sau đó được khấu trừ thuế, công ty mua lại có thể làm giảm nghĩa vụ thuế và nâng cao dòng tiền sau thuế. Kể từ khi thông qua Đạo luật Cải cách thuế, chi phí thuế có bước trong việc mua lại của một công ty rẽ C là gần như luôn luôn lớn hơn lợi ích thuế từ bước. | 158 PRINCIPLES OF PRIVATE FIRM VALUATION price of an individual equity security and thus the market capitalization of a reporting unit with publicly traded equity securities may not be representative of the fair value of the reporting unit as a whole. The quoted market price of an individual equity security therefore need not be the sole measurement basis of the fair value of a reporting unit. A footnote to the preceding paragraph sheds additional light on the fair value standard. It states Substantial value may arise from the ability to take advantage of synergies and other benefits that flow from control over another entity. Consequently measuring the fair value of a collection of assets and liabilities that operate together in a controlled entity is different from measuring the fair value of that entity s individual securities. An acquiring entity often is willing to pay more for equity securities that give it a controlling interest than an investor would pay for a number of equity securities representing less than a controlling interest. That control premium may cause the fair value of a reporting unit to exceed its market capitalization emphasis mine .7 Paragraphs B152-B155 in Appendix B shed additional light on the reasoning that the board applied when considering valuing a reporting unit. B 154 states The Board acknowledges that the assertion in paragraph 23 that the market capitalization of a reporting unit with publicly traded equity securities may not be representative of the fair value of the reporting unit as a whole can be viewed as inconsistent with the definition of fair value in FASB Statements No. 115 Accounting for Certain Investments in Debt and Equity Securities and No. 133 Accounting for Derivative Instruments and Hedging Activities. Those Statements define fair value as if a quoted market price is available the fair value is the product of the number of trading units times that market price. However the Board decided that measuring the fair .
