治理结构与公司价值-美国与东亚若干经验比较[1](1)

HKUSTBusinessSchoolK.C.JohnWei1CorporateGovernanceandtheValueofFirms--SomeExperiencesofU.SandAsiaProfessorK.C.JohnWei,PhDTel:(852)-2358-7676;Fax:[phone]E-mail:[e-mail],HKUSTandVisitingDepartmentofFinance,PekingUniversityPreparedforCCER,PekingUniversityNovember8,2003HKUSTBusinessSchoolK.C.JohnWei2ProfileofProf.K.C.JohnWei•Prof.K.C.JohnWeireceivedhisPhDinFinanceattheUniversityofIllinois,Champaign-Urbana,in1984.HeservedtheUniversityofMississippiasanAssistantProfessorfromJanuary1984toJune1988.AfterservingtheUniversityofMiamiasanAssistantProfessorforoneyear,hemovedtoIndianaUniversity,whereheservedasanAssociatedProfessorfromJuly1989toJune1992.•SinceJuly1992,Prof.JohnWeihasbeenservingtheHKUSTBusinessSchoolinitiallyasanAssociateProfessorandlaterwaspromotedtofullProfessor.HeservedasActingHeadoftheDepartmentofFinancefromJanuary2001–August2002andFebruary–June2003.Prof.WeihasalsobeenappointedtheDirectoroftheCentreforAsianFinancialMarketssince1995.HewasvisitingUniversityofTexasatAustinfromSeptembertoDecember2002andiscurrentlyvisitingGuanghauSchoolofManagement,PekingUniversity.•Withresearchfocusesonempiricalresearchincapitalmarkets,derivativesandassetpricingofAsianandU.S.markets,Prof.Weihasproducedanumberofhighqualitypapersontheseareas.Manyofthesepaperswerepublishedintopjournalsinfinanceandhavemadeconsiderablecontributionstothefinanceliterature.Heisanauthoroffourbooks(inChinese)onHongKongstockandwarrantsmarketsandTaiwanesestockmarket.Inaddition,Prof.WeiisaregularcolumnwriterfortheHongKongEconomicJournal,alocalnewspaperspecialisedinfinancialnews.•Ontheconsultancyactivities,Prof.WeihashelpedHangSengBanktodevelopapersonalfinancialplanningmodelcalled“SmartInvest,”andHSBCtodevelopafinancialplanningmodel,called“Rule-BasedInvestmentSolutions.”HealsoconductedaconsultancyprojectinitiatedbyHKSARforAPECandafewprojectsforHongKongStockExchange.•Prof.WeihavebeeninvolvedexecutiveteachingforHKUST,PekingUniversity,HongKongStockExchange,Chineseprovincialgovernmentofficials,generalcorporateexecutives,XieanJassen,Daimler/Chrysler,ChinaMobile,Aspire,andBenQ.HKUSTBusinessSchoolK.C.JohnWei3ValuecreationandbusinessstrategiesValuationCreationQijiaCEOXiushenZhiguoPingtianxiaManagementteamAssetsinplaceGrowthopportunityCapitalPeople•Managementskills•Vision•Integrity•Corporategovernance•Incentives•Restructuring•Competitiveadvantages•M&A(external)•Investment(internal)(ROICWACC)•R&DEquityDebt•Centralbank•Commercialbanks•Investmentbanks•Mutualfunds•InsurancecompaniesValuationmethods•DCF•Comparativemeasure•ROAInvestors•Timing•Costofcapital(WACC)•FinancialengineeringCBCapitalmarketsObjective/Strategy•Investorbehavior•Greedandfear•Cognitiveorheuristicbias•FocusvsDiversified(CiscovsGE)•OEMvsBrand•LowvshighendHKUSTBusinessSchoolK.C.JohnWei4ValuecreationviafinancialstrategiesDividendpolicy:ReinvestmentShareholdervalueInvestmentdecision:GrowthoptionsFinancingdecision:WACCCorporategovernance:AsymmetricinformationApproachestovaluationMergers&AcquisitionsValuecreationROICWACC•DCF(NPV)valuation•Comparablevaluation•ROARestructuring(Strategy)Whyvaluevalue?•Managementdiscipline•Transparency•Independence•Accountability•Responsibility•Fairness•SocialresponsibilityStrategiestocreatevalue•InternalgrowthWhatisyourdreamcompany?•Focusvsdiversified•CorecompetenceHKUSTBusinessSchoolK.C.JohnWei5Howtovalueafirm•ThevalueofafirmwithaconstantgrowrateiswhereNOPLAT=netoperatingprofitlessadjustedtaxesEBIT=earningsbeforeinterestandtaxest=averagetaxrateWACC=weighedaveragecostofcapitalg=growthrate=reinvestmentrate×ROICROIC=returnonnewinvestedcapital=NOPLAT/ICg/ROIC=reinvestmentrate=rI)1()1()/1(111tEBITNOPLATgWACCrNOPLATgWACCROICgNOPLATgWACCFCFVIHKUSTBusinessSchoolK.C.JohnWei6Howtoenhancethevalueofafirm•TheMMformula•HowtoenhancethevalueofafirmIncreaseoperatingefficiency(NOPLAT)Increasereturnonnewinvestedcapital(ROIC)InvestinnewprojectonlywhenROICWACCIncreasethegrowth(g),rI=g/ROICProlongtheperiodofcompetitiveadvantage(N)Reducethecostofcapital(WACC))1()1(111tEBITNOPLATWACCWACCWACCROICNNOPLATrWACCNOPLATgWACCFCFgrowthofValueplaceinassetsofValuebusinessofValueIHKUSTBusinessSchoolK.C.JohnWei7ValueDrivers•Threevaluedrivers:Abnormalprofit(investonlywhenROICWACC):intherightindustryGrowth(g)orreinvestment:inthehighgrowthindustryRisk(WACC):(1)economy-widerisk(businesscycle),(2)operatingrisk(degreeofcapitalintensity),and(3)financingrisk(leverage)•Commonmistake:Managersoftenignorethecostof“equity”capitalHKUSTBusinessSchoolK.C.JohnWei8Sourcesofabnormalprofit•Monopoly(Highprofitmargin):MicrosoftoreBay(priceorservicedifferential;intherightindustry)•Lowcostoperator:HonHaiPrecision,TaiwanSemiconductor,Dell,BYD(makemoneyfromgoodmanagement)•Lowfinancingcost:GE•Barriertoentry:(1)capital,(2)technology(patents),(3)distributionchannels,(4)governmentprotection•Example:Profitmargin=20%;WACC=15%;Capitalturnover=2timesForevery$100sales,profit=$20,requiredcapitalinvestment=$50,costofcapital=$50*15%=$7.50,abnormalprofit=$20–$7.5=$12.5.Atwhatl