治理结构与公司价值——美国与东亚若干经验比较.pptx

Corporate Governance and the Value of Firms--Some Experiences of U.S and Asia;Profile of Prof. K.C. John Wei;Value creation and business strategies;Value creation via financial strategies;How to value a firm;How to enhance the value of a firm;Value Drivers;Sources of abnormal profit;Abnormal profit: Motorola, Ericsson and Nokia;Earnings quality;Corporate Governance;Recent corporate governance problems in the U.S.;Characteristics of Asian Companies;Why is corporate governance important?;What is corporate governance?;Why is it needed?;Good governance practice;Why Value Value?;Japan in Mid-1980s: We are Number One;Japan Now: We are in Prolong Recession;Nikkei 225 vs. Dow: January 1984-June 2003;Not Every Thing is Equal: Sony is Different;Toyota Motor is also Different;But Nissan is the same until Recently;Renault’s 44.4% purchase in March 1999makes Nissan different since;Value-Based Management Makes the Differences;What is the Decision Rule for VBM?;What is the Value of a Firm?;Shareholder-Oriented Economies Perform Better;Shareholder-Oriented Firms Benefit All;Shareholder-Oriented Firms Benefit All (con’t);Case studies (HBR);Case studies (HBR);Restructuring Companies;The Value Manager;The Process of Becoming Value-Oriented;When are Companies in Need of Restructuring?;Restructuring Process;Restructuring Framework;Restructuring Framework: Example;Improve Operations: Internal Improvements;Rethink your portfolio of businesses: External Improvements;Ownership Alternatives: External Improvements;Financial Engineering;Sources of Restructuring Value;Put the Value Creation Plan into Action;Summary for Restructuring;Approaches to Valuation;Discounted Cash Flow (DCF) Valuation;Measuring Value;Discounted Cash Flow Model;Free Cash Flow - Definition;DCF Valuation;Sensitivity analysis;Fundamental Drivers of a Company’s Value;Basics of Value Creation;Value Creation;The Return Spread;Value Metrics;Value Driver Analysis;ROIC Tree;Mergers and Acquisitions;Identifying Value Creation