应用、战略与策略

1231021.2.3.4.1.2.3.4.5.[2]DeryckC.Maughan1002400[3]55024003010[1]MichaelSiconofli:Salomon’sChiefStandstoHittheJackpotWallStreetJournal,5May1994,p.C1.[2]1993[3]JP4©,1994,DowJonesandCo.,Inc.Allrightsreservedworldwide.1.130S1S2S1S2S1S2S1S2S1S1S2S25[4]6[4]97CircusCircus199420.512.515.050391994MirageResorts11.5Hilton10.5Bally2.5(1-1)A11111511.1515151V0=1(1+ke)1+2(1+ke)2+3(1+ke)3+L+∞(1+ke)∞V0=t(1+ke)tt=1∞∑891.1511-1ke1-1111-1keBerkshireHathawayEWarrenE.Buffet[5]196419.461996190112319963650045047(TCt)t=TRtTCt1-2tPtQtTRt=PtQt1-3tVtQttTCt=VtQt+Ft1-41-21-31-41-1V0=1-5PtQt461217FtVt81119PtQt-VtQt-Ft(1+ke)tt=1∞∑[5]AnnualReport,BerkshireHathaway,Inc.,1996.10ke220181-21-2IBMIBM[6,7]551.2.3.4.5.1-321.6[8]12[6]MichealE.Porter,CompetitiveAdvantage(NewYork:FreePress,1985),Chapter1.[7]AlfredRappaport,CreatingShareholderValue(NewYork:FreePress,1986),Chapter4.[8]AdolfBerleandGardinerC.Means,TheModernCorporationandPrivateProperty(NewYork:Macmillan,1932).1.6.1804014[9]65[10]CSX5010[11]561CEO50[12]25000[13]13[9]GraceM.Kang,Now,aBigJobatKodakMeansYou’llBuyaBigStake,BusinessWeek,1February1993,p.26.[10]RobertL.Simison,GMinBidtoRetainTalent,AwardsHeftyRaisesto3400TopExecutives,WallStreetJournal,3March1994,p.A2.[11]JoannS.Lublin,BuyorBye,WallStreetJournal,21April1993,p.R9.[12]Ibid.,p.R9.[13]PanhandleEasternProspersbyHaulingOthers’Fuel,WallStreetJournal,2February1993,p..B4.14[14]MarthaIrvine,ScottPaperChiefTellsNineDirectors:ThinkLikeaHolder,WallStreetJournal,31August1994,p.C15.[15]JolieSolomon,PepsiOffersStockOptionstoAll,NotJustHonchos,WallStreetJournal,28June1989.[16]ThatEyePoppingExecutivePay,BusinessWeek,25April1994,pp.5258.[17]SeeAmirBarnea,R.Haugen,andL.Senbet,AgencyProblemandFinancialContracting(EnglewoodCliffs,N.J.:PrenticeHall,1985),foranoverviewoftheagencyproblemissue.SeealsoMichaelJensenandWilliamMeckling,TheoryoftheFirm:ManagerialBehavior,AgencyProblemsCosts,andOwnershipStructure,JournalofFinancialEconomics,October1976,pp.305360,andEugeneFama,AgencyProblemsandTheoryoftheFirm,JournalPoliticalEconomy,April1980,pp.288-307.[14]198910303030040010100[15]MichaclEisner2020751010227[16][17]1.2.3.4.13RJR1988RJRKKR1989250RJR1095055RJRRJR[18]LBD1.719881853510[19]101990199219921994Amgen19834200199622.37.813085[20]979999.991112.133[18]BrettDuvalFromson,LifeAfterDebt:HowLBOsDoIt,Fortune,13March1989,pp.91-92.[19]J.R.Woolridge,CompetitiveDecline:IsaMyopicStockMarkettoBlame?JournalofAppliedCorporateFinance,Spring1988,pp.26-36.[20]HernertSimonstatesthecaseforsatisficingbehaviorinTheoriesofDecision-MakinginEconomicandBehavioralSciencereprintedinE.Mansfield,Microeconomics:Selectedreadings,5thed.(NewYork:Norton,1985.)35SO21001990SO2EnvironmentalProtectionAgency,EPA467SO270tradablepolutionpermitsorallowances,TPASO2TPA131/1500015000EPATPA123SO2TPATPA35EPAEPAEPA[21]BasedoncorneringtheMarket,WallStreetJournal,andJean-JacquesLaffontandJeanTirole,PollutionPermitsandComplianceStrategiesandPollutionPermitsandEnvironmentalInnovation,JournalofPublicEconomics,October1996,p.127ff.FoodLion1000113461251010200001185000.519967Cerise4Cerise7010080002500X331000AeroastroKellySpaceTeledescio92418[22]BasedonToBoldlyDump,TheEconomist,29March,1997.P.87,andThey’reGoingCrazyinSpace,BusinessWeek,28July,1997,p.89.FederalCommunicationsCommission,FCCFCCFCC1955CEO,1.8notforprofit,NFP[23]NFPNFPNFPNFPNFPNFPNFP19[23]ThissectiondrawsheavilyonBurtonA.Weisbrod,TheNonprofitEconomy(Cambridge,Mass.:HarvardUniversityPress,1988).NFP[24]1.8.1NFP1.2.3.4.NFPNFP(1)(2)(3)1.8.2NFPNFPNFP1.2.3.NFPNFPNFP20[24]WilliamJ.BaumolandW.G.Bowen,PerformingArts:TheEconomicDilemma(Brookfield,VT:AshgatePublishingCo.,1993).NFP19NFP708030090100019809419906619861996IBM197990198930198510721://[1]BasedonRobertCross,RevenueManagement(NewYork:BroadwayBooks,1995),andFrederickHarrisandPeterPeacock,HoldMyPlacePlease:YieldManagementImprovesCapacityAllocationGuesswork,MarketingManagement,Fall,1995,pp.34-46.25152065751191706350120[2]6372750015510020251251001717A[2]17A26[3]