Creating Shareholder Value: A Guide for Managers and Investors
Creating Shareholder Value: A Guide for Managers and Investors
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创造股东价值：管理者和投资者指南
DOI：
10.1029/2007jd009462
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发表时间：
1986
影响因子：
--
通讯作者：
A. Rappaport
中科院分区：
文献类型：
--
作者：
A. Rappaport
第一章：第一章的故事股东价值和盈利目的管理与股东目标股东和利益相关者股东是“我们”第2章。会计数字的不足之处收益--一条不可靠的底线会计投资回报率（ROI）的问题投资回报率与贴现现金流回报率说明投资回报率的额外短缺股本回报率（ROE）的短缺第3章。股东价值方法估计股东价值估计股东增加值（SVA）阈值利润股东价值网络附录：传统与股东价值盈亏平衡分析第4章.制定战略战略制定过程竞争优势和股东价值战略“最畅销产品”第5章。估值策略策略估值过程估值替代业务机会估值部门间协同效应为新业务选择最佳投资水平股票回购创造价值吗？第六章价值创造的十个问题股票市场信号管理阅读市场公司与股东回报率管理含义第7章.绩效评估和高管薪酬CEO和其他公司级高管运营经理绩效评估替代方案--股东增加值（SVA）绩效评估替代方案--剩余收益绩效评估替代方案--经济增加值（伊娃）绩效评估替代方案--剩余收益的变化或伊娃的变化价值目标绩效水平的领先指标将奖励与上级绩效挂钩第8章.并购过程价值创造框架并购是否为收购方创造价值？吉列收购金霸王国际目标溢价建议第9章.实现股东价值实现目标获得承诺介绍股东价值强化股东价值第10章。股东记分牌上涨的浪潮并不能提升所有的股票投资是一场预期的游戏
List of Illustrations Preface CHAPTER 1. SHAREHOLDER VALUE AND CORPORATE PURPOSE Management Versus Shareholder Objectives Shareholders and Stakeholders Shareholders Are "Us" CHAPTER 2. SHORTCOMINGS OF ACCOUNTING NUMBERS Earnings--An Unreliable Bottom Line The Trouble with Accounting Return on Investment (ROI) ROI Versus DCF Return Illustrated Additional Shortcomings of ROI Shortcomings of Return on Equity (ROE) CHAPTER 3. SHAREHOLDER VALUE APPROACH Estimating Shareholder Value Estimating Shareholder Value Added (SVA) Threshold Margin The Shareholder Value Network Appendix: Conventional Versus Shareholder Value Break-Even Analysis CHAPTER 4. FORMULATING STRATEGIES Strategy Formulation Process Competitive Advantage and Shareholder Value Strategy "Best Sellers" CHAPTER 5. VALUING STRATEGIES Strategy Valuation Process Valuing Alternative Business Opportunities Valuing Interdivisional Synergies Choosing Optimal Investment Level for a New Business Do Stock Repurchases Create Value? Ten Value-Creation Questions CHAPTER 6. STOCK MARKET SIGNALS TO MANAGEMENT Reading the Market Corporate Versus Shareholder Rate of Return Management Implications CHAPTER 7. PERFORMANCE EVALUATION AND EXECUTIVE COMPENSATION CEOs and Other Corporate-Level Executives Operating Managers Performance Evaluation Alternatives--Shareholder Value Added (SVA) Performance Evaluation Alternatives--Residual Income Performance Evaluation Alternatives--Economic Value Added (EVA) Performance Evaluation Alternatives--Change in Residual Income or Change in EVA Leading Indicators of Value Target Level of Performance Linking Rewards to Superior Performance CHAPTER 8. MERGERS AND ACQUISITIONS The Acquisition Process Value Creation Framework Do Mergers Create Value for the Acquiring Company? Gillette's Acquisition of Duracell International Premium Advice for Targets CHAPTER 9. IMPLEMENTING SHAREHOLDER VALUE Implementation Objectives Gaining Commitment Introducing Shareholder Value Reinforcing Shareholder Value CHAPTER 10. THE SHAREHOLDER SCOREBOARD A Rising Tide Doesn't Lift All Stocks Investing as a Game of Expectations Notes Index About the Author