Fundamentals of Corporate Finance22(ch22)

Fundamentals of Corporate Finance22(ch22)内容摘要：

1、2001 22- 1 2 2001 22- 2 2001 22- 3 of of by by a of of or of s 2001 22- 4 e a r B u y i n g C o m p a n y S e l l i n g C o m p a n yP a y m e n t ( $ b i l )1999 M C I Wo r l d C o m S p r i n t 1151999 V i a c o m 51999 A T & T M e d i a O n e G r o u p 541999 T r a v e l e r s C i t i c o r p 831 2、999 E x x o n M o b i l 801999 T o t a l F i n a ( F r a n c e ) E l f A q u i t a i n e ( F r a n c e ) 551999 O l i v e t t i ( I t a l y ) T e l e c o m I t a l i a ( I t a l y ) 581999 V o d a f o n e ( U K ) A i r T o u c C o m m . 611998 B r i t i s h P e t r o l e u m ( U K ) A m o c o C o r 3、p . 481998 D a i m l e r - B e n z ( G e r m a n y ) C h r y s l e r 381998 Z e n e c a ( U K ) A s t r a ( S w e d e n ) 351998 N a t i o n s b a n k C o r p . B a n k A m e r i c a C o r p . 621998 Wo r l d C o m I n c . M C I C o m m u n i c a t i o n s 421998 N o r w e s t C o r p . We l l s F a 4、 r g o & C o . 342001 22- 5 o 2001 22- 6 be to by or $ $ $ 2001 22- 7 S S S S S S 2001 22- 8 in in of 2001 22- 9 as a f is in a if PV be of 2001 22- 10 a do it 2001 22- 11 (to of PS PS to 2001 22- 12 o r l d E n t e r p r i s e s ( b e f o r e m e r g e r ) M u c k a n d S l u r r yW o r l d E n t e 5、 r p r i s e s ( a f t e r b u y i n g M u c k a n d S l u r r y ) . 0 0$ 2 . 0 0$ 2 . 6 7$ P r i c e p e r s h a r e 4 0 . 0 0$ 2 0 . 0 0$ 4 0 . 0 0$ P / E R a t i o 20 10 15N u m b e r o f s h a r e s 1 0 0 , 0 0 0 1 0 0 , 0 0 0 1 5 0 , 0 0 0 T o t a l e a r n i n g s 2 0 0 , 0 0 0$ 2 0 0 , 0 0 0$ 6、 4 0 0 , 0 0 0$ T o t a l m a r k e t v a l u e 4 , 0 0 0 , 0 0 0$ 2 , 0 0 0 , 0 0 0$ 6 , 0 0 0 , 0 0 0$ C u r r e n t e a r n i n g s p e r d o l l a r i n v e s t e d i n s t o c k 0 . 0 5$ 0 . 1 0$ 0 . 0 7$ 2001 22- 13 Is an to Do of ? P V ( A B ) P V ( A ) + P V ( B )2001 22- 14 m a P V(e a s e d e a g s)=。