公司價(jià)值評(píng)估與價(jià)值管理(參考版)
2025-02-10 09:05本頁(yè)面
【正文】 Stock Options (Cont.) 股票期權(quán)（續(xù)） ? Can’t exercise the option after a certain number of years (called the expiration, or maturity, date). 在約定時(shí)間（稱為有效期或到期日）后不能行使該權(quán)利。 Stock Options in Compensation Plans 補(bǔ)償計(jì)劃中的股票期權(quán) ? Gives owner of option the right to buy a share of the pany’s stock at a specified price (called the exercise price) even if the actual stock price is higher. 給予期權(quán)擁有者以一定的價(jià)格（執(zhí)行價(jià)格）購(gòu)買該公司股票的權(quán)利，即使該股票的實(shí)際市場(chǎng)價(jià)格高于執(zhí)行價(jià)格。 AntiTakeover Provisions 反接管條款 ? Targeted share repurchases (., greenmail) 有目的的回購(gòu)股票（例如綠色郵件） ? Shareholder rights provisions (., poison pills) 股東權(quán)利條款（例如毒丸術(shù)） ? Restricted voting rights plans 限制投票權(quán)計(jì)劃 Board of Directors董事會(huì) ? Weak boards have many insiders (., those who also have another position in the pany) pared with outsiders. 在軟弱的董事會(huì)中，企業(yè)內(nèi)部人員（也就是同時(shí)在公司中擁有其他職務(wù)的那些人）的數(shù)量與企業(yè)外部人員的數(shù)量相比太多。 Two Primary Mechanisms of Corporate Governance 公司治理的兩個(gè)基本機(jī)制 ? “ Stick” “大棒” ? Provisions in the charter that affect takeovers. 公司章程中影響接管的條款 ? Composition of the board of directors. 董事會(huì)的構(gòu)成 ? “Carrot: Compensation plans. “胡蘿卜”：補(bǔ)償計(jì)劃 Entrenched Management 僵化管理 ? Occurs when there is little chance that poorly performing managers will be replaced. 如果業(yè)績(jī)不好的經(jīng)理被替換的可能性很小，那么就會(huì)出現(xiàn)僵化管理。 Expected ROIC and MVA 預(yù)計(jì)的投資收益和市場(chǎng)增加值 Division A（ A部門） Division B（ B部門） Capital0 資金 0 $780 $780 $270 $270 Growth 增長(zhǎng)率 5% 6% 5% 6% Sales1 銷售收入 1 $1,050 $1,060 $1,050 $1,060 NOPAT1稅后凈營(yíng)業(yè)利潤(rùn) 1 $63 $ $42 $ EROIC0預(yù)計(jì)的投資收益 % % % % MVA市場(chǎng)附加值 () () Analysis of Growth Strategies 銷售增長(zhǎng)戰(zhàn)略的分析 ? The expected ROIC of Division A is less than the WACC, so the division should postpone growth efforts until it improves EROIC by reducing capital requirements (., reducing inventory) and/or improving profitability. A部門的預(yù)計(jì)投資收益要低于加權(quán)平均資金成本，所以該部門應(yīng)推遲采取銷售增長(zhǎng) 策略，等到其通過減少資金占用（例如減少存貨）而改善預(yù)計(jì)投資收益，以及 /或改善獲利能力以后再采取相應(yīng)行動(dòng)。 The Impact of Growth on MVA 銷售增長(zhǎng)對(duì) MVA的影響 ? A pany has two divisions. Both have current sales of $1,000, current expected growth of 5%, and a WACC of 10%. 某公司有兩個(gè)部門，當(dāng)期銷售收入都是 $1,000， 當(dāng)期預(yù)計(jì)增長(zhǎng)率為 5%，加權(quán)平均資金成本為 10%。 t1ttCapitalNO PATERO IC ??MVA in Terms of Expected ROIC 用投入資金期望收益表達(dá)的市場(chǎng)增加價(jià)值（ MVA） ? ?gWA CCWA CCE ROICCapitalMV A ttt???If the spread between the expected return, EROICt, and the required return, WACC, is positive, then MVA is positive and growth makes MVA larger. The opposite is true if the spread is negative. 如果投入資金的期望收益與加權(quán)平均資金成本之間的差額為正，那么市場(chǎng)增加價(jià)值（ MVA） 也為正，銷售增長(zhǎng)就會(huì)提高市場(chǎng)增加價(jià)值（ MVA）。 ? If the second term in brackets is positive, then growth increases MVA. 如果括弧中第二個(gè)值是正值，那么銷售增長(zhǎng)將提高市場(chǎng)增加價(jià)值（ MVA）。 ????????????????)g1(
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