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【资料名称】Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions
【资料作者】Joshua Rosenbaum, Joshua Pearl
【出版社】WILEY , ISBN: 978-0-470-44220-3
【官方简介页面】
【出版时间】May 2009
【页数】322
【文件格式】PDF清晰版
【定价】US $80.00
Description:
Written by two investment bankers, Investment Banking is centered on the primary valuation methodologies currently used on Wall Street, namely Comparable Companies Analysis, Precedent Transactions Analysis, Discounted Cash Flow Analysis, and Leveraged Buyout Analysis. These methodologies are used to determine valuation for public and private companies, most notably for mergers & acquisitions transactions, leveraged buyouts, and initial public offerings. They also form the cornerstone for valuing companies on a standalone basis, including an assessment of whether a given public company is overvalued or undervalued. Using a step-by-step "how to" approach for each methodology, Josh R. and Josh P. build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. The authors also provide context for the various valuation methodologies through a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process, including key participants, financing sources, strategies, and legal and marketing documentation. In the aftermath of the subprime mortgage crisis and the ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence for acquisition and investment opportunities. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of valuation drivers such as expected future company financial performance, discount rates, multiples, leverage, and terms. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is constantly evolving in accordance with market developments and conditions. In this sense, this book is particularly topical – in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.
Table of Contents:
About the Authors.
Foreword.
Acknowledgments.
Supplemental Materials.
INTRODUCTION.
Structure of the Book.
ValueCo Summary Financial Information.
PART ONE Valuation.
CHAPTER 1 Comparable Companies Analysis.
CHAPTER 2 Precedent Transactions Analysis. CHAPTER
3 Discounted Cash Flow Analysis.
PART TWO Leveraged Buyouts.
CHAPTER 4 Leveraged Buyouts.
CHAPTER 5 LBO Analysis.
PART THREE Mergers & Acquisitions.
CHAPTER 6 M&A Sale Process.
Bibliography and Recommended Reading.
Index.
原创简介：
这本书是关于Valuation最新的指导书籍，拿到后忍不住读了第一章，感觉非常好：
1、标准的投行风格，如果你有机会接触顶尖投行对投资者所做的PPT，就会知道书中讲解的估值模型很典型；这些模型在论坛中时常见到，但数据如何处理，估值原则、方法和具体步骤，即便在顶尖商学院也很难有传授；
2、行文流畅，标准详细，图表清晰，有一些基础的财务知识就可以读懂；附件中有标准xls模型和模板，简直是手把手地教你如何作一个分析师；
3、第一部分讲的是三大估值模型；第二三部分则是杠杆收购和M&A中的具体应用；每一部分都有Excel的全程试算，更有对各类数据和比率的详细注释，知其然更知其所以然；
无论你是否有机会去投行上班，这本书能很生动、很细节地让你体会投行的小白领彻夜加班其实就是为了最终Excel表输出（OUTPUT）的最后一页估值结果是如何输入（INPUT）的。
附件中包括本书作者提供的三大估值法、LBO分析完整模型和模板。
这本书及随书模型以最快速度提供给各位，仅作象征性收费。
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今天读了第4章：杠杆收购，“LBO Financing: Structure 融资结构”一节讲得很好，以前常见到知其然的名词：高收益债（High Yield Bonds)、夹层债（Mezzanine Debt)和银行贷款（Bank Debt)、权益性出资（Equity Contribution)成为购并中的的关键性融资手段，现在终于知其所以然了，看完了觉得对这些工具有个初步理解还是很简单的，无非是投行、基金、机构投资者这帮人在债务融资/投资上对杠杆率、期限、信用评级、灵活性、受偿优先权、融资成本等因素权衡考虑的结果。当然深入研究这些工具，还要阅读结构性融资相关书籍。
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