治理结构与公司价值-美国与东亚若干经验比较(ppt 76页)(英文版).ppt

HKUSTBusinessSchool K C JohnWei 1 CorporateGovernanceandtheValueofFirms SomeExperiencesofU SandAsia ProfessorK C JohnWei PhDTel 852 2358 7676 Fax 852 2358 1749E mail johnwei ust hkDepartmentofFinance HKUSTandVisitingDepartmentofFinance PekingUniversityPreparedforCCER PekingUniversityNovember8 2003 HKUSTBusinessSchool K C JohnWei 2 ProfileofProf 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 HKUSTBusinessSchool K C JohnWei 3 Valuecreationandbusinessstrategies ValuationCreation Qijia CEO Xiushen Zhiguo Pingtianxia Managementteam Assetsinplace Growthopportunity Capital People ManagementskillsVisionIntegrity CorporategovernanceIncentives RestructuringCompetitiveadvantages M A external Investment internal ROIC WACC R D Equity Debt CentralbankCommercialbanksInvestmentbanksMutualfundsInsurancecompanies ValuationmethodsDCFComparativemeasureROA Investors TimingCostofcapital WACC Financialengineering CB Capitalmarkets Objective Strategy InvestorbehaviorGreedandfearCognitiveorheuristicbias FocusvsDiversified CiscovsGE OEMvsBrandLowvshighend HKUSTBusinessSchool K C JohnWei 4 Valuecreationviafinancialstrategies Dividendpolicy Reinvestment Shareholdervalue Investmentdecision Growthoptions Financingdecision WACC Corporategovernance Asymmetricinformation Approachestovaluation Mergers Acquisitions ValuecreationROIC WACC DCF NPV valuationComparablevaluationROA Restructuring Strategy Whyvaluevalue ManagementdisciplineTransparencyIndependenceAccountabilityResponsibilityFairnessSocialresponsibility StrategiestocreatevalueInternalgrowth Whatisyourdreamcompany FocusvsdiversifiedCorecompetence HKUSTBusinessSchool K C JohnWei 5 Howtovalueafirm ThevalueofafirmwithaconstantgrowrateiswhereNOPLAT netoperatingprofitlessadjustedtaxesEBIT earningsbeforeinterestandtaxest averagetaxrateWACC weighedaveragecostofcapitalg growthrate reinvestmentrate ROICROIC returnonnewinvestedcapital NOPLAT ICg ROIC reinvestmentrate rI HKUSTBusinessSchool K C JohnWei 6 Howtoenhancethevalueofafirm TheMMformulaHowtoenhancethevalueofafirmIncreaseoperatingefficiency NOPLAT Increasereturnonnewinvestedcapital ROIC InvestinnewprojectonlywhenROIC WACCIncreasethegrowth g rI g ROICProlongtheperiodofcompetitiveadvantage N Reducethecostofcapital WACC HKUSTBusinessSchool K C JohnWei 7 ValueDrivers Threevaluedrivers Abnormalprofit investonlywhenROIC WACC intherightindustryGrowth g orreinvestment inthehighgrowthindustryRisk WACC 1 economy widerisk businesscycle 2 operatingrisk degreeofcapitalintensity and 3 financingrisk leverage Commonmistake Managersoftenignorethecostof equity capital HKUSTBusinessSchool K C JohnWei 8 Sourcesofabnormalprofit Monopoly Highprofitmargin MicrosoftoreBay priceorservicedifferential intherightindustry Lowcostoperator HonHaiPrecision TaiwanSemiconductor Dell BYD makemoneyfromgoodmanagement Lowfinancingcost GEBarriertoentry 1 capital 2 technology patents 3 distributionchannels 4 governmentprotectionExample Profitmargin 20 WACC 15 Capitalturnover 2timesForevery 100sales profit 20 requiredcapitalinvestment 50 costofcapital 50 15 7 50 abnormalprofit 20 7 5 12 5 Atwhatlevelofprofitmargin willthefirmbecomeamaturecompany HKUSTBusinessSchool K C JohnWei 9 Abnormalprofit Motorola EricssonandNokia HKUSTBusinessSchool K C JohnWei 10 Earningsquality Areyourcompanyfutureincomeseasytoforecast Aretheysensitivetobusinessorindustrycycle MicrosoftvsIntel GMvsCocaCola Economy widerisk Businesscycle GMvsMerck Operatingrisk Levelofcapitalintensity TSMCvsYuYuan Financingrisk Leverage NWDvsSHKProperties Accountinginformationrisk Disclosureandcorporategovernance CASvsIAS TSMCvsUMC InventoryAccountsreceivablesGrossmarginS AexpensesReserveforbadaccountsreceivablesR DProductivity HKUSTBusinessSchool K C JohnWei 11 CorporateGovernance HKUSTBusinessSchool K C JohnWei 12 RecentcorporategovernanceproblemsintheU S ManipulationsofaccountingearningsEnron GlobalCrossing Xerox AdelphiaCommunications WorldCom TycoInternational ImCloneSystems ArthurAnderson FreddieMac MicrosoftOff BalanceSheetborrowingsEnron ElanMotivation Smoothearnings jackupstockprices stockoptions ConsequencesFirmsinvolvedwenttobankruptcyorwereintroubleWholemarketdroppedduetoinvestors lossofconfidenceRemediesStrengthentheregulationsbySECandtheU S CongressInternalandexternalauditingMoreefficientboardsofdirectors HKUSTBusinessSchool K C JohnWei 13 CharacteristicsofAsianCompanies Ownedandcontrolledbyfamily pyramidorcrossholding Enhancement interestsofmanagersandshareholderscanbemorealigned Entrenchment stealing tunneling ignoringordestroyingfirmvalue Lackofcorporategovernance TSMCCEO Integrity CannottrustoutsideprofessionalmanagersDon tknowhowtodelegatePassCEOpositiontoownsonratherthancapablemanagerCommittomorecognitiveorheuristicbias HKUSTBusinessSchool K C JohnWei 14 Whyiscorporategovernanceimportant ArecentsurveyconductedbyMcKinsey Co showsinvestorspayapremiumofmorethan20 forgoodCGfirms Thebenefitsofgoodcorporategovernance reducethecostofcapital WACC increasethevalueofthefirmsbenefitshareholders employees andsocietyChen Chen andWei 2003 findcompaniesinEastAsia non disclosureCGimprovesfrombottom25 totop75 thecostofequitycapitalisreduced1 26 pointsDisclosureimprovesbythesamemagnitude thecostofequitycapitalisreducedby0 47 pointFirmsinbetterCGcountrycanalsoreducethecostofcapitalSimons HBR September2002 profitabilityispositivelycorrelatedwithhowworkersperceivetheirmanagers behavioralintegrity hotelindustry HKUSTBusinessSchool K C JohnWei 15 Whatiscorporategovernance ThemechanismsofPushingfirmstooperatemoreefficientlyandtocreatevalue andPreventingpotentialexploitationofoutsideinvestors particularlyshareholders bycorporateinsiderssuchasthemanagementShareholdershavecontrolrightsDirectorsandmanagersaresupposedtorunthefirmsintheinterestsoftheshareholders HKUSTBusinessSchool K C JohnWei 16 Whyisitneeded Agencyproblembetweenshareholdersandmanagers problemforU S companies Agencyproblembetweenmajorityshareholdersandminorityshareholders problemforAsiancompanies Expropriation entrenchment stealing tunneling HKUSTBusinessSchool K C JohnWei 17 Goodgovernancepractice Whatmakesgreatboardsgreat SonnenfeldHBR September2002 verysimply high functioningworkgroupsaclimateofrespect trust andcandoramongboardmembersandbetweentheboardandmanagement Informationissharedopenlyandontimefeelfreetochallengeoneanother sassumptionsandconclusionsmanagementencourageslivelydiscussionofstrategicissues feelresponsibilitytocontributetoperformance assesstheirownperformance bothcollectivelyandindividually InstallingeffectivelyindependentboardAnindependentboardchairman CEOnotthechairman ThreemostindependentcommitteesonanyboardTheauditcommitteeThecompensationcommitteeThenominatingcommittee HKUSTBusinessSchool K C JohnWei 18 WhyValueValue HKUSTBusinessSchool K C JohnWei 19 JapaninMid 1980s WeareNumberOne FromKimandYoung HKUSTBusinessSchool K C JohnWei 20 JapanNow WeareinProlongRecession FinancialTimes February2 2002 HKUSTBusinessSchool K C JohnWei 21 Nikkei225vs Dow January1984 June2003 HKUSTBusinessSchool K C JohnWei 22 NotEveryThingisEqual SonyisDifferent HKUSTBusinessSchool K C JohnWei 23 ToyotaMotorisalsoDifferent HKUSTBusinessSchool K C JohnWei 24 ButNissanisthesameuntilRecently HKUSTBusinessSchool K C JohnWei 25 Renault s44 4 purchaseinMarch1999makesNissandifferentsince HKUSTBusinessSchool K C JohnWei 26 Value BasedManagementMakestheDifferences TheperformancedifferencebetweenU S firmsandJapanesefirms andbetweenSonyandotherJapanesefirmsisGoodperformersadoptValue BasedManagement VBM whilelosersdonot WhatistheproblemfortheU S marketnow WhatisVBM VBMfocusesonvaluecreationfortheirshareholdersratherthanstakeholders HKUSTBusinessSchool K C JohnWei 27 WhatistheDecisionRuleforVBM VBMfocusesoninvestments oldornew thatcangenerateareturnoninvestedcapitalgreaterthantheircostofcapital Thatis investonlywhenROIC WACC HKUSTBusinessSchool K C JohnWei 28 WhatistheValueofaFirm Firmvalue Valueofequity ValueofdebtFirmValue Assetsinplace Growthopportunities Bookvalue GrowthoptionsGrowthoptionmakesamajordifferenceinvalueamongfirms HKUSTBusinessSchool K C JohnWei 29 Shareholder OrientedEconomiesPerformBetter TheU S corporatefocusonshareholdervaluesincethemid 1980 Thebenefitsare GDPpercapitaintheU S hasaleadofmorethan20 overothercountriesandhasbeenwideningsinceearly1990s duetoMuchhigherfactorproductivity especiallycapitalproductivityInvestedinmoreproductive orvaluecreating projects i e higherfinancialreturns HKUSTBusinessSchool K C JohnWei 30 Shareholder OrientedFirmsBenefitAll 200yearsago AdamSmithpostulatedthat themostproductiveandinnovativecompanieswouldcreatethehighestreturnstoshareholdersandattractbetterworkers whowouldbemoreproductiveandincreasereturnsfurther avirtuouscycleOntheotherhand Companiesthatdestroyvaluewouldcreateaviciouscycleandeventuallywitheraway HKUSTBusinessSchool K C JohnWei 31 Shareholder OrientedFirmsBenefitAll con t CompanieswithhigherlaborproductivityaremorelikelytocreatemorevalueCompaniesthatareabletocreatemorevaluealsocreatemorejobsHappyworkers happyinvestors Fortune May2002 Conclusion Ashareholdervaluefocusnotonlyisgoodforshareholdersbutalsogoodfortheeconomyandotherstakeholders HKUSTBusinessSchool K C JohnWei 32 Casestudies HBR LeadingforvaluebyPitman March2003 BritishbankLloydsTSBACEO ledtransformationofthecompany sculturebySirBrianPitman value basedmanagementasingledefinitionofsuccessandasinglemeansofmeasuringit AtLloyds hereplacedtheexistingarrayofimplicitobjectiveswithasinglegoverningobjective generategreatervalueforshareholders andestablishedincreasinglysophisticatedinternalmetricsforachievingit createvalueforeveryone Customer employees andcommunities From1983to2001 BritishbankLloydsTSBincreaseditsmarketcapitalization40 fold inpartbysheddingassetsandnarrowingitsfocus HKUSTBusinessSchool K C JohnWei 33 Casestudies HBR WhencompanyvaluesbackfirebyEdmondsonandCha 2002 11 MaymisinterpretandbrandtheCEOasahypocriteMakeyourvaluesmeansomethingbyLencioni 2002 07 Enron2000annualreportforcorporatevalue Communication Respect Integrity Excellence EmptyvaluesstatementscreatecynicalanddispiritedemployeesandunderminemanagerialcredibilityValuesstatementsreallytomeansomethingshouldfollow understandthedifferenttypesofvalues core aspirational permission to play andaccidental beaggressivelyauthenticowntheprocessweavecorevaluesintoeverything HKUSTBusinessSchool K C JohnWei 34 RestructuringCompanies General HKUSTBusinessSchool K C JohnWei 35 TheValueManager Afocusonlong runcashflowreturns notquarter to quarterchangesinearningspershareValue orientedview Investonlywhenreturnoninvestedcapital costofcapital ROIC WACC Abilitytotakeanoutsider sviewofthebusinessWillingnesstoactonopportunitiestocreateincrementalvalueFinally andthemostimportant theneedtodevelopandinstitutionalizeamanagingvaluephilosophythroughouttheorganization itisanongoinginitiative HKUSTBusinessSchool K C JohnWei 36 TheProcessofBecomingValue Oriented Arestructuringthatunleashesvaluetrappedwithinthecompany highbenefit butthecostcanbehigh DivesturesLayoffsDevelopingavalue orientedapproachtoleadingandmanagingtheircompaniesafterrestructuringEstablishingprioritiesbasedonvaluecreationGearingplanning performancemeasurement andincentivecompensationsystemstowardshareholdervalueCommunicatingwithinvestorsintermsofvaluecreation HKUSTBusinessSchool K C JohnWei 37 WhenareCompaniesinNeedofRestructuring Scoreof6 24with24beingtheworst basedonMonitor Totalreturntoshareholders TRS Salesgrowthrelativetoindustry growth Operatingmarginrelativetoindustry operatingefficiency Capitalreturnrelativetoindustry ROIC Numberofbusinessunits focus Distancefrommedianindustrycapitalstructure WACC optimalcapitalstructure HKUSTBusinessSchool K C JohnWei 38 RestructuringProcess DiagnosticScan Decisiontorestructure Restructuring Implementationplan Value basedManagement VBMimplemented IncentiveDesign Newincentivesystem HKUSTBusinessSchool K C JohnWei 39 RestructuringFramework Currentmarketvalue Totalpotentialvalue DCFvalueusinganalystforecasts Valuewithinternalandexternalimprovements DCFvalueusingmanagementexpectation Valuewithinternalimprovements MarketInefficiencyTakeoverspeculationInternalimprovementsCorporategovernance Optimalopportunity Publicheldbusiness Growthopportunities FinancialEngineeringCapitalstructureDividendpolicyRiskmanagement Disposal newownersM AJointventureSpin offsIPOsLetterstockDivesture OperatingimprovementsRevenuegrowthCostreductionCapitalefficiency PerceptionGapOvervaluedUndervalued ValuecreatedThroughRestructuring HKUSTBusinessSchool K C JohnWei 40 RestructuringFramework Example Thiscompanyhad10businessunitsanditsstockpricewasdeclining MarketValue 1 000 MaximumValuePotential 1 800 DCFvalueusinganalystforecasts 1 050 Valuewithinternalandexternalimprovements 1 650 DCFvalueusingmanagementexpectation 950 Valuewithinternalimprovement 1 200 MarketInefficiency 50 Valuecreated 800 Growthopportunities FinancialEngineering 150Notenoughdebt Internalimprovements 450Sold3losers Internalimprovements 250ExitunprofitableproductlinesReduceinventory PerceptionGap 100Overvalued ValuecreatedThroughRestructuring HKUSTBusinessSchool K C JohnWei 41 ImproveOperations InternalImprovements ChallengeeverypartofthebusinesssystemProcurementRawmaterialsManufacturing Work in progressFinishedgoods aretheycompetitive InventoryDistributionchannelandsalesAccountsreceivable HKUSTBusinessSchool K C JohnWei 42 Rethinkyourportfolioofbusinesses ExternalImprovements FocusontwodimensionstolookforvalueimprovementValuecreationpotentialCompetitiveadvantageDecision Highvaluecreation bestincompetitiveadvantage shouldgrowHighvaluecreation weakincompetitiveadvantage shouldimproveLowvaluecreationbusinesses shoulddispose HKUSTBusinessSchool K C JohnWei 43 OwnershipAlternatives ExternalImprovements Spin offsAvoidcrosssubsidization IBM PC Eliminatemanagementconstraints ATT Lucent TaxfreeAnnouncementeffectispositive mayexceedvalueofentitytobespunoff InitialPublicOfferingsAllowdirectinvestmentinasubsidiaryTaxfreeifIPOkeepscash whichmaybeusedtorepaycorporatedebt Allowconsolidation taxandaccounting iflessthan20 ofequityissoldDirectSalesTaxable mayprovidetaxshield HKUSTBusinessSchool K C JohnWei 44 FinancialEngineering MinimizingWeightedAverageCostofCapitalDoesNotMaximizeValueofFirm Bankruptcycost Costofequity WACC After taxcostofdebt MinimumWACC MaximizeValue Debt Equity Percent HKUSTBusinessSchool K C JohnWei 45 SourcesofRestructuringValue IntheU S theaveragebreakdownofsourcesofvaluecreationfromrestructuringindicatesthatapproximately60 comesfromstrategicandoperatingimprovements HKUSTBusinessSchool K C JohnWei 46 PuttheValueCreationPlanintoAction PutValueintoPlanningFocusplanningandbusinessperformancereviewsaroundvaluecreationDevelopValue OrientedTargetsandPerformanceMeasuresFocusonameasurethatincorporatebothgrowthandreturnoninvestedcapital ROIC EP Economicprofit Investedcapital ROIC Opportunitycostofcapital TieCompensationtoValueAssessValueofStrategicInvestmentsDevelopInvestorCommunicationsStrategyReshapetheCFO sRole HKUSTBusinessSchool K C JohnWei 47 SummaryforRestructuring Managingvalueconsistsofthreebroadsteps Takingstockofthevalue creationsituationwithinthecompanyandidentifyingrestructuringopportunitiesActingonthoseopportunities operationalefficiencyimprovements divestures acquisitions reorganization Instillingavalue creationphilosophyAmanaging valuefocusdoesnotcreatevaluethroughfinancialmanipulations ItcreatesvaluethroughdevelopingsoundstrategicandoperatingplansMostcompanieswouldbenefitfromathroughreviewofrestructuringopportunitiesManagersneedtoensurethattheyidentifyandactonvalue creationopportunitiesregularly HKUSTBusinessSchool K C JohnWei 48 ApproachestoValuation DiscountCashFlow DCF valuationComparativemeasuresorrelativevaluationRealOptionsAnalysis ROA valuation HKUSTBusinessSchool K C JohnWei 49 DiscountedCashFlow DCF Valuation EstimatingFreeCashFlow HKUSTBusinessSchool K C JohnWei 50 MeasuringValue F1 Firm Cashflows InvestedCapitalFixedAssetsOperatingWorkingCapital Year1 Year2 Year3 Year4 Year5 HKUSTBusinessSchool K C JohnWei 51 DiscountedCashFlowModel Valueofoperations Discountedvalueofexpectedfuturefreecashflow FCF CashflowsTimingRisk HKUSTBusinessSchool K C JohnWei 52 FreeCashFlow Definition Freecashflowsare after taxcashflowfromoperationsremainingafterallre investmentneedshavebeenmet availablefordistributiontoallprovidersofcapital bothshareholdersa