiuaieyi iiieiaaony ia oieueei i?eia?aoaiea iieiinoueth
eee aieueoae /anoe eaeiai-eeai oicyenoaothuaai noauaeoa, ii oaeaea e
io/oaeaeaiea, i?iaeaaea iiae?acaeaeaiee, aei/a?ieo eiiiaiee, eciaiaiea
no?oeoo?u nianoaaiiinoe oe?iu. Aieaa iiae?iaii ia yoii aoaeao neacaii
ieaea.
Oaeei ia?acii, aeaeay e?aoeee eoia neacaiiiio auoa, iiaeii caiaoeoue
neaaeothuaa. Neeyiey e iiaeiuaiey i?aaenoaaeytho niaie i?ioeaaeo?o niaiu
nianoaaiieea eee eciaiaieth no?oeoo?u nianoaaiiinoe eiiiaiee, yaeyynue
eiia/iui caaiii a nenoaia ia? ii aa ?ano?oeoo?ecaoeee.
Oeaeueth neeyiee e iiaeiuaiee yaeyaony oaaee/aiea aeaaininoiyiey
aeoeeiia?ia e aeinoeaeaiea eiieo?aioiuo i?aeiouanoa ia ?uiea.
Ia naiii aeaea ethaia aeoeeiia?iia iauanoai, ooieoeeiie?othuaa a
oneiaeyo ii?iaeueiie oeeaeeeciaaiiie ?uii/iie yeiiiieee aeieaeii
noaaeoue yoe oeaee ia?aae niaie a ea/anoaa i?ei?eoaoiuo oeaeae naiae
aeayoaeueiinoe. I?e yoii yoe oeaee iiaoo aeinoeaaoueny eiiiaieae n
iiiiuueth eniieueciaaiey eae aioo?aiieo iaoiaeia (iiauoaiea
yooaeoeaiinoe oi?aaeaiey, eniieueciaaiea aieaa nia?aiaiiuo niiniaia
aaaeaiey aeciana, iiauo oaoiieiaee, iiauoaiea i?iecaiaeeoaeueiinoe
o?oaea e o.ae.), oae e aiaoieo iaoiaeia, e eioi?ui ioiineony
aeayoaeueiinoue ii neeyieyi e iiaeiuaieyi. I?e yoii aiaoiea iooe
?acaeoey eiatho oeaeue ?yae n?aaieoaeueiuo i?aeiouanoa, eioi?ua aoaeoo
?anniio?aiu ieaea a aeaaa “Iioeaaoeee e i?iaaaeaieth neeyiee e
iiaeiuaiee”.
Ia iooe e aeinoeaeaieth oeacaiiuo auoa oeaeae eiiiaiey ?ac?aaaouaaao
eiie?aoioth no?aoaaeth naiae aeayoaeueiinoe. A yoii naaoa eiiiaiey
iinoiyiii ioeaieaaao naia iieiaeaiea ia ?uiea, naie neeueiua e neaaua
iiceoeee, euao oaeea iai?aaeaiey naiae aeayoaeueiinoe, neaaeoy eioi?ui
iia aeiaueaony iaeaieueoeo eiieo?aioiuo i?aeiouanoa. Enoiaey ec yoiai
eiiiaieae iiaoo auoue aua?aiu neaaeothuea iniiaiua no?aoaaee, eee
eiioeaioeee, naiaai ?acaeoey:
Oneeaiea iniiaiuo iai?aaeaiee naiae aeayoaeueiinoe;
Aeeaa?neoeeaoeey aeayoaeueiinoe;
Ioeac (i?iaeaaea) io iainiiaiuo iai?aaeaiee aeayoaeueiinoe.
Aeayoaeueiinoue ii neeyieyi/iiaeiuaieyi yaeyaony iaeiei ec iniiaiuo
iaoiaeia ?aaeecaoeee ia?a/eneaiiuo no?aoaaee ?acaeoey oe?iu. A
/anoiinoe:
Anee oe?ia caieiaao oaea/iia iieiaeaiea ia ?uiea, iaoiaeynue a io?anee,
iaauathuae ae oi?ioea ia?niaeoeau ?acaeoey, iaeiaei ae o?aaoaony
oneeaiea naieo iiceoeee aeey aeinoeaeaiey eiieo?aioiuo i?aeiouanoa a
io?anee, oi, eniieuecoy iaoaieci neeyiey e iiaeiuaiee, iia iiaeao
aeinoeaiooue naiae oeaee, iauaaeeiyynue eee i?eia?aoay eiiiaiee oiai aea
naaiaioa ?uiea;
*anoi eiiiaiey iiaeao inouanoaeyoue neeyiey/iiaeiuaiey oe?i ec ae?oaeo
naaiaioia ?uiea aeey nieaeaiey ?enea naiae aeayoaeueiinoe (/oi
aeinoeaaaony, iai?eia?, /a?ac auione ?acii?iaeiie i?iaeoeoeee,
i?iaeoeoeee iaoiaeyuaeny ia ?acee/iuo yoaiao naiaai aeeciaiiiai oeeeea,
/a?ac aaia?aoe/aneoth aeeaa?neoeeaoeeth a nauoa i?iaeoeoeee – oi anoue,
ae?oaeie neiaaie, /a?ac aeeaa?neoeeaoeeth i?iecaiaenoaa), aeey
?anoe?aiey noa?u naiaai i?enoonoaey;
Anee eiiiaiey ia?aniao?eaaao naie iiceoeee ia ?uiea, iaoiaeeo iiaua
i?ei?eoaou, auaeaeyao aeey naay iniiaiua iai?aaeaiey naiae
aeayoaeueiinoe, inaiaiaeaeaynue io iainiiaiuo, i?iaeaiiuo iai?aaeaiee,
e, iaeiiaoe, anee eiiiaiey i?inoi eniuouaaao iaaeinoaoie a aeaiueaao, oi
iia iiaeao yooaeoeaii eniieueciaaoue iaoaieci neeyiee/iiaeiuaiee aeey
i?iaeaaee eee auaeaeaiey ioaeaeueiuo iiae?acaeaeaiee, aei/a?ieo
eiiiaiee.
Aieaa iaaeyaeii ianoi neeyiee/iiaeiuaiee a ei?ii?aoeaiie no?aoaaee
eiiiaiee iiaeii i?ineaaeeoue, ?anniao?eaay ?acee/iua oeiu neeyiee e
iiaeiuaiee.
Oeiu neeyiee e iiaeiuaiee.
Eae oaea auei neacaii, aeayoaeueiinoue ii neeyieyi e iiaeiuaieyi
i?aaeiieaaaao ia oieueei iauaaeeiaiea oicyenoaothueo noauaeoia, ii e
auaeaeaiea no?oeoo?iuo iiae?acaeaeaiee. Enoiaey ec yoiai, ?acaeaeei ana
neeyiey e iiaeiuaiey ia aeaa a?oiiu – ?anoe?aiea aeciana e auaeaeaiea
aeciana.
?anoe?aiea aeciana
Iniiaiay eeanneoeeaoeey neeyiee e iiaeiuaiee iniiaaia ia iauaaeeiyaiuo
oeiao aeayoaeueiinoe. Niaeanii yoiio i?eciaeo neeyiey e iiaeiuaiey
aeaeyony ia:
ai?eciioaeueiua;
aa?oeeaeueiua;
eiiaeiia?aoiua.
Aeaeaa aeey oi?iuaiey aoaeai eniieueciaaoue oa?iei “neeyiey”, eiay a
aeaeo aeayoaeueiinoue ii neeyieyi e iiaeiuaieyi.
Ai?eciioaeueiua neeyiey i?aaeiieaaatho iauaaeeiaiea eiiiaiee,
ooieoeeiie?othueo e eiieo?e?othueo a iaeiie iaeanoe aeayoaeueiinoe.
Oaeie oei neeyiee iaania/eaaao aeinoeaeaiea eiieo?aioiuo i?aeiouanoa ii
n?aaiaieth n ae?oaeie o/anoieeaie aeaiiiai eiie?aoiiai naaiaioa ?uiea
ca n/ao yeiiiiee io ianooaaa e ia?aueaaiey eaieoaea. Caeanue iaiaoiaeeii
ioiaoeoue, /oi iiaeiaiiai ?iaea neeyiey eae ia?aie/eaathuea
eiieo?aioioth ai?ueao iiaoo ?aaoee?iaaoueny ni noi?iiu ainoaea?noaa
/a?ac nenoaio aioeiiiiiieueiuo ia?. A /enea iaeaieaa y?eeo iaaeaaieo
i?eia?ia neeyiee oaeiai oeia iiaeii ioiaoeoue neeyiea aaieia Chase
Manhattan e Chemical Bank, iauaaeeiaiea aeaaioia ieuaaie eiaeono?ee
Guinness e Grand Metropolitan .
Aa?oeeaeueiuie neeyieyie iacuaathony iauaaeeiaiey eiiiaiee, ioiinyueony
e ?aciui noaaeeyi iaeiiai i?iecaiaenoaaiiiai i?ioeanna. I?e yoii neeyiea
i?eieiaao oi?io “eioaa?aoeee aia?aae” eee “eioaa?aoeee iacaae”.
Iai?eia?, eiiaeiao ii i?iecaiaenoao iaoaeeii?ieaoa iauaaeeiyaony ni
noaieino?ieoaeueiui caaiaeii (“eioaa?aoeey aia?aae”, oi anoue
iauaaeeiaiea n eiiiaieae, ioiinyuaeny e neaaeothuae noaaeee
i?iecaiaenoaaiiiai i?ioeanna) eee, aeiionoei n eiiiaieae, caieiathuaeny
aeiau/ae aeaeaciie ?oaeu (“eioaa?aoeey iacaae”, oi anoue neeyiea n
eiiiaieae i?aaeuaeouaai yoaia i?iecaiaenoaaiiiai i?ioeanna).
Iaeaieaa y?eea i?eia?u ?inneeneie i?aeoeee – i?eia?aoaiea IE “EOEIEE” a
1998 a. eiio?ieueiiai iaeaoa ?oiuineiai iaooaia?a?aaaouaathuaai caaiaea
“Iao?ioae”, oi?ie?iaaiea oieaeeiaa “Neae?neee Aethieiee” aie?oa
Nayineiai Aethieieaaiai Caaiaea (eoaea aioee caaiaeu ii auioneo
aethieieaaiai i?ieaoa, i?iecaiaenoao aethieieaaie oieueae e aethieieaauo
aaiie).
Aeaiiue oei neeyiey iaania/eaaao iiauoaiea oaoiieiae/aneie yeiiiie/iinoe
i?iecaiaenoaa, nieaeaieth o?ainaeoeeiiiuo ecaea?aeae (o/anoieee oaeeo
aa?oeeaeueii eioaa?e?iaaiiuo noai iinoaaeytho ae?oa ae?oao iauaeo
i?iiaaeooi/iiai i?iecaiaenoaa ii ai?acaei iaiueoei oeaiai eee aiiaua
aanieaoii), eo/oee iaiai eioi?iaoeeae a i?aaeaeao iauaaeeiaiiie
eiiiaiee, /oi a eoiaa i?eaiaeeo e cia/eoaeueiiio nieaeaieth
i?iiaaeooi/iuo cao?ao e, a eiioea eiioeia, niaieoiiuo cao?ao
i?iecaiaenoaa eiia/iie i?iaeoeoeee.
Eiiaeiia?aoiua neeyiey i?aaeiieaaatho iauaaeeiaiea eiiiaiee ec
?acee/iuo, ianaycaiiuo io?aneae eee aaia?aoe/aneeo ?aaeiiia.
Nouanoaotho o?e ?aciiaeaeiinoe eiiaeiia?aoiuo neeyiee:
Neeyiea aeey ?anoe?aiey niaeo?a i?iaeoeoia
I?ienoiaeeo iauaaeeiaiea eiiiaiee, i?iecaiaeyueo ?acee/ioth
i?iaeoeoeeth, iaeaaeathuoth, oai ia iaiaa, noiaeeie i?eciaeaie, e
niiniaiuo ?anoe?eoue anni?oeiaio auioneaaiie ae?oa ae?oaii i?iaeoeoeee.
Oai naiui cia/eoaeueii iiauoaaony eiieo?aioiia i?aainoiaenoai
ia?aciaaaoaeny no?oeoo?u. I?eia?ii iiaeao neoaeeoue iaaeaaiaa neeyiea
Boeing, e?oiiaeoaai ie?iaiai i?iecaiaeeoaey a iaeanoe a?aaeaeaineie
aaeaoeee, e McDonnel Douglas, eeaea?a a iaeanoe iai?iiii-einie/aneie
eiaeono?ee NOA, a oaeaea iauaaeeiaiea aeaoo eiiiaiee-aeaaioia,
?aaioathueo a noa?a oeiainiauo oneoa – anaie?ii ecaanoiiai
eiaanoeoeeiiiiai aaiea Morgan Stanley e iaeaaeathuae neeueii ?acaeoie
aeeno?eauethoi?neie naoueth eiiiaiee Dean Whitter Discovery. A
?acoeueoaoa ia?aciaaeanue iiuiay oeiainiaay no?oeoo?a, ?aaioathuay
iaeiia?aiaiii n /anoiuie e e?oiiuie einoeoooeeiiaeueiuie eeeaioaie.
Neeyiea aeey aaia?aoe/aneiai ?anoe?aiey
A aeaiiii neo/aa iauaaeeiythony eiiiaiee, auioneathuea iaeiioeiioth
i?iaeoeoeeth, ii inouanoaeythuea naith aeayoaeueiinoue a ?acee/iuo
?aaeiiao. Aeaiiay noaia iicaieyao cia/eoaeueii nieceoue o?iaaiue ?enea
/a?ac aaia?aoe/aneoth aeeaa?neoeeaoeeth e ?anoe?eoue naia i?enoonoaea, a
cia/eo, e i?eia?anoe eiieo?aioiua i?aeiouanoaa, iaania/eoue naay
aeiiieieoaeueiui ni?inii ia ?acee/iuo aaia?aoe/aneeo ?uieao. A ea/anoaa
i?eia?a iiaeii i?eaanoe i?eia?aoaiea aa?iaineei eiioea?iii Volkswagen
70% iaeaoa aeoeee /aoneiai caaiaea Skoda, /oi iicaieeei aio
ainiieueciaaoueny i?aeiouanoaaie auno?i?anoouaai e ia?niaeoeaiiai
ainoi/iiaa?iiaeneiai ?uiea.
Nianoaaiii eiiaeiia?aoiia neeyiea
I?aaeiieaaaao iauaaeeiaiea eiiiaiee ec niaa?oaiii ianaycaiiuo e
ia?iaenoaaiiuo io?aneae. I?eia? – neeyiea oaaa/iie eiiiaiee R.J.
Reynolds e i?iecaiaeeoaey ieuaauo i?iaeoeoia Nabisco Brands, a
?acoeueoaoa /aai ia?aciaaeanue eiiiaiey RJR Nabisco.
Auaeaeaiea aeciana
Auaeaeaiea aeciana eae ninoaaiay /anoue ei?ii?aoeaiie no?aoaaee, eae
oaea auei auoa neacaii, oaeaea iiaeao inouanoaeyoueny ca n/ao
eniieueciaaiey iaoaiecia neeyiee e iiaeiuaiee.
Aeey yoeo oeaeae eiiiaiey iiaeao i?iaiaeeoue ioii/eiauaaiea (spin-off) e
i?iaeaaeo (divestiture) ioaeaeueiuo iiae?acaeaeaiee.
Ioii/eiauaaiea iiae?acoiaaaao nicaeaiea ec eiathuaainy iiae?acaeaeaiey
eiiiaiee ioaeaeueiiai th?eaee/aneiai eeoea. Aeoeeiia?u iaoa?eineie
eiiiaiee i?iii?oeeiiaeueii naiae aeiee a aa eaieoaea noaiiayony
aeaaeaeueoeaie aeoeee iiaie ia?aciaaaoaeny eiiiaiee. I?e yoii ieeaeiai
aeaeaeaiey aeaiaa ia i?ienoiaeeo, iaoa?eineay eiiiaiey eaeiai-eeai
aeioiaea a ?acoeueoaoa ioii/eiauaaiey naiaai iiae?acaeaeaiey ia
iieo/aao. I?eia?ii iiaeao neoaeeoue i?iecioaaeoay a 1996-1997 a.
?ai?aaiecaoeey aia?eeaineie ei?ii?aoeee AT&T, a oiaea eioi?ie io iaa
ioaeaeeeenue aa aeaa iiae?acaeaeaiey: NCR (i?iecaiaeeoaeue eiiiuethoa?ia
e aaieiiaoia) e Lucent Technologies (i?iecaiaeeoaeue oaeaoiiiiai
iai?oaeiaaiey). Yoe iiae?acaeaeaiey i?aia?aciaaeenue a naiinoiyoaeueiua
aeoeeiia?iua iauanoaa, aeoeee eioi?uo auee ?ani?aaeaeaiu iaaeaeo
nouanoaothueie aeoeeiia?aie AT&T.
Nouanoaotho ianeieueei aa?eaioia ioii/eiauaaiey – ?acaeaiea eiiiaiee
(split-up) e ioaeaeaiea (split-off).
I?e ?acaeaiee iaoa?eineay eiiiaiey a ?acoeueoaoa na?ee ioii/eiauaaiee
i?aia?acoaony a ianeieueei iacaaeneiuo iiauo th?eaee/aneeo eeoe, a naia
ia?anoaao nouanoaiaaoue.
I?e ioaeaeaiee /anoue aeoeeiia?ia iieo/aao aeieth a iiaie eiiiaiee
acaiai naiae aeiee a iaoa?eineie eiiiaiee a ii?aaeaeaiiii niioiioaiee.
Oaeei ia?acii, i?ienoiaeeo ?acaeaeaiea anao aeoeeiia?ia ia aeaa a?oiiu:
aeoeeiia?u, aeaaeathuea eneeth/eoaeueii aeoeeyie iaoa?eineie eiiiaiee, e
aeoeeiia?u, aeaaeathuea eneeth/eoaeueii aeoeeyie ioaeaeeaoaeny eiiiaiee.
I?iaeaaea ioaeaeueiuo iiae?acaeaeaiee, eee aeeaanoe?iaaiea,
i?aaeiieaaaao i?iaeaaeo yoiai iiae?acaeaeaiey o?aoueaio eeoeo. A ioee/ea
io ioii/eiauaaiey, iaoa?eineay eiiiaiey iieo/aao ?aaeueiua aeaiaaeiua
n?aaenoaa a ?acoeueoaoa i?iaaaeaiey iiaeiaiiai ?iaea ?ano?oeoo?ecaoeee.
Anee eaeia-eeai iiae?acaeaeaiea aunoaaeyaony ia ioe?uooth i?iaeaaeo
oe?ieiio e?oao eeoe, oi iiaeiaiay iia?aoeey iacuaaaony auaeaeaieai
(carve-out).
Aeeaanoe?iaaiea yaeyaony i/aiue iiioey?iui iaoiaeii ?ano?oeoo?ecaoeee
eiiiaiee n iaeiia?aiaiiui iieo/aieai iaiaoiaeeiuo iaoa?eineie eiiiaiee
aeeauo aeaiaa. I?eia?ii iiaeao iineoaeeoue i?iaeaaea oe?iie Nokia naieo
iainiiaiuo, ia naycaiiuo n oaeaeiiioieeaoeeyie, iai?aaeaiee a ?aieao
naiae eiioeaioeee ?acaeoey, a oaeaea n oeaeueth iieo/aiey iaee/iinoe –
iiae?acaeaeaiey Nokia Data (?ac?aaio/ee eioi?iaoeeiiiuo oaoiieiaee) e
naiaai yia?aaoe/aneiai iiae?acaeaeaiey.
Eoae, i?e/eiu, iiaoaeaeathuea eiiiaiee, i?iecaiaeeoue i?iaeaaeo eee
ioii/eiauaaiea naieo iiae?acaeaeaiee, i/aaeaeiu. Iniiaiay ec ieo –
iiauoaiea yooaeoeaiinoe aaaeaiey aeciana. Ca/anooth a ninoaaa eiiiaiee
i?enoonoaoao oauoi/iia iiae?acaeaeaiea, caieiathuaany iainiiaiui aeaeii
aeayoaeueiinoe. Auaeaeaiea iiaeiaiiai aeciana iicaieyao iaiaaeaeiaioo
eiiiaiee eiioeaio?e?iaaoue naia aieiaiea ia iniiaiii aeaea
aeayoaeueiinoe, ono?aiyy iaioaeiua ?anoiaeu ia iiaeaea?aeaiea
iainiiaiiai e iai?eaueueiiai iai?aaeaiey. E oiio aea anee ?acee/iua
iai?aaeaiey aeciana noaiiayony iacaaeneiuie, aeiaieueii i?inoi oaeaeaoue
enoeiioth yooaeoeaiinoue eaaeaeiai ec ieo e ia iniiaaiee yoiai
aaeaeaaoii ?ani?aaeaeyoue aiciaa?aaeaeaiea oi?aaeai/aneiai ia?niiaea.
Eciaiaiea no?oeoo?u nianoaaiiinoe
A aeayoaeueiinoe ii neeyieyi e iiaeiuaieyi iniaiyeii noiyo i?ioeaaeo?u
ii eciaiaieth no?oeoo?u, oi?iu nianoaaiiinoe. Iiae yoeie i?ioeaaeo?aie
iiieiaaony i?aa?auaiea ioe?uoiai aeoeeiia?iiai iauanoaa a cae?uoia eee a
ia?oia?noai (going private transactions). Ae?oaeie neiaaie, iniiaiui
ioee/eai aeaiiiai aeaea naeaeie io inoaeueiuo naeaeie ii neeyieyi e
iiaeiuaieyi ninoieo a oii, /oi aeoeee eiiiaiee aueoiathony iaaieueoie
a?oiiie eiaanoi?ia e ia?anoatho eioe?iaaoueny ia oiiaeiaii ?uiea. Eae
i?aaeei, eeai iieoiaaony eaeay-ieaoaeue eiiiaiey oeaeeeii, eeai
i?eia?aoaaony ioaeaeueiia aa iiae?acaeaeaiea. Yoi i?ienoiaeeo iooai
iieoiee o aeoeeiia?ia eiiiaiee eo aeoeee, eeai aeoeeiia?ai acaiai eo
aeoeee i?aaeeaaathony i?eaeeaae?iaaiiua aeoeee eee iaeeaaoeee. I?e yoii
i/aaeaeii, /oi aeey oiai, /oiau inouanoaeoue iiaeiaiiai ?iaea naeaeeo,
eiaanoi?ai o?aaothony i?eaea/aiea i/aiue aieueoeo iauaiia aeaiaaeiuo
n?aaenoa. Iiyoiio aua iaeiie iniaaiiinoueth naeaeie ii i?aia?aciaaieth
ioe?uoiai aeoeeiia?iiai iauanoaa a cae?uoia yaeyaony oi, /oi iie
i?aeoe/anee anaaaea nii?iaiaeaeathony e?oiiuie caeinoaiaaieyie. Eiaiii
eniieueciaaiea cia/eoaeueiuo iauaiia caaiiiai eaieoaea aeaei oaeei
naeaeeai iacaaiea Aueoia n ?u/aaii (Leverage buy-out, LBO).
Anee aueoi eiiiaiee i?iecaiaeeony aa aunoei ?oeiaiaenoaii, oi oaeay
naeaeea iacuaaaony Aueoi oi?aaeythueie (Management buy-out, MBO). *anoi
eiiiaiey i?eaaaaao eiaiii e aueoio iaiaaeaeiaioii, eiaaea aeaeaao
inaiaiaeeoueny io iainiiaiiai iai?aaeaiey naiae aeayoaeueiinoe. Oiaaea
eaeia-eeai iiae?acaeaeaiea eee aei/a?iyy eiiiaiey auaeaeyaony ec
no?oeoo?u iaoa?eineie e ia?aoiaeeo a ?oee aunoaai ?oeiaiaenoaa yoiai
iiae?acaeaeaiey, noaiiaynue i?e yoii cae?uoui aeoeeiia?iui iauanoaii eee
ia?oia?noaii. Aeaiiay iia?aoeey, ia?yaeo n oaea ?anniio?aiiuie auoa
iethnaie io i?iaaaeaiey auaeaeaiey aeciana a ?aieao ?ano?oeoo?ecaoeee
eiiiaiee, iaeaaeaao aua ianeieueeei i/aiue aaaeiuie iniaaiiinoyie,
yaeythueony aeinoaoi/ii neeueiui noeioeii e i?iaaaeaieth MBO.
Iaiaaeaea?u eiiiaiee, oi?ioi ciaeiiua ni naiei aecianii, noaiiaynue
nianoaaiieeaie eiiiaiee, naiae ia?aii/a?aaeiie caaea/ae aoaeoo noaaeoue
yooaeoeaiia aaaeaiea nianoaaiiiai aeaea, oae eo aeaaininoiyiea aoaeao
iai?yioth caaenaoue io aeaaininoiyiey oe?iu. E?iia oiai, no?aieaiea e
oaaee/aieth o?iaiy i?eaueueiinoe e iiauoaieth o?iaiy
eiieo?aioiniiniaiinoe aoaeao aeeeoiaaoueny iaee/eai cia/eoaeueiuo
aeieaiauo iaycaoaeuenoa aiiaue ia?aciaaiiie eiiiaiee e iaiaoiaeeiinoueth
eo ianeoaeeaaiey. Oaeei ia?acii, aueoi oi?aaeythueie e aiiaua aueoi n
?u/aaii eiaao iaeii iainii?eiia aeinoieinoai – ii canoaaeyao
oi?aaeythueo eiiiaiee aanoe yooaeoeaiue aecian, nieaeaoue cao?aou e
iiauoaoue ?aioaaaeueiinoue i?iecaiaenoaa.
Ia naiii aeaea eiaiii eniieueciaaiea cia/eoaeueiiai caaiiiai eaieoaea
aeey inouanoaeaiey naeaeie LBO yaeyaony iniiaiui iiaeaiaeiui eaiiai a
aeayoaeueiinoe aiiaue ia?aciaaaoaeny eiiiaiee. Eae i?aaeei, iniiao
aeieaiaiai oeiaine?iaaiey (50-60% io iauae noiiu aeieaiauo
iaycaoaeuenoa) ninoaaeyao e?oiiue e?aaeeo i?eaeeaae?iaaiiiai noaoona,
eioi?ue iaania/ai anaie aeoeaaie eiiiaiee. Nianoaaiiua n?aaenoaa
eieoeeaoi?ia naeaeee iau/ii ia i?aauoatho 10% anaai iauaia oeiainiauo
?ano?nia. Inoaeueiua 30-40% eaieoaea i?eaeaeathony iooai auionea oae
iacuaaaiuo “a?iniauo” iaeeaaoeee (junk bonds), eioi?ua ioee/athony
aunieie noaiaiueth aeioiaeiinoe, ii iaeiia?aiaiii eiatho i/aiue neaaia
iaania/aiea, aneaaenoaea oiai, /oi ana aeoeau iai?aaeaiu ia iaania/aiea
iniiaiiai e?aaeeoa. Iniiaiay i?iaeaia caeeth/aaony a oii, /oi
eieoeeaoi?u aueoia n ?u/aaii /anoi a naiai no?aieaiee e naa?oi?eaueyi
aioiau iieoe ia ana ?aaee i?eia?aoaiey aua?aiiie eiiiaiee-oeaee,
aneaaenoaea /aai oeaia iieoiee yoie eiiiaiee iiaeao neeueii i?aauneoue
aa aeaenoaeoaeueioth noieiinoue. I/aaeaeii, /oi aeey iaania/aiey
aiciiaeiinoe caieaoeoue aunieoth oeaio ca i?eia?aoaaioth eiiiaieth
eiaanoi?ai i?eoiaeeony i?eaaaaoue e i/aiue aieueoei caeinoaiaaieyi,
eioi?ua noaiiayony i/aiue oyaeaeui a?aiaiai i?eia?aoaiiie eiiiaiee.
Iaeiaei i?e yoii, eae oaea auei ioia/aii, iaiaaeaea?u auioaeaeaiu aanoe
i/aiue yooaeoeaiue aecian aeey iiaeaea?aeaiey naiae niiniaiinoe
ianeoaeeaaoue iaiiia?iua aeieae, aneaaenoaea /aai iieacaoaeue EBIT
(i?eaueue aei auieaou i?ioeaioia e aei iaeiaiiaeiaeaiey) iiaeao neeueii
?anoe. Ii, oai ia iaiaa, ia?iiiua iauaiu caaeieaeaiiinoe iiaoo
ia?ae?uaaoue ethaua, aeaaea i/aiue oi?ioea, iieacaoaee aeayoaeueiinoe
oe?iu e i?eaanoe e na?ueaciui oeiainiaui cao?oaeiaieyi.
ss?eei iiaeoaa?aeaeaieai anaio auoaneacaiiiio iiaeao iineoaeeoue i?eia?
naiie e?oiiie e ae?aiaoe/iie naeaeee aueoia n ?u/aaii iineaaeieo
aeaaaeoeaoe eao – i?eia?aoaiea eiiiaiee RJR Nabisco ecaanoiie a?oiiie
aai/o?iuo eaieoaeenoia Kohlberg, Kravis & Roberts (KKR) ca 25 ie?ae.
aeiee.
Aei iiiaioa iauyaeaiey i iaia?aiee niaa?oaiey naeaeee a 1988 a.
?uii/iay oeaia aeoeee RJR Nabisco auea $56 ca aeoeeth. A naiai aeaeaiee
i?eia?aoaiey e i?aia?aciaaiey a ia?oia?noai RJR Nabisco eiieo?e?iaaee
a?oiia KKR e a?oiia eiaanoi?ia, noi?ie?iaaiiay aeaaie RJR Nabisco. A
?acoeueoaoa yoie eiieo?aioiie ai?ueau KKR, i?aaeeiaeea caieaoeoue $109
ca aeoeeth (/oi ii/oe aaeaia aieueoa nouanoaiaaaoae a oio iiiaio
?uii/iie oeaiu), i?eia?ae RJR Nabisco ca 25 ie?ae. aeiee.
ssnii, /oi aeey ?aaeecaoeee yoie naeaeee KKR iio?aaiaaeinue i?eaea/aiea
ia?iiiiai caeia. A ieaiao iieoiaoaey auea i?iaeaaea iaioaeiuo aeoeaia,
cia/eoaeueiia iiauoaiea yooaeoeaiinoe ?aaiou eiiiaiee n oai, /oiau
iaania/eoue iiaaoaiea noieue e?oiiiai aeieaa. A i?eioeeia i?eia?aoaiiay
eiiiaiey noiaea neeueii iiauneoue iauaiu iia?aoeeiiiie i?eauee ai iiiaii
aeaaiaea?y iaiiaeaiiiio aunoaio ?oeiaiaenoao. Ii yoi auei eeoue
aioo?aiiaa aeaaiiieo/ea. Nia?oaee aeaei ianoiyei nianai ii-ae?oaiio. Ia
?uiea caeinoaiaaiee oeaiu ia a?iniaua iaeeaaoeee RJR Nabisco
no?aieoaeueii iaaeaee, /oi cao?oaeiyei aeiiieieoaeueiia aeieaiaia
oeiaine?iaaiea yoie eiiiaiee e i?eaaei e iiauoaieth i?ioeaioiuo noaaie,
ii eioi?ui iia iiaea e?aaeeoiaaoueny. Yoi auei aucaaii oai, /oi
e?aaeeoi?u RJR Nabisco ii/oanoaiaaee, /oi aueoi n ?u/aaii canoaaeyao eo
oa?youe ana oi iaania/aiea, eioi?ui iie ?aiueoa aeaaeaee ii
i?aaeinoaaeaiiui caeiai.
Iaeiaei auee e oa, eoi iieo/eee ianiiiaiioth e i/aiue aieueooth auaiaeo
io yoie naeaeee – aeoeeiia?u RJR Nabisco. Iiauoaiea ?uii/iie oeaiu
aeoeee ii/oe aaeaia iaania/eei i?e?ino eo eaieoaea ia 8 ie?ae. aeiee.
?acoiaaony, eoi-oi aeieaeai aue ieaoeoue ca oaeie aiooeoaeueiue ?ino
aeaaininoiyiey aeoeeiia?ia. Yoi auee e?aaeeoi?u RJR Nabisco, a neaaeii
ca ieie e naia eiiiaiey, eniuouaaaoay oaea /a?ac aeaa aiaea na?ueaciua
oeiainiaua i?iaeaiu.
A 1991 aiaeo KKR i?iaeae naie aeiaeaiey a eiiiaieth, a naia RJR Nabisco
iiyoue auea i?aia?aciaaia a aeoeeiia?iia iauanoai ioe?uoiai oeia.
A?aaeaeaaiua oaeoeee neeyiee e iiaeiuaiee e iaoiaeu caueou io ieo.
Ana, /oi auei neacaii auoa, ioiineony e oae iacuaaaiiio
“ae?oaeanoaaiiiio i?eia?aoaieth” (friendly takeover), eiaaea ?aoaiea i
neeyiee eee iiaeiuaiee i?eieiaaony a oiaea oeeaeeeciaaiiuo ia?aaiai?ia
aeaoo eiiiaiee. Ca/anooth aea iiaeiuathuay eiiiaiey aaaeao naay
aa?anneaii, ia aeaeay aanoe eaeea-eeai ia?aaiai?u n
eiiiaieae-“ieoaiueth”. A aeaiiii neo/aa ?a/ue eaeao i “a?aaeaeaaiii
iiaeiuaiee” (hostile takeover). I?e yoii iiaeiuathuay eiiiaiey no?aieony
e caiaia “iaoaiaeiuo” aee?aeoi?ia e iaiaaeaea?ia.
Nouanoaoao iiiaeanoai ?acee/iuo oaeoee a?aaeaeaaiiai iiaeiuaiey.
Ia?a/eneei iaeioi?ua ec ieo.
Iaaeaaaeuee iauyoey (bear hug).
?annueea aunoaio ?oeiaiaenoao eiiiaiee-ieoaiae niiauaiee i i?aaenoiyuai
iiaeiuaiee n o?aaiaaieai i?eiyoue auno?ia ?aoaiea ii iiaiaeo aeaiiiai
i?aaeeiaeaiey. A neo/aa ioeaca iiaeiuathuay eiiiaiey ia?auaaony
iaiin?aaenoaaiii e aeoeeiia?ai yoie eiiiaiee ca nieiie aa iaiaaeaeiaioa
n oaiaea?iui i?aaeeiaeaieai.
Oaiaea?iia i?aaeeiaeaiea (tender offer).
Iaiaaeaeiaio eiiiaiee-ieoaie iiaeao iiniaaoiaaoue aeoeeiia?ai i?eiyoue
i?aaeeiaeaiea eee nii?ioeaeyoueny iaia?aieyi iioaioeeaeueiiai
iieoiaoaey. Oaiaea?iia i?aaeeiaeaiea iiaeao auoue ?aaeeciaaii ?acee/iuie
niiniaaie.
Aeaooo?iaiaaia i?aaeeiaeaiea (two-tier offer) – oeaia, ii eioi?ie
iiaeiuathuay eiiiaiey iaauaao eoieoue aeoeee iiaeiuaaiie eiiiaiee,
aeeooa?aioee?oaony. Nia/aea iieoiaaony iaeao aeoeee aieaa aunieiai
o?iaiy (iai?eia?, 51%) ii aieaa aunieie oeaia, /oi iauyaeyaony
iaeiia?aiaiii n oaiaea?iui i?aaeeiaeaieyi. Inoaeueiua aeoeee caoai
iieoiathony ii aieaa ieceie oeaia.
*anoe/iia i?aaeeiaeaiea (partial offer) – iiaeiuathuay eiiiaiey
iauyaeyao iaeneiaeueiia eiee/anoai aeoeee, eioi?ia iia iaia?aaaaony
i?eia?anoe, ii ia ?ane?uaaao naieo ieaiia ioiineoaeueii inoaeueiuo
aeoeee.
Iaa yoeo niiniaa oaiaea?iuo i?aaeeiaeaiee noaayo oeaeueth nieaeaiea
niaieoiiie oeaiu i?eia?aoaiey aeoeee eiiiaiee-ieoaie e iaeiia?aiaiii
noeioee?otho aeoeeiia?ia iiaeiuaaiie eiiiaiee auno?aa i?iaeaoue naie
aeoeee, iaauay aieaa aunieoth oeaio i?e iieoiea noa?oiaiai iaeaoa
aeoeee.
Iiaeiaiiai ?iaea a?aaeaeaaiua iiaeiuaiey ca/anooth aucuaatho
nii?ioeaeaiea iaiaaeaeiaioa iiaeiuaaiie eiiiaiee. I?e/ei yoiio iiaeao
auoue ianeieueei. Ai-ia?auo, i?aaenoiyuaa iiaeiuaiea iiaeao ia
niioaaonoaiaaoue eiioeaioeee ?acaeoey eiiiaiee-ieoaie. I?iua aiai?y,
aiciiaeiay ?ano?oeoo?ecaoeey iiaeao eaeoe a ?ac?ac n aa no?aoaaeae
aeayoaeueiinoe. Ai-aoi?uo, iaiaaeaea?u eiiiaiee iiaoo /a?ac nenoaio
caueoiuo ia? iuoaoueny caauceoue oeaio naiae eiiiaiee. E a-o?aoueeo, eae
i?aaeei, iiaeiuaiey a aieueoeinoaa neo/aaa i?aaenoaaeytho ?aaeueioth
oa?ico aeey aunoaai ?oeiaiaenoaa iiaeiuaaiie eiiiaiee iioa?e ?aai/eo
iano. A aeaiiii neo/aa caueoiua ia?u eniieuecothony eie i?inoi aeey
oiai, /oiau inoaiiaeoue iiaeiuathuoth eiiiaieth ethauie niiniaaie.
Enoiaey ec yoiai, i?iaaaeaiea aunoei ?oeiaiaenoaii eiiiaiee-ieoaie
eiiieaena caueoiuo ia? /anoi i?aaeiieaaaao ii?aaeaeaiiue eiioeeeo
eioa?ania iaaeaeo iei e aeoeeiia?aie eiiiaiee – aeaeaiea iaiaaeaea?ia
nio?aieoue naie iiceoeee a eiiiaiee ia?aaeei ia?ae?uaaao no?aieaiea
iiauneoue aeaaininoiyiea aeoeeiia?ia. Ai ecaaaeaiea iiaeiaiuo eiioeeeoia
eniieuecoaony iaoaieci “cieiouo ia?aothoia” (golden parachutes), eioi?ua
i?aaeiieaaatho ii?aaeaeaiiua iiiu?aiey (i?e/ai aeiaieueii cia/eoaeueiuo
?acia?ia) oi?aaeythuei eiiiaiee a neo/aa eo niauaiey n aeieaeiinoae a
?acoeueoaoa i?iaaaeaiiiai iiaeiuaiey.
Eoae, n?aaee iniiaiuo iaoiaeia caueou io a?aaeaeaaiuo iiaeiuaiee iiaeii
auaeaeeoue neaaeothuea.
Caueoiua ia?u, i?aaeoanoaothuea iiaeiuaieth
Iii?aaee a onoaaao – “Ioioaeaaiea aeoe” (Shark-repellent charter
amendments)
Nthaea iiaeii ioianoe ?acee/iua, aiineiua n niaeaney aeoeeiia?ia,
iii?aaee a onoaau eiiiaiee-ieoaiae, noaayuea, eae i?aaeei, ii?aaeaeaiiua
oneiaey aeey ia?aoiaea eiio?iey iaae ieie.
Iieiaeaiey ii ia?aeca?aieth niaaoa aee?aeoi?ia (Staggered board
amendment) – niaao aee?aeoi?ia aeaeeony ia o?e a?oiiu. Eaaeaeue aiae
oieueei iaeia a?oiia iiaeao auoue ia?aeca?aia, aneaaenoaea /aai
iiaeiuathuay eiiiaiey ia iiaeao iaiaaeeaiii onoaiiaeoue eiio?ieue iaae
eiiiaieae-ieoaiueth.
Iieiaeaiea i iaaei?eoa?iii aieueoeinoaa (Supermajority amendment) –
niaeanii yoie iii?aaea, aeey iaeia?aiey iiaeiuaiey o?aaoaony aunieee
i?ioeaio aieinia, iau/ii aei 80%.
Iii?aaea i ni?aaaaeeeaie oeaia (Fair price amendment) – iiaeiuaiea
?ac?aoaaony, anee ca ana aeoeee aoaeao caiea/aia ni?aaaaeeeaay oeaia,
eioi?ay ii?aaeaeyaony ii ii?aaeaeaiiie oi?ioea eee ioeaii/iui iooai.
Iii?aaea ia ia?aie/aiee i?aa aieina (Restricted voting rights amendment)
– aeoeeiia?u, aeaaeathuea nouanoaaiiie aeieae a eaieoaea eiiiaiee-ieoaie
(auoa ii?aaeaeaiiiai i?ioeaioa aeoeee), ia eiatho i?aaa aieina aac
niaoeeaeueiiai ?ac?aoaiey niaaoa aee?aeoi?ia.
Iieiaeaiea i ia?eiaea iaeeaeaiey (Waiting period amendment) –
iaaeaeaoaeueiua iieoiaoaee iiaoo caaa?oeoue iiaeiuaiea oieueei ii
enoa/aiee ii?aaeaeaiiiai ia?eiaea a?aiaie (eae i?aaeei, aei ianeieueeeo
eao).
“Io?aaeaiiua ieethee” (Poison pills)
Aeey nouanoaothueo aeoeeiia?ia eiiiaiee-ieoaie iiaeao auoue auiouai
iiaue eeann oeaiiuo aoiaa, iacuaaaiuo “io?aaeaiiuie ieetheyie”. Anee
iiaeiuathuae eiiiaieae i?iecaaaeaia iieoiea cia/eoaeueiiai iauaia aeoeee
eiiiaiee-ieoaie, oi oaeea aoiaae aeatho i?aai eo aeaaeaeueoeai ia
iieoieo aeiiieieoaeueiuo aeoeee eiiiaiee-ieoaie ii aeiaiai?iie oeaia.
Poison puts
I?aai, auiouaiiia aeey aea?aeaoaeae iaeeaaoeee eiiiaiee-ieoaie, ia
o?aaiaaiea aein?i/iiai iiaaoaiey iaeeaaoeee a neo/aa a?aaeaeaaiiai
iiaeiuaiey. Eae i?aaeei, yoi iaiineo neeueiue oaea? ii
ieaoaaeaniiniaiinoe iiaeiuathuae eiiiaiee i?e oii, /oi iia i?eaaaaao e
aeoeaiui caeinoaiaaieyi aeey inouanoaeaiey a?aaeaeaaiiai iiaeiuaiey.
Caueoiua ia?u, iineaaeothuea ca iiaeiuaieai
Noaeaaiua enee (Litigation)
Eiiiaiey iiaeao iiaeaoue ene a noae ii aeaeo i ia?ooaiey
aioeiiiiiieueiiai caeiiiaeaoaeuenoaa eee caeiiiaeaoaeuenoaa a iaeanoe
?uiea oeaiiuo aoiaa
?ano?oeoo?ecaoeey aeoeaia (Asset restructuring)
Iieoiea iaioaeiuo iiaeiuathuae eiiiaiee aeoeaia eee i?iaeaaea aeoeaia,
i?aaenoaaeythueo aeey iaa iniaoth oeaiiinoue.
?ano?oeoo?ecaoeey iaycaoaeuenoa (Liability restructuring)
I?iaeaaea aeoeee o?aoueae ae?oaeanoaaiiie noi?iia eee oaaee/aiea /enea
aeoeeiia?ia. Aueoi aeoeee o eiathueony aeoeeiia?ia n i?aieae.
Neaaeoao iniai auaeaeeoue ianeieueei i/aiue yooaeoeaiuo iaoiaeia caueou
io a?aaeaeaaiiai iiaeiuaiey, noiyueo iniaiyeii io i?eaaaeaiiie auoa
eeanneoeeaoeee.
“Caeaiay ii/oa” (Greenmail)
Aueoi aeoeee eiiiaiee-ieoaie n i?aieae ii ioiioaieth e ?uii/iie oeaia o
aeoeeiia?ia. Ca/anooth aueoi i?iecaiaeeony o naiie iiaeiuathuae
eiiiaieae.
Niaeaoaiea i aacaeaenoaee (Standstill agreement)
Aeia?iaieueiia niaeaoaiea n aeoeeiia?ii, o eioi?iai aueoiathony aeoeee,
i oii, /oi ii ia aoaeao i?eia?aoaoue aeoeee eiiiaiee-ieoaie a oa/aiea
ii?aaeaeaiiiai ia?eiaea a?aiaie.
Aueoi n ?u/aaii (Leverage buy-out)/Aueoi oi?aaeythueie (Management
buy-out)
Oaea ?anniio?aiiue auoa, yoio iaoaieci yaeyaony yooaeoeaiui iaoiaeii
caueou io a?aaeaeaaiiai iiaeiuaiey. Eiiiaiey, aueoieaiiay
iaiaaeaeiaioii, i?aaenoaaeyao ai?acaei iaiueoee eioa?an aeey
iiaeiuathuae eiiiaiee, iineieueeo aeiaeoueny niaeaoaiey n aeoeeiia?aie
oaea iaaiciiaeii – ana aeoeee nin?aaeioi/aiu a ?oeao aunoaai oi?aaeaiey.
E?iia oiai, iinea i?iaaaeaiey aueoia oi?aaeythueie eiiiaiey-ieoaiue
noaiiaeoueny ia?aiaiaiiie eeoieie aeieaiauie iaycaoaeuenoaaie, /oi
aeaeaao aa iaiaa i?eaeaeaoaeueiie.
Nithc n “aaeui ?uoea?ai” (White Knight)
*oiau caueoeoueny io a?aaeaeaaiiai iiaeiuaiey, eiiiaiey iiaeao neeoueny
n aieaa i?eaieaiui aeey ia?oia?ii (“aaeui ?uoea?ai”), /oi iiauneo
noieiinoue e onoie/eainoue eiiiaiee-ieoaie.
Iioeaaoeee e i?iaaaeaieth neeyiee e iiaeiuaiee
?anniio?aa ana iiiaeanoai ?acee/iuo oeiia neeyiee e iiaeiuaiee,
?acia?aaoenue a eo nooe, oaea iiaeii noi?ie?iaaoue iiaiea ii iiaiaeo
oiai, /oi aeaeaeao eiiiaieyie i?e niaa?oaiee naeaeie ii
neeyieyi/iiaeiuaieyi. A yoie aeaaa iiiuoaainy iaiaueoue ana neacaiiia
?aiaa e /aoei iaicia/eoue iniiaiua iioeau ?oeiaiaenoaa e aeoeeiia?ia
eiiiaiee e i?iaaaeaieth neeyiee e iiaeiuaiee.
Iniiaiui i?eioeeiii, eaaeauei a iniiaa oai?ee neeyiee, yaeyaony
neia?aaoe/aneee yooaeo io neeyiey. Noieiinoue eiiiaiee, ia?aciaaiiie a
?acoeueoaoa neeyiey, i?aauoaao noiio noieiinoae aa ninoaaeythueo /anoae,
o.a. 2+2 =5.
Iai?eia?, anee eiiiaiey A neeaaaony n eiiiaieae A, oi a oi?ioeueiii
au?aaeaiee yoi auaeyaeeo neaaeothuei ia?acii:
V (AB) > V(A) + V(B)
aaea V(AB) – noieiinoue iauaaeeiaiiie eiiiaiee, ia?aciaaaoaeny a
?acoeueoaoa neeyiey eiiiaiee A e A;
V(A) – noieiinoue eiiiaiee A;
V(B) – noieiinoue eiiiaiee A.
Oaeei ia?acii, nooue neia?aaoe/aneiai yooaeoa caeeth/aaony a oii, /oi
neeyiea aeaoo eiiiaiee ii?iaeaeaao aeiiieieoaeueioth noieiinoue
iauaaeeiaiiie eiiiaiee. Ca n/ao /aai aea i?ienoiaeeo oaaee/aiea
noieiinoe iauaaeeiaiiie eiiiaiee? I/aaeaeii, /oi enoi/ieee oaaee/aiey
noieiinoe oi?ie?otho ii?aaeaeaiioth auaiaeo aeey o/anoieeia naeaeee
neeyiey/iiaeiuaiey, eioi?ay e yaeyaony iniiaiui iioeae?othuei oaeoi?ii e
i?iaaaeaieth neeyiee e iiaeiuaiee.
Enoi/ieee nicaeaiey aeiiieieoaeueiie noieiinoe.
Yeiiiiey io ianooaaa
Iauaaeeiythueany eiiiaiee iaeaaeatho ?yaeii noiaeeo ooieoeeiiaeueiuo
iiae?acaeaeaiee, oaeeo, eae aooaaeoa?ey, oi?aaeaiea oeiainiaiai
eiio?iey, ia?eaoeiaiaia oi?aaeaiea, ?aeeaiiua, enneaaeiaaoaeueneea e
nauoiaua iiae?acaeaeaiey e o.ae. Aeoaee?iaaiea ooieoeee iiaeii
ecaaaeaoue, nicaeaa aaeeiua oeaio?aeeciaaiiua oi?aaeaiey iioeiaeueiiai
?acia?a aianoi iau/iiai iauaaeeiaiey oaea eiathueony a iaee/ee o
iauaaeeiythueony eiiiaiee, /oi i?eaaaeao e cia/eoaeueiiio nieaeaieth
cao?ao ia eo niaea?aeaiea. E?iia oiai, /oi ia iaiaa aaaeii, yeiiiiey io
ianooaaa icia/aao aiciiaeiinoue i?iecaiaeeoue aieueoea iauaiu
i?iaeoeoeee i?e oao i?iecaiaenoaaiiuo iiuiinoyo. Ae?oaeie neiaaie,
i?ienoiaeeo nieaeaiea oaeaeueiiai aana iinoiyiiuo cao?ao a naaanoieiinoe
i?iecaiaeeiie iauaaeeiaiiie eiiiaieae i?iaeoeoeee. ?acoiaaony, yooaeo
yeiiiiee io ianooaaa iiaeao iaaethaeaoueny i?e ai?eciioaeueiuo e eiiaaea
i?e eiiaeiia?aoiuo neeyieyo, eiaaea eaeao ?a/ue ia iauaaeeiaiee
iaeeiaeiauo eee ?iaenoaaiiuo aeaeia aeciana
Ii i?e eaaeouaeny noieue i/aaeaeiie i?inoioa eniieueciaaiey yooaeoa
yeiiiiee io ianooaaa ia i?aeoeea neeyiey, oai ia iaiaa, ii?iaeaeatho
iiiaeanoai i?iaeai, naycaiiuo n aiciiaeiinoueth eioaa?aoeee aeaoo
eiiiaiee e, niioaaonoaaiii, eo aeoaee?othueony iiae?acaeaeaiee a iaeii
oeaeia. Ca/anooth iauaaeeieaoeany eiiiaiee iinea neeyiey i?iaeieaeatho
ooieoeeiie?iaaoue eae aeaa ioaeaeueiua iacaaeneiua aaeeieoeu, /oi
naiaeeo ia iao yooaeo eniieueciaaiey yeiiiiee io ianooaaa.
2. Yeiiiiey io aa?oeeaeueiie eioaa?aoeee
Aa?oeeaeueiua neeyiey oaeaea noeyo ii?aaeaeaiiua auaiaeu
iauaaeeiythueiny eiiiaieyi. A /anoiinoe, i/aiue aaaeiui enoi/ieeii
nicaeaiey aeiiieieoaeueiie noieiinoe i?e aa?oeeaeueiii neeyiee eiiiaiee
yaeyaony yeiiiiey io aa?oeeaeueiie eioaa?aoeee. Eae oaea auei
?anniio?aii auoa, nooue aa caeeth/aaony a oii, /oi aa?oeeaeueii
eioaa?e?iaaiiua eiiiaiee cia/eoaeueii yeiiiiyo ia o?ainaeoeeiiiuo
ecaea?aeeao. Iai?eia?, ca n/ao oiai, /oi i?iiaaeooi/iue i?iaeoeo aioo?e
iauaaeeiaiiie eiiiaiee ia?aaeaaony io iaeiiai caaia i?iecaiaenoaaiiiai
i?ioeanna e ae?oaiio aac eaeie-eeai iieaou eee ii ieieiaeueiie oeaia,
naaanoieiinoue eiia/iiai i?iaeoeoa cia/eoaeueii nieaeaaony.
Acaeiiaeiiieiythuea ?ano?nu
Oaeoi?, a /ai-oi noiaeee n i?aaeuaeouei.
Iniiaiay eaeay aai a oii, /oi ca/anooth iaeeay eiiiaiey, auioneathuay
oieeaeueioth, ia?niaeoeaioth i?iaeoeoeeth, ia eiaao aiciiaeiinoae
?aaeecaoeee naiaai iioaioeeaea e oniaoiiai i?iaeaeaeaiey ia ?uiea. A
yoii neo/aa iaeiei ec iaeaieaa yooaeoeaiuo ?aoaiee yaeyaony neeyiea n
aieaa e?oiiie eiiiaieae, iaeaaeathuae aeey yoiai anaie ?ano?naie. Oiaaea
eiiiaiee “iiiiaoo” ae?oa ae?oao ca n/ao oiai, /oi eaaeaeay ec ieo eiaao
oi, /aai ia oaaoaao ae?oaie. Oi anoue iioeaii aeey neeyiey aoaeao
iaee/ea o ieo acaeiiaeiiieiythueo ?ano?nia.
Iaeniieueciaaiiua eueaiou ii iaeiaiiaeiaeaieth
?a/ue eaeao i oii, /oi anee eaeay-eeai eiiiaiey, iaeaaeathuay
ii?aaeaeaiiuie iaeiaiauie eueaioaie, ii ia niiniaiay eniieueciaaoue eo
aneaaenoaea ionoonoaey i?eauee, iauaaeeiyaony n ae?oaie eiiiaieae,
noaaeeueii iieo/athuae aeinoaoi/ii aieueoea iauaiu i?eauee, oi o
iauaaeeiaiiie eiiiaiee iiyaeyaony aiciiaeiinoue yooaeoeaiiai
eniieueciaaiey yoeo iaeiaiauo eueaio.
Nouanoaoao oaeaea oeaeue ?yae i?e/ei, iiaoaeaeathueo eiiiaiee e
i?iaaaeaieth neeyiee/iiaeiuaiee, ii ia nicaeathueo aeiiieieoaeueiie
noieiinoe.
Eceeoiea iauaiu naiaiaeiuo aeaiaaeiuo n?aaenoa
Aiciiaeia neooaoeey, eiaaea noaaeeueiay, ?acaeoay eiiiaiey aaia?e?oao
iinoiyiiua, cia/eoaeueiua iauaiu /enoie i?eauee, ii a neeo eaeeo-eeai
i?e/ei ia eiaao iiaeoiaeyueo aiciiaeiinoae aeey aa eiaanoe?iaaiey.
Iieeoeea iaiaaeaeiaioa iiaeao ia i?aaeiieaaaoue auieaoo aieueoeo
aeeaeaeaiaeia, oiaaea nicaeathony ana i?aaeiinueee aeey inouanoaeaiey
oeiainiauo aeiaeaiee /a?ac i?iaaaeaiea neeyiey eee iiaeiuaiey. Iaeioi?ua
eiiiaiee aiiaua i?aeoe/anee ia eiaanoe?otho eiathuothny o ieo /enooth
i?eaueue. A yoii neo/aa iie naie noaiiayony eaeiiie aeiau/ae aeey
iiaeiuaiey ae?oaie eiiiaieae.
Ono?aiaiea iayooaeoeaiiai oi?aaeaiey
Nouanoaoao eiie aa?eaio, eiaaea iioaioeeaeueiui iauaeoii iiaeiuaiey
noaiiaeony eiiiaiey, aaea aneaaenoaea iaa?aiioiiai oi?aaeaiey eiathony
iaeniieueciaaiiua aiciiaeiinoe nie?auaiey ecaea?aeae i?iecaiaenoaa, a
oaeaea iiauoaiey o?iaiy i?iaeaae e o?iaiy ?aioaaaeueiinoe. Oiaaea
iiaeiuathuay eiiiaiey noaaeo oeaeueth iieioth caiaio nouanoaothuae
nenoaiu oi?aaeaiey n ecaea/aieai ec yoiai anao aiciiaeiuo auaiae. A
aeaiiii neo/aa iiaeiuaiea eniieuecoaony eae yooaeoeaiue eino?oiaio
caiaiu noa?ie eiiaiaeu oi?aaeythueo iiaie.
Aeeaa?neoeeaoeey
Aeeaa?neoeeaoeey yaeyaony i/aiue iiuiui noeioee?othuei oaeoi?ii e
i?iaaaeaieth neeyiey/iiaeiuaiey. Iniaaiii yoi ioiineony e eiiaeiia?aoiui
neeyieyi, aaea iauaaeeiaiea eiiiaiee ec ianaycaiiuo io?aneae
niinianoaoao nieaeaieth eie ?enea aaie?ionoaa io ?aceiai oooaeoaiey
yeiiiie/aneie neooaoeee a eaeie-eeai io?anee eee ?aaeiia, aiacaiiiai
cia/eoaeueiiai nieaeaiey ni?ina ia eaeii-eeai naaiaioa ?uiea e o.ae.
Iaeiaei i?e anae aaniiinoe yoiai oaeoi?a a i?eiyoee ?aoaiey i
i?iaaaeaiee neeyiey/iiaeiuaiey ii ia niinianoaoao oaaee/aieth noieiinoe
iauaaeeiaiiie eiiiaiee. Iaei oiai, ca/anooth ?uii/iay noieiinoue
aeeaa?neoeoee?iaaiiuo eiiiaiee ieaea, /ai noieiinoue
iaaeeaa?neoeoee?iaaiiuo. Iai?eia?, eiiiaiey Kaiser Industries ia?anoaea
naia nouanoaiaaiea a ea/anoaa oieaeeiaa a 1977 a. ec-ca oiai, /oi
neeueiay aeeaa?neoeeaoeey nieaeaea aa ?uii/ioth oeaio. Oieaeeia Kaiser
Industries aeaaeae aeoeeyie Kaiser Steel, Kaiser Aluminum e Kaiser
Cement. Ana iie auee iacaaeneiuie eiiiaieyie, e eo aeoeee eioe?iaaeenue
ia oiiaeiaie ae?aea. Oaeei ia?acii, iiaeii auei ioeaieoue noieiinoue
Kaiser Industries, eiay eioi?iaoeeth i oeaiao yoeo o?ao eiiiaiee.
Iaeiaei aeoeee Kaiser Industries i?iaeaaaeenue ni cia/eoaeueiie neeaeeie
ii n?aaiaieth n aa eiaanoeoeeyi a yoe eiiiaiee. Yoa neeaeea en/acea, eae
oieueei Kaiser Industries iauyaeea i ?ani?iaeaaea naieo eiaanoeoeee.
Iauyniaiea yoiio, aa?iyoiaa anaai, a oii, /oi aeeaa?neoeeaoeey eiiiaiee
i?aaenoaaeyao oeaiiinoue oieueei aeey iaa naiie. Aeey aa aeoeeiia?ia aea
eaeie-eeai oeaiiinoe aeeaa?neoeeaoeey ia eiaao e eo aeaaininoiyiey iia
ia iiauoaao, iiea o eiaanoi?ia nouanoaoao aiciiaeiinoue ia?niiaeueiie
aeeaa?neoeeaoeee nianoaaiiuo aeiaeaiee a aeoeee ?acee/iuo yieoaioia,
eioi?ay aoaeao iieiinoueth niioaaonoaiaaoue eo ee/iui eioa?anai.
Nieaeaiea oeaiu caaiiiai eaieoaea.
Aua iaeei iaiaeiaaaeiue noeioe e i?iaaaeaieth neeyiee e iiaeiuaiee,
eiathuee aeinoaoi/ii aieueoia cia/aiea aeey neeaathueony eiiiaiee, ii,
eae e i?aaeuaeouee, eiathuee aeinoaoi/ii iaiaeiicia/iue yooaeo.
Aai nooue a oii, /oi noieiinoue caeinoaiaaiee aeey eaaeaeie ec eiiiaiee
a ioaeaeueiinoe auoa, /ai eo noieiinoue aeey iauaaeeiaiiie eiiiaiee,
ia?aciaaiiie a ?acoeueoaoa neeyiey. Yoi iauyniyaony oai, /oi aei neeyiey
i?aaeinoaaeaiiua caeiu iaania/aiu aeoeaaie oieueei iaeiie oe?iu, a oi
a?aiy eae caeiu aeey iauaaeeiaiiie eiiiaiee iaania/aiu aeoeaaie n?aco
aeaoo oe?i. Oi anoue e?aaeeoi? a neo/aa iaiiaaoaiey naieo iaycaoaeuenoa
iaeiie ec neeaoeony eiiiaiee anaaaea iiaeao ?ann/eouaaoue ia eo
iiaaoaiea aoi?ie eiiiaieae. A ?acoeueoaoa caeiu aeey iauaaeeiaiiie
eiiiaiee aoaeoo noieoue aeaoaaea.
Iaeiaei e caeanue anoue naiy iai?ioiay noi?iia. Aeoeeiia?u eaaeaeie ec
iauaaeeieaoeony eiiiaiee aieae-iaaieae auioaeaeaiu aa?aioe?iaaoue
aica?aoiinoue caeiia naiaai ia?oia?a ii neeyieth, aea?oaoy naieie
aeeaeaeaiaeaie e ie/aai ia iieo/ay acaiai. Oi anoue eo aeaaininoiyiea ia
oaaee/eaaaony, a, nei?aa, iaiai?io, oiaiueoaaony. Eiaiii yoi
i?ioeai?a/ea yaeyaony i?e/eiie oiai, /oi aeaiiue oaeoi? ia oaaee/eaaao
noieiinoue eiiiaiee.
Iaeiia?aiaiii n neia?aaoe/aneei yooaeoii aeayoaeueiinoue ii neeyieyi e
iiaeiuaieyi nii?iaiaeaeaaony yooaeoii ia?aoiiai neia?aecia, eioi?ue
eiaao ianoi i?e i?iaeaaea iiae?acaeaeaiee eee aei/a?ieo eiiiaiee
(aeeaanoe?iaaiee): 4 – 2 = 3
Aai nooue caeeth/aaony a oii, /oi aeey i?eia?aoathuae a aeaiiii neo/aa
eiiiaiee yenieoaoaoeey eoieaiiiai iauaeoa iiaeao auoue ai?acaei aieaa
oeaeaniia?aciie, /ai aeey i?iaeathuae. A eoiaa i?eia?aoathuay eiiiaiey
aioiaa caieaoeoue ca iauaeo aieueoa, /ai aai ioeaieaaao i?iaeathuay
eiiiaiey.
Ioeaiea yooaeoeaiinoe neeyiee e iiaeiuaiee
Aua ?ac iaiiiiei iniiaiie i?eioeei, eaaeauee a iniiaa oai?ee neeyiee.
Neeyiey aoaeoo yooaeoeaiuie oieueei a oii neo/aa, anee a ?acoeueoaoa eo
i?iaaaeaiey oaaee/eaaaony aeaaininoiyiea aeoeeiia?ia, aeinoeaathony
ii?aaeaeaiiua eiieo?aioiua i?aeiouanoaa. Eae aea iiaeii ioeaieoue, /oi
aeeyao ia yooaeoeaiinoue neeyiee, a eaeeo neo/ayo aeoeeiia?u
neeaathueony eiiiaiee ia naiii aeaea noaioo “aiaa/a”, a a eaeeo eo
eioa?anu aoaeoo ouaieaiu? Ia /oi iaiaoiaeeii i?eaioe?iaaoueny, i?eieiay
?aoaiea i i?iaaaeaiee neeyiey/iiaeiuaiey n oai, /oiau ecaea/ue ec
naeaeee auaiaeo, a ia iiianoe oauoee?
Aeey ia/aea iaiaoiaeeii ioiaoeoue, /oi eieoeeaoi?ii naeaeee, eae i?aaeei
(e /oi aiieia eiae/ii e i/aaeaeii), yaeyaony aieaa e?oiiay eiiiaiey.
Aeiionoei oaeiaie yaeyaony eiiiaiey A, iauyaeaoay i naiai iaia?aiee
i?iaaaeaiey neeyiey n eiiiaieae A.
Eae oaea auei neacaii a ia/aea ?aaiou, i?e i?iaaaeaiee naeaeie
neeyiey/iiaeiuaiey aeoeee i?eia?aoaaiie eiiiaiee aueoiathony o aa
aeoeeiia?ia e ia?anoatho ia?auaoueny ia ?uiea. Aianoi ieo ia?auathony
aeoeee oaea iauaaeeiaiiie eiiiaiee, eioi?ua yaeythony oaie aea aeoeeyie
i?eia?aoathuae eiiiaiee (eiiiaiee A) iinea i?iaaaeaiey ath
aeiiieieoaeueiie yiennee. ?acieoea iaaeaeo neeyieyie e iiaeiuaieyie a
oii, /oi i?e neeyieyo aeoeeiia?u i?eia?aoaaiie eiiiaiee (eiiiaiee A)
noaiiayony aeaaeaeueoeaie aeoeee oaea iauaaeeiaiiie eiiiaiee, ia?yaeo n
aeoeeiia?aie eiiiaiee A. I?e yoii aueoi aeoeee /aua anaai i?eieiaao
oi?io iaiaia aeoeeyie a ii?aaeaeaiiie i?iii?oeee (iai?eia? eaaeaeoth
aeoeeth eiiiaiee A aa aeoeeiia?u iiaoo iaiaiyoue ia 0,7 aeoeee eiiiaiee
A)
I?e iiaeiuaieyo eaeiai-eeai o/anoey a eaieoaea iauaaeeiaiiie eiiiaiee
aeoeeiia?u eiiiaiee A iie ia eiatho. Eo aeoeee i?inoi aueoiathony
eiiiaieae A ia aeiaiai?iie iniiaa.
I/aaeaeai oio oaeo, /oi aeey oiai, /oiau caeioa?aniaaoue aeoeeiia?ia
i?eia?aoaaiie eiiiaiee A a niaa?oaiee naeaeee, eiiiaiee A iaiaoiaeeii
iaania/eoue oaeea oneiaey, i?e eioi?uo aeoeeiia?u eiiiaiee A aoaeoo
eiaoue ii?aaeaeaiiue aeioiae. N yoie oeaeueth eiiiaiey A iieoiaao o
aeoeeiia?ia A eo aeoeee ii oeaia, i?aauoathuae oaeouoth ?uii/ioth
noieiinoue. I?e yoii aaee/eia i?aiee ca/anooth i?aaenoaaeyao niaie
aeiaieueii aieueooth aaee/eio.
Eae oaea auei ?anniio?aii ?aiaa, auaiaea io naeaeee aeey eiiiaiee A,
eioi?ay a oi aea a?aiy aoaeao auaiaeie aeey eiiiaiee A, oi anoue
niaieoiiay auaiaea aeey iaaeo noi?ii io i?iaaaeaiey neeyiey aoaeao ?aaia
i?aauoaieth aeaenoaeoaeueiie oaeouae noieiinoe (PV) iauaaeeiaiiie
eiiiaiee AA iaae noiiie oaeoueo noieiinoae eiiiaiee A e A ioaeaeueii
acyouo:
Iauay auaiaea io neeyiey = PVAA – (PVA + PVA)
Iaeiaei iaiaoiaeeii o/eouaaoue, /oi i?e?ino noieiinoe iineo iaeee
aano?aeoiue oa?aeoa? – ii aoaeao eiaoue ianoi oieueei a aoaeouai, iinea
oiai eae iauaaeeiaiiua eiiiaiee i?ieaeoo yoai eioaa?aoeee e
aeayoaeueiinoue iiaie eiiiaiee aoaeao iineoue noaaeeueiue oa?aeoa?, a
iiiaio aea neeyiey ieeaeiai i?e?inoa noieiinoe iauaaeeiaiiie eiiiaiee
auoue ia iiaeao.
Iauay auaiaea ?ani?aaeaeyaony iaaeaeo eiiiaieyie A e A. I?e/ai, auaiaea
iaeiie ec noi?ii yaeyaony ecaea?aeeaie ae?oaie.
Aeey eiiiaiee A ecaea?aeeaie aoaeao yaeyoueny i?aauoaiea oeaiu iieoiee
eiiiaiee A iaae aa aeaenoaeoaeueiie oaeouae noieiinoueth PV.
Niioaaonoaaiii, yoi i?aauoaiea a naith i/a?aaeue yaeyaony auaiaeie aeey
eiiiaiee A.
Ecaea?aeee eiiiaiee A (auaiaea eiiiaiee A) = Oeaia iieoiee – PVA
Oi anoue, ianeieueei aieueoa eiiiaiey A ieaoeo, /ai iieo/aao, e yaeyaony
aa ecaea?aeeaie. Inoaiiaeiny ia ecaea?aeeao iiiiae?iaiaa.
Iu ciaai, /oi aeoeeiia?u eiiiaiee A i?e neeyiee iieo/atho ii?aaeaeaiioth
i?aieth naa?o ?uii/iie oeaiu iaeaaeaaiuo eie aeoeee. ?uii/iay oeaia (MV)
eiiiaiee A anaaaea ioee/aaony io aa aeaenoaeoaeueiie oaeouae noieiinoe
(PV). Iiyoiio, /oiau o/anoue i?aieth aeoeeiia?ai eiiiaiee A, iu
i?aia?acoai enoiaeioth oi?ioeo:
Ecaea?aeee eiiiaiee A (auaiaea eiiiaiee A) =
(Oeaia iieoiee – MVA) + (MVA-PVA)
Oaeei ia?acii, ecaea?aeeaie eiiiaiee A aoaeao yaeyoueny noiia i?aiee,
oiea/eaaaiie aeoeeiia?ai eiiiaiee A, e ?acieoeu iaaeaeo ?uii/iie e
aeaenoaeoaeueiie oaeouae noieiinoyie eiiiaiee A.
?anniio?ei yoi ia i?eia?a. Ionoue ?uii/iay noieiinoue eiiiaiee A – $9
000 000, a aeaenoaeoaeueiay oaeouay noieiinoue, ?ann/eoaiiay ia iniiaa
aeeneiioe?iaaiiuo aeaiaaeiuo iioieia – $6 000 000.
Oiaaea ecaea?aeee ia i?iaaaeaiey neeyiey aeey eiiiaiee A ninoaayo (9 000
000 – 7 000 000) + (7 000 000 – 6 000 000) = $3 000 000.
Eioa?anii, /oi anee ?uii/iay noieiinoue eiiiaiee ieaea aa
aeaenoaeoaeueiie, oi anoue eiaao ianoi iaaeiioeaiaiea ?uieii
aeaenoaeoaeueiie noieiinoe eiiiaie, oi i?eia?aoathuay eiiiaiey iiaeao
cia/eoaeueii nyeiiiieoue ia ?anoiaeao. Iai?eia?, ionoue oeaia iieoiee
iiyoue aea $ 9 000 000, ?uii/iay noieiinoue eiiiaiee A – $7 000 000, a
aeaenoaeoaeueiay aa noieiinoue – oaea $8 000 000. Ecaea?aeee eiiiaiee A
aoaeoo ?aaiu (9 000 000 – 7 000 000) + (7 000 000 – 8 000 000) = $1 000
000
Yoio oaeoi? aeaeaao iaaeiioeaiaiiua eiiiaiee i/aiue i?eaeaeaoaeueiui
iauaeoii aeey neeyiey/iiaeiuaiey.
Ana yoi ioiineony, iaeiaei, e iiaeiuaieyi, aaea i?aie?iaaiea aeoeeiia?ia
i?eia?aoaaiie eiiiaiee A inouanoaeyaony a aeaiaaeiie oi?ia.
I?e i?iaaaeaiee iaiin?aaenoaaiii neeyiee, aaea inouanoaeyaony caiaia
aeoeee, oi anoue eiaaea aeoeeiia?u eiiiaiee A iieo/atho acaiai naieo
aeoeee aeoeee eiiiaiee A enoiaey ec ii?aaeaeaiiie i?iii?oeee, iaaei
o/eouaaoue aua oaeie oaeoi?, eae noieiinoue aeoeee eiiiaiee A ia iiiaio
i?iaaaeaiey neeyiey. A caaeneiinoe io oiai, iiauoaaony eee iiieaeaaony
?uii/iay oeaia aeoeee n iiiaioa iauyaeaiey i neeyiee aei
iaiin?aaenoaaiiiai inouanoaeaiey naeaeee, ecaea?aeee eiiiaiee A iiaoo
niioaaonoaaiii oaaee/eaaoueny eee oiaiueoaoueny, aaaeue anee aeoeee
eiiiaiee A aei?iaeatho, oi aeoeeiia?u eiiiaiee A iieo/atho aieueooth
noieiinoue i?e caiaia aeoeee, e iaiai?io.
Inoaaoayny /anoue iauae auaiaeu, oi anoue ?acieoea iaaeaeo iauae
auaiaeie e ecaea?aeeaie eiiiaiee A, e aoaeao ninoaaeyoue /enooth auaiaeo
aeoeeiia?ia eiiiaiee A (iaeiia?aiaiii yoi ecaea?aeee eiiiaiee A). Oi
anoue
*enoay auaiaea eiiiaiee A = PVAA – (PVA – PVA) – (Oeaia iieoiee – PVA)
Eiae/ii, /oi naeaeea ii neeyieth/iiaeiuaieth iiaeao n/eoaoueny
yooaeoeaiie, anee auaiaea, eioi?oth iieo/aao eiiiaiey, i?aauoaao
ecaea?aeee, oi anoue, anee /enoay auaiaea aeey eaaeaeie ec noi?ii aoaeao
yaeyoueny aaee/eiie iieiaeeoaeueiie.
A naaoa anaai neacaiiiai iaiaoiaeeii ?anniio?aoue, eae oiiaeiaue ?uiie
?aaae?oao ia ecaanoea i i?iaaaeaiee neeyiey.
Iiiai/eneaiiua yiie?e/aneea enneaaeiaaiey, i?iaaaeaiiua a ioiioaiee
?aaeoeee oiiaeiaiai ?uiea ia iauyaeaiey i i?iaiaeyueony neeyieyo e aai
aeaeueiaeoaai iiaaaeaiey, iicaieytho naeaeaoue aeinoaoi/ii eioa?aniua
auaiaeu.
Enneaaeiaaiey iieacaee, /oi oeaiu ia aeoeee i?eia?aoathuae e
i?eia?aoaaiie eiiiaiee aaaeoo naay ii-?aciiio.
Aeoeee i?eia?aoaaiie eiiiaiee ia/eiatho ?anoe a oeaia n?aco iinea
iauyaeaiey eiiiaieyie iaia?aiey i i?iaaaeaiee neeyiey. I?e/eia yoiio
aiieia iauynieia – aeoeeiia?u i?aauaatho a iaeeaeaiee iieo/aiey
cia/eoaeueiie i?aiee e oaeouae ?uii/iie oeaia iaeaaeaaiuo eie aeoeee ni
noi?iiu i?eia?aoathuae eiiiaiee. Aeoeee i?eia?aoaaiie eiiiaiee ia/eiatho
aei?iaeaoue, e, eae oieueei ioeoeeaeueii noaiao ecaanoii i oeaia, ii
eioi?ie aoaeao i?iecaiaeeoueny iieoiea aeoeee, eo ?uii/iay oeaia
aieioioth iiaeoiaeeo e oeaia iieoiee.
Anee aiai?eoue i iiaaaeaiee oeaiu aeoeee i?eia?aoathuae eiiiaiee, oi
noieue i/aaeaeiiai aa ?inoa ia iaaethaeaaony. A aieueoeinoaa neo/aaa
anee e iaaethaeaaony eaeie-eeai ?ino, oi nianai iacia/eoaeueiue. I?e/ai
iaeioi?ua enneaaeiaaoaee oiiaeiaiai ?uiea auneacuaatho iiaiea, /oi
iaeaoaiea iaia?aiey i i?iaaaeaiee neeyiey iiaeao aucaaoue aeaaea
iaaeaiea oeai aeoeee i?eia?aoathuae eiiiaiee. Iaeiicia/iue ioaao, ii/aio
yoi i?ienoiaeeo, aeaoue aeiaieueii neiaeii. Ii, nei?aa anaai, oaeei
ia?acii aeoeeiia?u i?eia?aoathuae eiiiaiee au?aaeatho naia iaaaoeaiia
ioiioaiea e oiio oaeoo, /oi iia o?aoeo aieueoea aeaiueae ia
i?aaeinoaaeaiea aeaeaei ia iaeaiueeie i?aiee aeoeeiia?ai i?eia?aoaaiie
eiiiaiee, aianoi oiai, /oiau iai?aaeoue eo ia auieaoo aeeaeaeaiaeia eee
ia ?acaeoea i?iecaiaenoaa. Anee oeaiu aiiaua iaaeatho, oi yoi icia/aao,
/oi aeoeeiia?u n/eoatho aaee/eio i?aiee neeoeii caauoaiiie.
A?aoe/anee iiaaaeaiea oeai ia ?uiea iiaeii a?oai i?aaenoaaeoue a
neaaeothuai aeaea.
Oaeei ia?acii, anee aeoeeiia?u i?eia?aoaaiie eiiiaiee auaiaeo io neeyiey
eiatho oaea i?e iauyaeaiee i neeyiee, oi aeey aeoeeiia?ia i?eia?aoathuae
eiiiaiee auaiaea iineo, nei?aa, aeieain?i/iue oa?aeoa?. Eo aeiey a iauae
auaiaea io neeyiey aa?iaony e iei, eiaaea iauaaeeiaiiay eiiiaiey ia/iao
naia ooieoeeiie?iaaiea e eiaaea neia?aaoe/aneee yooaeo ia/iao
aeaenoaiaaoue, niinianoaoy aaia?e?iaaieth noaaeeueii aunieeo aeaiaaeiuo
iioieia. Oieueei oiaaea, eiaaea iie aoaeoo oaa?aiu a yoii, eiaaea o ieo
iiyaeony iaaeaaeaea ia iieo/aiea aunieeo aeeaeaeaiaeia, ?uii/iay oeaia
iauaaeeiaiiie eiiiaiee ia/iao ?anoe, niinianoaoy oaaee/aieth
aeaaininoiyiey aeoeeiia?ia i?eia?aoathuae eiiiaiee.
Ae?oaeie neiaaie, aeaaininoiyiea aeoeeiia?ia i?eia?aoaaiie eiiiaiee
aoaeao oaaee/eaaoueny i?aeoe/anee ai anao neo/ayo, a oi a?aiy eae
“aiaaonoai” aeoeeiia?ia i?eia?aoathuae eiiiaiee aoaeao ?anoe oieueei i?e
oneiaee oeo/oaiey oeiainiauo iieacaoaeae aeayoaeueiinoe iauaaeeiaiiie
eiiiaiee, /oi aeieaeii yaeyoueny noeioeii aeey aunoaai ?oeiaiaenoaa
eiiiaiee. A yoie nayce ?oeiaiaenoai eiiiaiee ia aeieaeii oaeaeaoueny
iieo/aieai aunieie i?eauee a e?aoein?i/iii ia?eiaea a oua?a
aeieain?i/iie yooaeoeaiinoe ooieoeeiie?iaaiey eiiiaiee.
Caeanue auei au iieaciui i?eaanoe i?eia?, iienuaathuee oae iacuaaaiue
yooaeo “noa?oiaiai caionea” (bootstrap effect).
Ionoue iu iaeaaeaai neaaeothuae eioi?iaoeeae i eiiiaieyo (eiiiaiey A –
i?eia?aoathuay, eiiiaiey A – i?eia?aoaaiay).
Eiiiaiey A Eiiiaiey A
Oaeouay i?eaueue, aeiee. 20 000 000 5 000 000
Eiee/anoai aeoeee 5 000 000 2 000 000
I?eaueue ia aeoeeth, aeiee. 4,00 2,50
Oeaia iaeiie aeoeee, aeiee. 64,00 30,00
Ioiioaiea oeaiu iaeiie aeoeee e i?eauee ia aeoeeth (P/E ratio) 16 12
Aeiionoei, aeoeeiia?u eiiiaiee A niaeaneeenue iieoe ia neeyiea i?e oii,
/oi eiiiaiey A aioiaa ieaoeoue 35 aeiee. ca eaaeaeoth aeoeeth (/oi
i?aauoaao ia 5 aeiee. oaeouoth ?uii/ioth noieiinoue aeoeee eiiiaiee A).
Oiaaea iaiiaia niioiioaiea ninoaaeo 35 aeiee./64 aeiee. = 0,547 aeoeee
eiiiaiee A ca 1 aeoeeth eiiiaiee A. Eiiiaiey A aueoiaao aeoeee eiiiaiee
A iieiinoueth. Aeey iaania/aiey aeoeeiia?ia eiiiaiee A eo aeieae a
eaieoaea iauaaeeiaiiie eiiiaiee AA eiiiaiee A iaiaoiaeeii i?iaanoe
aeiiieieoaeueioth yienneth a iauaia (2 000 000 aeoeee eiiiaiee A) *
(0,547) = 1 093 750 aeoeee.
Oeiainiaua iieacaoaee iauaaeeiaiiie eiiiaiee AA aoaeoo auaeyaeaoue
neaaeothuei ia?acii.
Eiiiaiey AA
Oaeouay i?eaueue, aeiee. 25 000 000
Eiee/anoai aeoeee 6 093 750
I?eaueue ia aeoeeth, aeiee. 4,10
Oeaia iaeiie aeoeee, aeiee. 64,00
Ioiioaiea oeaiu iaeiie aeoeee e i?eauee ia aeoeeth (P/E ratio) 15,6
Ii anai i?aaeeai neeyiea ia i?eiineo yeiiiie/aneeo auaiae naiei
eiiiaieyi iaiin?aaenoaaiii i?e niaa?oaiee naeaeee. Oi anoue a
e?aoein?i/iii ia?eiaea a?aiaie aeaa eiiiaiee aeieaeiu noieoue ?iaii
noieueei aea, neieueei e ii ioaeaeueiinoe, e i?eiineoue aianoa oaeie aea
iauai i?eauee, eae e ii ioaeaeueiinoe. Iaeiaei iu aeaeei, /oi
iieacaoaeue i?eauee ia iaeio aeoeeth oaaee/eeny ia 0,1 aeiee. Nooue
“yooaeoa noa?oiaiai caionea” eae ?ac e caeeth/aaony a oii, /oi
iaaethaeaaony oaaee/aiea i?eauee, i?eoiaeyuaeny ia iaeio aeoeeth, aac
eaeeo au oi ie auei ?aaeueiuo i?e/ei, eanathueony iaiin?aaenoaaiii
oeo/oaiey oeiainiauo iieacaoaeae aeayoaeueiinoe iauaaeeiaiiie eiiiaiee.
Ca n/ao /aai yoi i?ienoiaeeo? Yoi aucaaii oai, /oi eiyooeoeeaio P/E
ratio (ioiioaiea oeaiu aeoeee e i?eauee ia iaeio aeoeeth) i?eia?aoathuae
eiiiaiee i?aauoaao aiaeiae/iue iieacaoaeue i?eia?aoaaiie eiiiaiee. A
iaoai neo/aa o eiiiaiee A yoio iieacaoaeue ?aaai 64 aeiee./4 aeiee. =
16, a eiiiaiee A – 35 aeiee. (oeaia, iacia/aiiay eiiiaieae A)/ 2,5
aeiee. = 14. Iaaethaeaaony i/aiue eioa?aniue yooaeo: iiea iieacaoaeueP/E
ratio i?eia?aoathuae eiiiaiee i?aauoaao ?/A i?eia?aoaaiie eiiiaiee eiaao
ianoi ie/ai ia iaoneiaeaiiie iiauoaiea iieacaoaey i?eauee ia iaeio
aeoeeth, eiathuaa eeoue iaoaiaoe/aneoth i?e?iaeo naiaai aicieeiiaaiea.
Eae oieueei iieacaoaeue ?/A i?eia?aoathuae eiiiaiee noaiiaeony ieaea,
/ai o i?eia?aoaaiie, aeaiiue yooaeo i?anoaao aeaenoaiaaoue. Iai?eia?,
anee eiiiaiey A aueoiaao aeoeee eiiiaiee A ii 45 aeiee., oi iaiiaia
niioiioaiea ninoaaeo 45 aeiee./64 aeiee. = 0,703. Neaaeiaaoaeueii,
iaiaoiaeeii i?iaanoe aeiiieieoaeueioth yienneth a ?acia?a 2 000 000 * 0,
703 = 1 406 000 aeoeee. Oiaaea iu eiaai:
Eiiiaiey AA
Oaeouay i?eaueue, aeiee. 25 000 000
Eiee/anoai aeoeee 6 406 000
I?eaueue ia aeoeeth, aeiee. 3,90
Oeaia iaeiie aeoeee, aeiee. 64,00
Ioiioaiea oeaiu iaeiie aeoeee e i?eauee ia aeoeeth (P/E ratio) 16,4
Aeaeii, /oi iieacaoaeue i?eauee ia aeoeeth oiaiueoeeny ia 0,1 aeiee.
oaeaea aac eaeeo-eeai ?aaeueiuo ia oi i?e/ei.
Oaeei ia?acii, i?e ii?aaeaeaiiii niioiioaiee oeiainiauo iieacaoaeae, a
eiaiii i?e iieoiea aieaa i?eaueueiie e aieaa “aei?iainoiyuae” eiiiaieae
“ionoathuae” e iaia?niaeoeaiie eiiiaiee, iiaeii aeiaeoueny
eneonnoaaiiiai iiauoaiey i?eaueueiinoe aeoeee iauaaeeiaiiie eiiiaiee.
Aeaiiue yooaeo aaiaeeo aeoeeiia?ia a caaeoaeaeaiea, canoaaeyy eo
iiaa?eoue a oi, /oi yooaeoeaiinoue aeayoaeueiinoe eiiiaiee iiauneeanue,
/oi niinianoaoao eiaeiiio iiauoaieth ?uii/iuo oeai ia aeoeee eiiiaiee e,
a naith i/a?aaeue, iicaieyao aea?aeaoue iieacaoaeue ?/A ia ii?aaeaeaiiii
o?iaia. Oae eiiiaiey iiaeao i?iaeieaeaoue inouanoaeyoue neeyiey,
aeaiiino?e?oy aeoeeiia?ai onoie/eaue ?ino i?eauee, i?eoiaeyuaeny ia
iaeio aeoeeth (aieia iiaeiaiiai ?iaea neeyiee eiaea ianoi a 60-a aiaeu).
Iaeiaei yoio ?ino aoaeao eeoue ?inoii e?aoein?i/iiai oa?aeoa?a, a
aeieain?i/iie aea ia?niaeoeaa iiaeiaiua neeyiey ni “neaauie” eiiiaieyie
iiaoo i?eaanoe e oauoi/iiio aeciano, nieaeaieth iieacaoaey ?/A e ae?oaei
iaaeaaii?eyoiui iineaaenoaeyi. E iiyoiio noieo oieueei aaaeouae naay
iiaeiaiui ia?acii eiiiaiee-caoaao/eeo i?ae?aoeoue inouanoaeyoue neeyiey,
eae aanue yoio ea?oi/iue aeiiee iiaeao ?ooiooue.
Iniaaiiinoe neeyiee e iiaeiuaiee a ?innee
I?iaiaeeiua a ?innee a iineaaeiaa a?aiy neeyiey e iiaeiuaiey iaeaaeatho
?yaeii nouanoaaiiuo ioee/ee io oiai, /oi iu ?anniio?aee auoa, oi anoue
ii?iaeueiie i?aeoeee i?iaaaeaiey neeyiee/iiaeiuaiee a ?acaeoie ?uii/iie
yeiiiieea.
A iineaaeiea aiaeu a ?innee iaaethaeaeny ?aceee nea/ie aeoeaiinoe
i?iaaaeaiey naeaeie ii neeyieyi/iiaeiuaieyi. Eiie/iinoue e aano?aeiinoue
?inneeneie aeaenoaeoaeueiinoe caeeth/aaony a oii, /oi aei yoiai, a
ia/aea aeaayiinouo, yoie aieia neeyiee i?aaeoanoaiaaea i?eaaoecaoeey,
nii?iaiaeaeathuayny noeoeeiui i?ioeannii ii ?acoe?oiiaieth
nianoaaiiinoe. A oi a?aiy, ia ?aaee, a aii?aee cae?aaiio niuneo, e?oiiua
i?aaei?eyoey ni neiaeeaoaeny eio?ano?oeoo?ie ae?iaeeenue ia iaeeea n
oeaeueth oaeiaeaoai?aiey noaoai noauaeoeaiuo eioa?ania, a ioithaeue ia
ai eiy iiauoaiey yooaeoeaiinoe aaaeaiey aeciana.
Iiaeii n aeinoaoi/iie aeieae oaa?aiiinoe neacaoue, /oi ca?iaeaeaiea
einoeoooa neeyiee e iiaeiuaiee a ?innee ia/aeinue i?eia?ii n na?aaeeiu
90-o aiaeia. Ia?auie a aieia neeyiee ieacaeenue eiiiaiee iaooyiie e
iaooaia?a?aaaouaathuae i?iiuoeaiiinoe. Nicaeaaaaiua a oi a?aiy
aa?oeeaeueii eioaa?e?iaaiiua iaooyiua eiiiaiee (AEIE) noaee
naiaia?aciuie ieiia?aie a iaeanoe neeyiee a ?innee, yaeyynue
eeanne/aneei i?eia?ii aa?oeeaeueiiai oeia neeyiee. Iiaeiaiua neeyiey
iiiiaee ?aoeoue ia oieueei i?iecaiaenoaaiiua caaea/e, ii e nicaeaee
i?aaeiinueee aeey iaania/aiey eiieo?aioiniiniaiinoe ?inneeneeo AEIE ia
ie?iaii ?uiea. I?eia?ii iiaeao neoaeeoue nicaeaiea oieaeeiaa aie?oa IE
“EOEIEE”, nicaeaaoaai aaeeioth oaoiieiae/aneoth oeaii/eo “io neaaaeeiu
aei aaicieieiiee”. A ae?oaeo eiiiaieyo yoio i?ioeann i?ioiaeee a oi?ia
iiaeiuaiee – oae yoi auei n AI “No?aooiaooaaac”, iiaeioeaoei AI”EEIAO” e
?yae eiiiaiee iaooai?iaeoeoiaiai iaania/aiey.
A i?eioeeia iaooyiay i?iiuoeaiiinoue noaea iienoeia iaeiie ec naiuo
“iiioey?iuo” io?aneae ii eiee/anoao i?iaiaeeiuo neeyiee e iiaeiuaiee.
Yoi eaaei iauynieii a oneiaeyo oiai, /oi yoa io?aneue, eae e ae?oaea
yenii?oii?eaioe?iaaiiua aeiauaathuea io?anee ?inneeneie i?iiuoeaiiinoe,
iaeia ec iaiiiaeo, eioi?ay auioneaao eiieo?aioiniiniaioth i?iaeoeoeeth
ia ie?iaii ?uiea. I?e yoii nouanoaoao aua iaeia aeaoaeue: i?aeoe/anee o
anao iaooyiuo eiiiaiee ionoonoaoao aaeain aeiauoie e ia?a?aaioaiiie e
?aaeeciaaiiie iaooe. O iaeieo ii io?eoeaoaeueiue, o ae?oaeo –
iieiaeeoaeueiue. iauaaeeiyynue, iaooyiua eiiiaiee aeatho aiciiaeiinoue
ae?oa ae?oao ecaaaeaoue cia/eoaeueiuo iioa?ue.
Aiai?y ia eioaa?aeueiuo neeyieyo, iiaeii neacaoue, /oi iie, iiaeaeoe,
aieaa anao ae?oaeo oeiia neeyiee ?ani?ino?aiaiu a ?innee. Aa?oeeaeueii
eioaa?e?iaaiiay noaia ooieoeeiie?iaaiey eiiiaiee iniaaiii yooaeoeaia i?e
oii e?ecena iaieaoaaeae, eioi?ue eiaao ianoi a ?innee e ii nae aeaiue.
Aa?oeeaeueiua neeyiey, e?iia anao iienaiiuo auoa i?aeiouanoa, a
?inneeneeo oneiaeyo eiatho aua iaeii, iiaeaeoe, naiia aaaeiia – iie
iicaieytho ?aoeoue i?iaeaio n aeaaeoi?neie caaeieaeaiiinoueth (ia?iiiay
ianna eioi?ie eaaeeo oyaeaeui a?aiaiai ia aieueoeinoaa ?inneeneeo
i?aaei?eyoee) a ?aieao oioy au iaeiiai i?iecaiaenoaaiiiai i?ioeanna..
Aua iaeiie ioee/eoaeueiie /a?oie ?inneeneeo neeyiee e iiaeiuaiee
yaeyaony eo /?acia?iay iieeoece?iaaiiinoue. Aieueoeinoai ec ieo
au?aaeatho iieeoe/aneea eioa?anu eeai ianoiuo aaeieieno?aoeee, eeai
ae?oaeo o?iaiae aeanoe. oi anoue i no?aieaiee e aeinoeaeaieth
i?ei?eoaoiie oeaee a ?uii/iie yeiiiieea – oaaee/aieth aeaaininoiyiey
aeoeeiia?ia – ia iiaeao auoue e ?a/e. Eae i?aaeei, iiaeiaiua naeaeee
eaeoo aiiaua a?ac?ac n eioa?anaie aeoeeiia?ia.
Caeeth/aiea
Neeyiey e iiaeiuaiey yaeythony i/aiue yooaeoeaiui eino?oiaioii
?ano?oeoo?ecaoeee eiiiaiee. N iiiiuueth yoiai aiaoiaai iooe ?acaeoey
eiiiaiey iaania/eaaao niioaoanoaea naiae aeayoaeueiinoe aua?aiiie
eiioeaioeee ?acaeoey. Neeyiey e iiaeiuaiey iaeaaeatho oeaeui ?yaeii
i?aeiouanoa ii n?aaiaieth n aioo?aiieie iaoiaeaie ei?ii?aoeaiiai
?acaeoey. Iniiaiui ec ieo, neoaeauei iaeiia?aiaiii aeaaiui iioeae?othuei
oaeoi?ii e i?iaaaeaieth neeyiee e iiaeiuaiee, yaeyaony neia?aaoe/aneee
yooaeo, au?aaeathueeny a nicaeaiee aeiiieieoaeueiie noieiinoe io
neeyiey/iiaeiuaiey.
Yooaeo io i?iaaaeaiey neeyiee/iiaeiuaiee iineo, nei?aa, aeieain?i/iue
oa?aeoa?, iiyoiio aaaeiui iiiaioii yaeyaony i?ei?eoao aeieain?i/iuo
i?eaioe?ia ?acaeoey iaae no?aieaieai ecaea/aiey e?aoein?i/iuo auaiae,
eioi?ue aeieaeai niaethaeaoueny ?oeiaiaenoaii neeaathueony eiiiaiee.
Iniiaiie i?iaeaiie i?e i?iaaaeaiee iiaeiaiuo i?ioeaaeo? yaeyaony
aeinoeaaeaiea yooaeoeaiinoe neeyiey/iiaeiuaiey, eiathuae ianoi oieueei
i?e oaaee/aiee aeaaininoiyiey aeoeeiia?ia e aeinoeaeaiee eiieo?aioiuo
i?aeiouanoa. Ia yoi neaaeoao ia?auaoue iniaia aieiaiea, iineieueeo
n?aaee i?iaiaeeiuo a iineaaeiaa a?aiy naeaeie ii neeyieyi/iiaeiuaieyi
aeinoaoi/ii aaeeea aeiey iaoaea/iuo, iayooaeoeaiuo, i?eaiaeyueo
aiineaaenoaee e ?aniaaeo iauaaeeiaiiie eiiiaiee.
Eeoa?aoo?a:
Aeea?iai O., Nae?uaaneay A., “Acaoea M&A”//”?uiie oeaiiuo aoiaa”, ?6,
1998 a.
Aaaa N. “Eae i?iieeiooue ia ?uiie Caaa?i-Caiaaea”//”?uiie oeaiiuo
aoiaa”, ?8, 1998 a.
Aeaee Y., Eaae O., “Ieou i ?ano?oeoo?ecaoeee a ?innee”//”?uiie oeaiiuo
aoiaa”, ?6, 1998 a.
Eyieia N., “Neeyiey e iiaeiuaiey – i?eciae ?acaeoie ?uii/iie
yeiiiieee”//”?uiie oeaiiuo aoiaa”, ?8, 1998 a.
Na?eenyioe A., “Neeyiey, aaie?ionoaa e oiiaeiaue ?uiie”// “?uiie oeaiiuo
aoiaa”, ?3, 1998 a.
AEo?iae “Yenia?o”, ?33, 1998 a.
Aeae. E. Aai Oi?i, “Iniiau oi?aaeaiey oeiainaie”, Iineaa, “Oeiainu e
noaoenoeea”, 1996 a.
Aa?aeia? Ae. e ae?., “I?eaea/aiea eaieoaea”, Iineaa, “Aeaeii Oaeee yiae
Naic”, 1995 a.
Richard A. Brealey, Stewart C. Myers, “Principles of Corporate Finance”,
McGrawHill, 1996
Chandra P., “Financial Management: Theory and Practice”, New Delhi, Tata
McGrawHill, 1991
Ni. Richard A. Brealey, Stewart C. Myers, “Principles of Corporate
Finance”, McGrawHill, 1996, no?. 938-939
Ni. Richard A. Brealey, Stewart C. Myers, “Principles of Corporate
Finance”, McGrawHill, 1996, no?. 921
A aeaiiii neo/aa iiae PV iiae?acoiaaaaony noieiinoue eiiiaiee,
?ann/eoaiiay iaoiaeii aeeneiioe?iaaiiuo aeaiaaeiuo iioieia
I?eia? acyo ec Aeae. E. Aai Oi?i, “Iniiau oi?aaeaiey oeiainaie”,
Iineaa, “Oeiainu e Noaoenoeea”, 1996, no?. 676
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