A5K 朗读版 兼并重组的前提 market for corporate control

A5K 朗读版 兼并重组的前提 market for corporate control

2015-09-08    00'52''

主播: checonomics

153 22

介绍:
Q群:100626483 新浪微博: @AZ1J 个人微信号: checonomics 公众微信号: checonomicsdotcom 英文原文请参考 www.checonomics.com 荔枝FM46060 www.lizhi.fm 本文源于《公司估值与估值管理》英文版, 全书500多页,已经上传到Q群,可群内下载。 To summarize, the restructuring movement of the 1980s was a reaction to the inability of many corporations to adjust and change direction as their traditional product and market opportunities matured or became otherwise unattractive. The instrument through which much of this restructuring took place was the market for corporate control. The basic premise of the market for corporate control is that managers have the right to manage the corporation as long as its market value cannot be significantly enhanced by an alternate group of managers with an alternate strategy. Accordingly, the key driver for change was the poor performance of a company in terms of shareholder value. 概括起来,80年代的重组运动是一种反应,许多公司无法调整和改变方向,因为他们的传统产品和市场机会成熟或变得不吸引人。本次重组的大部分地方是市场对企业控制的。企业控制市场的基本前提是,管理者有权管理公司,只要其市场价值不能显著地增强管理者的替代策略。因此,关键驱动力的变化是表现不佳的公司在股东价值。