公司理财习题答案

第三十章

Chapter 30: Mergers and Acquisitions

30.1 The new corporation issues $300,000 in new debt. The merger creates $100,000 of

goodwill because the merger is a purchase.

Balance Sheet Lager Brewing (in $ thousands)

Current assets $480 Current liabilities $200 Other assets 140 Long-term debt 400 Net fixed assets 580 Equity Goodwill Total assets $1,300 Total liabilities $1,300

30.2 If the balance sheet for Philadelphia Pretzel shows assets at book value instead of market

value, the goodwill will be only $60,000 (=$300,000 - $240,000). Thus, the net fixed assets are $620,000 (=$1,300,000 - $480,000 - $140,000 - $60,000).

Balance Sheet Lager Brewing (in $ thousands)

Current assets $480 Current liabilities $200 Other assets 140 Long-term debt 400 Net fixed assets 620 Equity Goodwill Total assets $1,300 Total liabilities $1,300

30.3

Balance Sheet Lager Brewing (in $ thousands)

Current assets $480 Current liabilities $280 Other assets 140 Long-term debt 100 Net fixed assets Equity Total assets $1,200 Total liabilities $1,200

30.4 a. False. Although the reasoning seems correct, the Stillman-Eckbo data do not support

the monopoly power theory.

b. True. When managers act in their own interest, acquisitions are an important control

device for shareholders. It appears that some acquisitions and takeovers are the consequence of underlying conflicts between managers and shareholders.

c. False. Even if markets are efficient, the presence of synergy will make the value of

the combined firm different from the sum of the values of the separate firms. Incremental cash flows provide the positive NPV of the transaction.

d. False. In an efficient market, traders will value takeovers based on “Fundamental

factors” regardless of the time horizon. Recall that the evidence as a whole suggests efficiency in the markets. Mergers should be no different.

Answers to End-of-Chapter Problems B-233