Chứng khoán Danh mục đầu tư hỗn hợp / Sukuk Các ngân hàng có thể securitize một hồ bơi của Musharakah, Ijarah và một số Murabaha, Salam, Istisna'a, và Ju'alah (một hợp đồng để thực hiện một nhiệm vụ nhất định | 6 PRINCIPLES OF PRIVATE FIRM VALUATION Strategic or investment value emerges when an acquirer desires to use the assets of the acquired firm in a specific way and this use gives rise to cash flows in addition to those that can be expected from the firm being operated in its going-concern state. To see the difference between investment value and FMV consider the following example. A local insurance agent would like to sell her agency. An informed potential buyer who desires to run the agency much like the seller is willing to pay 1 000 for the agency. The seller believes this price is consistent with the firm s FMV. A nationally recognized financial services firm has decided to purchase local agencies all over the country as part of a roll-up strategy designed to reduce the costs of managing local agencies as well as to sell additional insurance products to the client bases of purchased agencies. The nationally recognized financial services firm is a strategic buyer. This buyer is always willing to pay more than a buyer who desires to run the business like the seller. The reason a strategic buyer will pay a premium over FMV is that the buyer expects the combined businesses to generate more cash flow than they could produce as two stand-alone entities. The price established by the strategic buyer is not the firm s FMV because the exchange value is not based on the business as it is currently configured. FMV does include a control premium however it is only partially related to the premium established via a strategic acquisition. In a strategic purchase the control premium is made up of two compo-nents the value of pure control and the synergy value that emerges from the combination that is captured by the seller in the competitive bidding process. In the preceding example the strategic buyer is willing to pay a premium over the value of the agencies cash flows for the right to manage and finance the assets to ensure that the expected cash flows from the going concern
