Value: the four cornerstones of corporate finance
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, NJ
Wiley
2011
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes index |
| Beschreibung: | XVIII, 254 S. graph. Darst. |
| ISBN: | 9780470424605 9780470949061 9780470949078 9780470949085 |
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Datensatz im Suchindex
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| adam_text | IMAGE 1
VALUE
THE FOUR CORNERSTONES OF CORPORATE FINANCE
MCKINSEY & COMPANY TIM ROLLER RICHARD DOBBS BILL HUYETT
WILEY JOHN WILEY & SONS, INC.
IMAGE 2
CONTENTS
ABOUT THE AUTHORS IX PREFACE XI
ACKNOWLEDGMENTS XV
PART ONE THE FOUR CORNERSTONES
1 WHY VALUE VALUE? 3 MANY COMPANIES MAKE DECISIONS THAT COMPROMISE VALUE
IN THE NAME OF CREATING VALUE. BUT WITH COURAGE AND INDEPENDENCE,
EXECUTIVES CAN APPLY THE FOUR CORNERSTONES
OF FINANCE TO MAKE SOUND DECISIONS THAT LEAD TO LASTING VALUE CREATION.
2 THE CORE OF VALUE 15 RETURN ON CAPITAL AND GROWTH ARE THE TWIN DRIVERS
OF VALUE CREATION, BUT THEY RARELY MATTER EQUALLY. SOMETIMES RAISING
RETURNS MATTERS MORE, WHEREAS OTHER TIMES ACCELERATING
GROWTH MATTERS MORE.
3 THE CONSERVATION OF VALUE 29 YOU CAN CREATE THE ILLUSION OF VALUE OR
YOU CAN CREATE REAL VALUE. SOMETIMES ACQUISITIONS AND FINANCIAL
ENGINEERING SCHEMES CREATE VALUE, AND SOMETIMES THEY DON T. NO MATTER
HOW YOU SLICE THE FINANCIAL PIE, ONLY IMPROVING CASH FLOW CREATES VALUE.
IMAGE 3
VI CONTENTS
4 THE EXPECTATIONS TREADMILL 41
NO COMPANY CAN PERPETUALLY OUTPERFORM THE STOCK MARKET S EXPECTATIONS.
WHEN A COMPANY OUTPERFORMS, EXPECTATIONS RISE, FORCING IT TO DO BETTER
JUST TO KEEP UP. THE TREADMILL EXPLAINS WHY THE SHARE PRICES OF HIGH
PERFORMING COMPANIES SOMETIMES FALTER, AND VICE VERSA.
5 THE BEST OWNER 51
NO COMPANY HAS AN OBJECTIVE, INHERENT VALUE. A TARGET BUSINESS IS WORTH
ONE AMOUNT TO ONE OWNER AND OTHER AMOUNTS TO OTHER POTENTIAL
OWNERS-DEPENDING ON THEIR RELATIVE ABILITIES TO GENERATE CASH FLOW FROM
THE BUSINESS.
PART TWO THE STOCK MARKET
6 WHO IS THE STOCK MARKET? 63 CONVENTIONAL WISDOM SEGMENTS INVESTORS
INTO PIGEONHOLES LIKE GROWTH AND VALUE, BUT THESE DISTINCTIONS ARE
ERRONEOUS. THERE S A MORE INSIGHTFUL WAY TO CLASSIFY INVESTORS, AND
DOING SO CULLS OUT THOSE WHO MATTER MOST TO THE VALUE-MINDED EXECUTIVE.
7 THE STOCK MARKET AND THE REAL ECONOMY 73 THE PERFORMANCE OF STOCK
MARKETS AND REAL ECONOMIES ARE TYPICALLY ALIGNED, HARDLY EVER PERFECTLY
ALIGNED, AND RARELY
VERY MISALIGNED. EXECUTIVES AND INVESTORS WHO UNDERSTAND THIS ARE BETTER
ABLE TO MAKE VALUE-CREATING DECISIONS.
8 STOCK MARKET BUBBLES 89 STOCK MARKET BUBBLES ARE RARE AND USUALLY
CONFINED TO SPECIFIC INDUSTRY SECTORS AND COMPANIES. KNOWING WHY AND
WHEN BUBBLES OCCUR CAN KEEP MANAGEMENT FOCUSED ON
MAKING SOUND STRATEGIC DECISIONS BASED ON A COMPANY S INTRINSIC VALUE.
9 EARNINGS MANAGEMENT 103 TRYING TO SMOOTH EARNINGS IS A FOOL S GAME
THAT CAN BACKFIRE AND, IN SOME CASES, DESTROY VALUE. CREATING VALUE IN
THE LONGER RUN SOMETIMES NECESSITATES DECISIONS THAT REDUCE
EARNINGS IN THE SHORTER RUN.
IMAGE 4
CONTENTS VII
PART THREE MANAGING VALUE CREATION
10 RETURN ON CAPITAL 119 A COMPANY CAN T SUSTAIN A HIGH RETURN ON
CAPITAL IN THE ABSENCE OF AN ATTRACTIVE INDUSTRY STRUCTURE AND A CLEAR
COMPETITIVE ADVANTAGE. YET IT S SURPRISING HOW FEW
EXECUTIVES CAN PINPOINT THE COMPETITIVE ADVANTAGES THAT DRIVE THEIR
COMPANIES RETURNS.
11 GROWTH 139 IT S DIFFICULT TO CREATE VALUE WITHOUT GROWING, BUT GROWTH
ALONE DOESN T NECESSARILY CREATE VALUE. IT ALL DEPENDS ON WHAT TYPE OF
GROWTH A COMPANY ACHIEVES AND WHAT THE
RETURNS ON THAT GROWTH ARE.
12 THE BUSINESS PORTFOLIO 153
A COMPANY S DESTINY IS LARGELY SYNONYMOUS WITH THE BUSINESSES IT OWNS,
AND ACTIVELY MANAGED PORTFOLIOS OUTPERFORM PASSIVELY MANAGED PORTFOLIOS.
SOMETIMES COMPANIES CAN CREATE VALUE BY SELLING EVEN HIGH-
PERFORMING BUSINESSES.
13 MERGERS AND ACQUISITIONS 169 MOST ACQUISITIONS CREATE VALUE, BUT
TYPICALLY THE ACQUIRER S SHAREHOLDERS ONLY GET A SMALL PORTION OF THAT
VALUE, WHILE THE LION S SHARE GOES TO THE TARGET S SHAREHOLDERS.
BUT THERE ARE ARCHETYPAL WAYS THAT ACQUIRERS CAN CREATE VALUE.
14 RISK 183
NOTHING IN BUSINESS IS MORE CLEAR YET COMPLEX THAN THE IMPERATIVE TO
MANAGE RISK. CLEAR BECAUSE RISK MATTERS GREATLY TO THE COMPANY, ITS
BOARD, ITS INVESTORS, AND ITS DECISION MAKERS. COMPLEX BECAUSE EACH OF
THESE GROUPS HAS
A DIFFERENT PERSPECTIVE.
15 CAPITAL STRUCTURE 197 GETTING CAPITAL STRUCTURE RIGHT IS IMPORTANT
BUT DOESN T NECESSARILY CREATE VALUE-WHILE GETTING CAPITAL STRUCTURE
WRONG CAN DESTROY TREMENDOUS VALUE. WHEN IT COMES TO
FINANCIAL STRUCTURES, COMPANIES ARE BEST TO KEEP THEM AS SIMPLE AS
POSSIBLE.
IMAGE 5
VIII CONTENTS
16 INVESTOR COMMUNICATIONS 209
GOOD INVESTOR COMMUNICATIONS CAN ENSURE THAT A COMPANY S SHARE PRICE
DOESN T BECOME MISALIGNED WITH ITS INTRINSIC VALUE. AND COMMUNICATION
ISN T JUST ONE WAY: EXECUTIVES SHOULD LISTEN SELECTIVELY TO THE RIGHT
INVESTORS AS MUCH AS THEY TELL INVESTORS ABOUT THE COMPANY.
17 MANAGING FOR VALUE 223 IT S NOT EASY TO STRIKE THE RIGHT BALANCE
BETWEEN SHORTER-TERM FINANCIAL RESULTS AND LONGER-TERM VALUE
CREATION-ESPECIALLY IN LARGE, COMPLEX CORPORATIONS. THE TRICK IS TO CUT
THROUGH
THE CLUTTER BY MAKING YOUR MANAGEMENT PROCESSES MORE GRANULAR AND
TRANSPARENT.
APPENDIX A THE MATH OF VALUE 237
APPENDIX B THE USE OF EARNINGS MULTIPLES 241
INDEX 245
|
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| spelling | Koller, Tim Verfasser (DE-588)171169824 aut Value the four cornerstones of corporate finance McKinsey & Company. Tim Koller ; Richard Dobbs ; Bill Huyett Hoboken, NJ Wiley 2011 XVIII, 254 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes index Unternehmensberatung (DE-588)4078592-0 gnd rswk-swf Wertorientiertes Management (DE-588)4776793-5 gnd rswk-swf Wertorientiertes Management (DE-588)4776793-5 s Unternehmensberatung (DE-588)4078592-0 s b DE-604 Dobbs, Richard Verfasser aut Huyett, Bill Verfasser aut McKinsey & Company (New York, NY) Sonstige (DE-588)2000217-8 oth GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021105379&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Koller, Tim Dobbs, Richard Huyett, Bill Value the four cornerstones of corporate finance Unternehmensberatung (DE-588)4078592-0 gnd Wertorientiertes Management (DE-588)4776793-5 gnd |
| subject_GND | (DE-588)4078592-0 (DE-588)4776793-5 |
| title | Value the four cornerstones of corporate finance |
| title_auth | Value the four cornerstones of corporate finance |
| title_exact_search | Value the four cornerstones of corporate finance |
| title_full | Value the four cornerstones of corporate finance McKinsey & Company. Tim Koller ; Richard Dobbs ; Bill Huyett |
| title_fullStr | Value the four cornerstones of corporate finance McKinsey & Company. Tim Koller ; Richard Dobbs ; Bill Huyett |
| title_full_unstemmed | Value the four cornerstones of corporate finance McKinsey & Company. Tim Koller ; Richard Dobbs ; Bill Huyett |
| title_short | Value |
| title_sort | value the four cornerstones of corporate finance |
| title_sub | the four cornerstones of corporate finance |
| topic | Unternehmensberatung (DE-588)4078592-0 gnd Wertorientiertes Management (DE-588)4776793-5 gnd |
| topic_facet | Unternehmensberatung Wertorientiertes Management |
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