Chapter_34Control, Governance, and Financial Architecture(公司金融,英文版).ppt

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Chapter_34Control, Governance, and Financial Architecture(公司金融,英文版).ppt

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Chapter_34Control, Governance, and Financial Architecture(公司金融,英文版)

Slides by Matthew Will Topics Covered Leveraged Buyouts, Spin-offs and Restructurings Fusion and Fission in Corporate Finance Conglomerates Control and Governance Definitions Corporate control -- the power to make investment and financing decisions. Corporate governance -- the role of the Board of Directors, shareholder voting, proxy fights, etc. and to actions taken by shareholders to influence corporate decisions. Financial architecture -- the financial organization of the business. Leveraged Buyouts The difference between leveraged buyouts and ordinary acquisitions 1. A large fraction of the purchase price is debt financed. 2. The LBO goes private, and its share is no longer trade on the open market. Leveraged Buyouts The three main characteristics of LBOs 1. High debt 2. Incentives 3. Private ownership Leveraged Buyouts Spin-offs, etc. Spin off -- debut independent company created by detaching part of a parent companys assets and operations. Carve-outs-- similar to spin offs, except that shares in the new company are not given to existing shareholders but sold in a public offering. Privatization -- the sale of a government-owned company to private investors. Privatization Motives for Privatization 1. Increased efficiency 2. Share ownership 3. Revenue for the government Privatization Conglomerates Ownership of Daimler Benz Japanese Bank Ownership Private Equity Partnership 34- * McGraw Hill/Irwin Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved Control, Governance, and Financial Architecture Principles of Corporate Finance Seventh Edition Richard A. Brealey Stewart C. Myers Chapter 34 McGraw Hill/Irwin Copyright ? 2003 by The McGraw-Hill Companies, Inc. All rights reserved 10 Largest LBOs in 1980s and recent examples Examples of Privatization The largest US conglomerates in 1979 Deutsch Bank Kuwait Government Mercedes Automobil Holding AG Widely Held Widely Held Stern Auto Beteilig… Stella Automobil Beteiligungsges Widely Hel