By M. P. Narayanan
Finance for Strategic determination Making demystifies and clarifies for non-financial executives the fundamentals of economic research. It exhibits how they could make vital monetary judgements which can seriously improve their institution’s skill to answer aggressive demanding situations, adopt new initiatives, triumph over monetary setbacks, and most significantly, create shareholder worth. Written via M. P. Narayanan and Vikram okay. Nanda—two of the country’s top experts on monetary strategy—this publication deals a realistic advisor for utilizing monetary research to augment strategicdecision making. The ebook incorporates a coherent framework that outlines useful and intellectually sound counsel for executives who needs to make strategic judgements. Finance for Strategic selection MakingExplains the function of finance in company strategyOffers assistance on source allocation decisionsExplores tips to ensure the appropriate stability of debt and fairness capital to maximise company valueDemonstrates easy methods to use payout coverage as a strategic toolClarifies if a merger, acquisition, or divestiture is within the top curiosity of an organizationShows the right way to deal with riskReveals tips to degree price created and the effectiveness of higher point administration
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Additional resources for Finance for Strategic Decision-Making: What Non-Financial Managers Need to Know (J-B-UMBS Series)
Chapter Six deals with mergers and acquisitions. While many companies view acquisitions as an important vehicle for growth, research shows that acquisitions often do not create value for the acquirer. The chapter discusses the reasons for this dismal outcome and outlines steps that companies can take to ensure that their acquisitions not only increase revenue but also increase shareholder value. It explains how to value a prospective target, the most important step in ensuring a successful acquisition.
1 represent the cash ﬂow template. c02 36 2/8/04 11:21 AM Page 36 Finance for Strategic Decision Making shown in parentheses in the table. The cash ﬂow template can be broadly divided into three parts. The ﬁrst part is an operating income statement (lines 16 through 23). The operating income statement is very similar to the income statement found in a company’s ﬁnancial reports, except that the former considers only operational items and ignores ﬁnancial items such as interest expense. The operating income statement contains four classes of items: ■ ■ ■ ■ Revenue items Cost items Depreciation items Proﬁt or loss from asset sales Everyone knows what revenue (line 16) is.
The high-risk project’s cash ﬂows, if discounted at the lower company cost of capital (15 percent), will yield a higher-thandeserved NPV. The low-risk project’s cash ﬂows, on the other hand, are being discounted at a higher cost of capital relative to their risk, resulting in a lower NPV than is appropriate. Such errors might result in serious misallocation of capital: accepting the high-risk project even if it destroys value while ignoring the low-risk project even if it adds value. This explains why your division might be charged a higher cost of capital than some other divisions of the company.