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【金融】CNBCで金融を学ぶ.。 LBOってどんな仕組み?

英語で金融を学ぶといっても、アメリカの大学のサイトの授業は長すぎるし、トランスクリプト付いてないし・・・。

今日ご紹介する経済専門の大手メディアCNBCのサイトには、金融の基本的なことだけど、ちょっと高度な専門知識について、黒板に説明を書きながら手短かに教えてくれて、しかもトランスクリプト付きという有り難いページが有ります。
CNBC EXPLAINSはこちら
講師はハーバード、MITで学び、ヘッジファンドでアナリストの経験を持つサルマン・カーンさん。まるで教室で黒板に書きながら個人教授してくれている感じです。しかも全部5分から10分程度なので、仕事の合間に見ることもできます。

金融業界以外のみなさんには意味不明かもしれませんが、金融を学んでいる方々、財務経理部門の方々や起業家の方々には、非常に有益です。

LIBORとは何か、金利スワップとはとか、オプションとは何かとか、金融の専門知識をやさしく教えてくれますよ!しかもハイレベルな本物。金融に興味ある方は是非覗いてみてください。

ここでは、企業買収の仕組みの一つである「LBO」"Leveraged Buyouts"について,分かり易い事例を使って教えてくれるビデオをご紹介します。思わず「なるほどっ!」と言っちゃう出来の良さです。

【英語】★★★★★

カーンさんは少し早口。しかも、金融の専門用語がてんこもりです!辞書でしっかり金融英語を覚えましょう。どんどん説明が進んでいくので追い付くのがちょっと大変ですが、トランスクリプトでしっかり意味をフォローすれば、このスピードにも慣れてきます。金融の勉強をしながら英語も学習で一挙両得ですよ!

5:38

let's say that many years ago, you've started yourself a nice little business. you have not debt and your business every year generates pre-tax income of a million and a half a year and a third of that goes to taxes. so, you get a nice 1 million dollars a year of net income. it's a super stable business. nothing risky over here, just by virtue of what your business does. the odds of this 1 million year changing for the better or the worst isn't bad likely. so, this is essentially your. this is what your balance sheet would look like. these are your assets. you have not debt. let's assume you have no liabilities, and so you own all of the equity. you essentially own all of the assets, but you're nearing retirement and you wanna kind of cash out. you don't necessarily wanna sell to your competitors and maybe there aren't any natural competitors to sell because you been-- or you don't wanna sell to them if they exist because you've competing with them for your whole life and this isn't the type of business that you can ipo because it's not quite big enough. so maybe we bump into each other. i say hey this business looks interesting. i like the idea that your business is stable. it can generate a lot of income year after year after years. so what i say is hey, would you be willing to take 10 million dollar your business. so, i offer 10 million dollars, and to you that sounds pretty good. that's about 10 times. that's exactly 10 times your lean income. this isn't a growing a business, just very stable, seems a like a reasonable deal to you. on other hand, for me, i'm like, you know, paying 10 million dollars, getting million dollars a year, that's kind of 10% on my money. that's okay, but maybe i can get some leverage here. maybe i don't have to put all of the million in. maybe i could borrow some of it, and maybe i'll get a better return that way. so, when it comes time to closing, so i'm buying the assets. so, these are the same assets that i'm buying and i'm gonna give them and the money that raised for these assets are gonna go to you, the person who started this business. so here are the assets. so, instead of me putting up the entire 10 million dollars, what i do is i put 1 million dollars myself, 1 million from me, and i go to a bank and i say look, will you lend me 9 million dollars. i'm gonna put on a million dollars on my own money, will you lend me 9 million dollars to help buy this business for 10 million dollars, and the bank just say, i don't know, that's a lot of money. we're putting a lot of money at risk. and i will say, look you could charge me a decent interest rate, maybe 10% interest rate, and this is a super stable business. so, clearly, i'll be able to pay the interest on that money from the business, and if for whatever reason, i'm not able to pay the money, you can get the business. so, i'm essentially giving you the business as collateral. so, you find some bank to agree to it, and so they will lend you 9 million dollars. they will not lend you 9 million, 9 million dollar loan, and let's say that it is at a 10% interest level. so, now after i have-- so 9 million from the bank, 1 million from me, that goes to you. you can now retire and buy your dream home or whatever else you might have needed to do with that money. you could leave it for your children. whatever you may, donate to charity, whatever floats your boat, but now the capital structure of the business looks like this. i now do have a lot of that. i bought you out using leverage. this is a leverage buy out. so, now, there is 1 million dollars of equity that came from me, and there's 9 million dollars of debt that came from the bank. assets at least what i paid for it was 10 million dollars, liabilities are 9 million dollars, what's left over is 1 million, and let's think about how this investment assuming the business keeps generating a million a year. let's think of how good of payoff this might be for my 1 million dollar investment. so, before, i had a pre-tax 1.5 million. so 1.5 million pre-tax, before. now, i'm gonna have to have to pay some interest. now, i'm gonna have to pay. so, 9 million dollars at 10%. that is $900,000 in interest. so, now my pre-tax will be 1.5 million. i'm also going to have to pay 900k in interest. so minus 900k means that i have 600,000. so 1.5 minus 900k is 600,000 per year pre-tax income and then i will pay taxes on that. the cool thing about corporate interest is that it's tax deductible. it's deducted from your pre-tax income. so you take the 900 from 1.5, you have 600,000 left over and then you pay taxes on that and let's say still the same tax rate. so roughly 1/3 of it goes to the government and so that you are left with 400,000 net income. and if you look at the math, this is actually a pretty good deal for me or i would say new, but i'm the guy who bought it. you were the guy who sold me the business. so, this is me now. i am left with $400,000 net income per year, which pretty good because i only made a 1 million dollar investment. so, even though this look like a sleepy business. even though it look like it was only getting 10% yield on it because i was able to leverage up, i was able to do this leverage buy out, i'm now able to make $400,000 per year on a 1 million dollar investment and now all of a sudden that is a not so sleepy annual return. Scroll upScroll downLeveraged Buyouts (LBOs): CNBC ExplainsSun 29 May 11 | 12:00 AM ET In some acquisitions, leveraged buyouts may be the best financing option for both the buyer and seller of a company. Leveraged buyouts utilize borrowed money to finance a deal. Salman Khan of the Khan Academy explains.Topics:CNBC Explains Explains
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