-- 100% , .-.
- - :
- . . , .. M&A ( )
- - ( . . )
- - ( . .)
- - . (.. )
- (. )
- ( )
- .- ( . ᒺ )
: -- ᒺ >, .
--ᒺ , ;
--, ᒺ , ᒺ .
- - ᒺ - - 䳿 .
- -- ᒺ , - - - -
- - -, .
- -. - .
35. (VBM)
, (Value-Based Management) , , , . VBM . , , , .
. , , , , ( : , ..). 80- 90- ( : , EVA EVA-based management), . EVA, MVA, SVA, CVA.
(Market Value Added) , .
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MVA :
MVA = + *
Cash Value Added (CVA). Residual Cash Flow (RCF)
RCF=AOCF-WACC*TA,
AOCF (Adjusted Operating Cash Flows) ;
WACC ;
TA .
(Economic Value dded). , , EVA . , , , . EVA : , 䒺 .
, EVA, NPV-.
(SVA) . , , , ( )