国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M02_EITE1342_12E_IM_C02课件.pdfVIP

Chapter 2 Financial Goals and Corporate Governance ? Questions 2-1. Ownership of the Business. How does ownership alter the goals and governance of a business? The return to a shareholder in a publicly traded firm combines current income in the form of dividends and capital gains from the appreciation of share price: Shareholder return = Dividend + Price2 ? Price1 Price1 Price1 where the initial price, P1, is equivalent to the initial investment by the shareholder, and P2 is the price of the share at the end of period. The shareholder theoretically receives income from both components. For example, over the past 50 or 60 years in the U.S. marketplace, a diversified investor may have received a total average annual return of 14%, split roughly between dividends, 2%, and capital gains, 12%. Management generally believes it has the most direct influence over the first component—the dividend yield. Management makes strategic and operational decisions that grow sales, generate profits, and then distributes those profits to ownership in the form of dividends. Capital gains— the change in the share price as traded in the equity markets—is much more complex, and reflects many forces that are not in the direct control of management. Despite growing market share, profits, or any other traditional measure of business success, the market may not reward these actions directly with share price appreciation. A privately held firm has a much simpler shareholder return objective function: maximize current and sustainable income. The privately held firm does not have a share price (it does have a value, but this is not a definitive market-determined value in the way in which we believe markets work). It therefore simply focuses on generating current income, dividend income, to generate the returns to its ownership. If the privately held ownership is a family, the family may also place a great emphasis on the ability to sustain those earnings over time while maintaining a slower rate