【正文】 167。advantage:in+value Competitive advantageDecision:167。improvement167。fortotwo2023Rethink your portfolio of businesses: External ImprovementsFocusJohnreceivableCFAII_SS18:sales167。channel Inventory167。theygoods Manufacturing/Workinprogress167。 Rawsystem167。thepart2023Improve Operations: Internal ImprovementsChallengeJohninventoryPerception Gap$100?OvervaluedValue createdThroughRestructuringCFAII_SS18:productlosersInternal improvements$250? ExitdebtInternal improvements$450?Soldimprovement$1,200Market Inefficiency$50Value created$800Growth opportunities + Financial Engineering$150?Notwithmanagementvalueandforecasts$1,050ValueusingPotential$1,800DCFValue$1,000 Maximumwasstockandbusinesshad2023Restructuring Framework: ExampleThisJohnValue createdThroughRestructuringCFAII_SS18:reduction?Capitalstock?DivestureOperating improvements?RevenuemanagementDisposal / new owners?MA?Jointstructure?Dividendimprovements?CorporateimprovementsMarket Inefficiency?TakeoverwithusingmanagementexternalimprovementsDCFwithinternalanalystvaluevalueTotalWei,Options 38 byDesignManagement(ImplementationtoScanWei,Options 37 bycapital(WACC,industryfrom(focus?)167。business Numberindustryrelativeefficiency)167。industryrelative(growth)167。to Sales growth Total return to shareholdersonworstbeingwithofWei,Options 36 byvalueterms Communicating with investorsshareholderplanning, performance measurement, and incentive pensation systemscreation167。onprioritiesrestructuring167。paniesmanagingleadingapproacha Divestures167。becostbutbenefit。panywithinunleashes valuerestructuringWei,Options 35 byongoingisimportant,thevalue? Finally,createopportunitiesactbusiness? WillingnessofantocapitalcostcapitalonwhenInvestperinquartertoquarterreturns,on2023The Value Manager? AJohn2023Restructuring CompaniesGeneralCFAII_SS18:John weave core values into everythingCFAII_SS18:aggressively authentic167。accidental.167。permissiontoplay,core,thefollow:167。somethingtostatementscredibilityundermineemployeesandcreatevalue:forannual(202307)? EnronbyaCEObrandmisinterpretChaEdmondson2023Case studies (HBR)When pany values backfireJohnfocus.CFAII_SS18:narrowingassetsbyincapitalizationitsTSBbank2023,1983andeveryone:valueachievingmetricssophisticatedestablishedgreater value for shareholders)objectivesinglewithimplicitarraythehe? Atmeasuringsingle meansandofvaluebased management? aBrianbysthetransformation? ALloydsBritish(MarchbyWei,Options 31 byMayinvestorsworkers,jobs167。createvaluecreateablethatmoretomoreproductivityhigher2023ShareholderOriented Firms Benefit All (con’t)? CompaniesJohn“Companies that destroy value would create a vicious cycle and eventually wither away”CFAII_SS18:othervirtuous cycleOn–postulatedAdamyearsWei,Options 29 byfinancial.,creating)(ormore Investedcapitalproductivity,higherto167。1990s,sincebeenandother20%moreleadhastheperare:mid1980.? Thesinceshareholderfocus.Wei,Options 28 byamonginmajormakesoptions? Growth+BookGrowthplaceAssetsValueof+of=2023What is the Value of a Firm?? FirmJohnCFAII_SS18:onlyis,oftheirgreaterinvestedreturngeneratethatorinvestmentsfocusesWei,Options 26 bythantheirvalue creationfocusesVBM?167。now?? What.forthe WhatdowhileManagementadopt GoodfirmsotherSonyandJapanesefirmsbetweenperformanceWei,Options 25 byWei,Options 24 byWei,Options 23 byWei,Options 22 byWei,Options 21 byWei,Options 20 by2,2023Japan Now: We are in Prolong RecessionFinancial Times:JohnYoungCFAII_SS18:KimWei,Options 18 byWei,Options 17 bynominatingmittee216。Theauditboard216。onindependent Threethe(CEOboard Anindependent? Installingandbothown assessperformance.contributeresponsibility167。strategicdiscussionencouragesconclusions167。assumptionsoneto feelonopenlyis167。andtheandboardcandortrust,of aworksimply,2023)167。HBR,greatgreat2023Good governance practice? WhatJohntunneling)CFAII_SS18:(entrenchment,panies)167。forshareholdersandmajorityproblem.(problemandbetweenWei,Options 15 byin the interests of the shareholdersthetoareandcontrol rights 167。 Shareholdersthesuchcorporateshareholders,investors,ofcreate value,andto? PushingmechanismsWei,Options 14 by(hotelbehavioralmanagers39。perceivehowcorrelatedis2023)167。(HBR,ofthealsocountrybetter Firms%reducedcapitalofthesameby Disclosure%isequitycost75%:tobottomimproves nondisclosureEastpanies(2023)andsociety? Chen,employees, benefitthe(WACC)167。thegovernance:167。goodbenefitsCGfor a premium of more thaninvestorsCo.McKinseyconductedrecentWei,Options 13 byheuristiccognitivetocapableratherownpositiondelegate? Passhowmanagers? Don’toutsideIntegrity)? Cannot(TSMCcorporatevalue)? Lackdestroyingignoring(stealing,aligned)167。beshareholdersmanagers(interestscrossholding)167。(pyramidbyandWei,Options 12 byofefficientauditing167。andCongress167。theSECregulations Strengthenofinvestors’duemarkettrouble167。werebankruptcywent Firms(stockstockjackSmooth Enron,SheetMac,Anderson,Systems,International,Com,Communications,Xerox,Globalearnings167。ofWei,Options 11 byWei,Options 10 by RD167。accountsforexpenses167。margin167。receivables167。 Inventory167。vsvscorporateDisclosureinformationSHK(NWDrisk:Yu(TSMCcapitalLevelMerck)? Operating(GMBusiness GM vs Coca Cola) ? EconomywideWei,Options 9 byWei,Options