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《创造股东价值》的原文摘录
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At least four major factors will induce management to adopt a shareholder orientation:(1)a relatively large ownership position,(2)compensation tied to shareholder return performance,(3)threat of takeover by another organization,and (4)competitive labor markets for corporate executives. Even when corporate executives own shares in their company,their viewpoint on the acceptance of risk may differ from that of shareholders. It is reasonable to expect that many corporate executives have a lower tolerance for risk. If the company invests in a risky project, stockholders can always balance this risk against other risks in their presumably diversified portfolios.The manager,however,can balance a project failure only against the other activities of the division or the company. Thus, managers are ... (
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antony13
2016-12-28 09:24:26
—— 引自第3页
This emphasis on long-term cash flow is the essence of the shareholder value approach. Even the most persistent advocate of shareholder value understands that without customer value there can be no shareholder value. The source of a company's long-term cash flow is its satisfied customers.On the other hand, providing customer satisfaction does not automatically translate into shareholder value.Providing a comparable product at a lower cost than competitors, or providing or postsale services, are not genuine advantages if the total long-term cost, including the cost of capital, is greater than the cash generated by the sale. A business that provides more value than customers are willing to pay for is hardly competitive——and may not even be viable. The lesson is clear: When confronted with a... (
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antony13
2016-12-28 14:19:44
—— 引自第7页
Simply said, I will help grow the pie if you give me my fair share. Remember, cash is a fact, profit is an opinion. The relationship between the change in economic value and earnings is further obscured by the fact that investments in working capital and fixed capital needed to sustain the firm are excluded from the earnings calculation. In brief, for expanding firms, increases in accounts receivable and inventories will cause the earnings figure to be greater than cash flow. (
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antony13
2016-12-29 15:49:08
—— 引自第11页
The ROI of a growth company will be lower than that of a no-growth company even if both invest in identical projects yielding identical DCF rates of return. (
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antony13
2016-12-29 16:53:35
—— 引自第27页
Shareholders invest in rights to financial claims, that is, dividends and capital appreciation. Managers, in contrast, make real investments in fixed and working capital. Unlike the shareholder who makes his entire investment when he purchases shares, the investments in corporate strategies are made over a period of time. (
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antony13
2017-01-05 12:07:31
—— 引自第103页
Only unexpected positive changes in market expectations will lead to excess returns. (
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antony13
2017-01-05 12:07:31
—— 引自第103页
Stock options are a poor incentive because a single operating manager typically has relatively little impact on the company's overall success or on its stock price. A declining stock price due to disappointing performance in other parts of the company will make the outstanding divisional or business unit performer very unhappy. And if the operating unit performs poorly but the share price rises due to superior performance in other parts of the company, the manager will enjoy an unearned windfall. The objective is clear. Operating unit managers should be rewarded annually for accomlishments that build superior long-term value. To be effective, performance measures need to be ecnomically sound, easily understood, and easily tracked. The fundmental challenge is to avoid the need to forcast hi... (
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antony13
2017-01-06 09:24:53
—— 引自第117页
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创造股东价值
作者:
[美] 阿尔弗洛德·拉帕波特
原作名:
Creating Shareholder Value: A Guide for Managers and Investors
isbn:
7222035168
书名:
创造股东价值
页数:
207
译者:
丁世艳
定价:
29.80元
出版社:
云南人民出版社
出版年:
2002-1