公司金融和企业生命周期课件.ppt

Corporate Finance and the Life Cycle of the Firm公司金融与企业生命周期 Stewart C. Myers China International Conference in Finance July 8, 2004 2004中国金融国际年会 2004年7月8日 Corporate Finance and the Life Cycle of the Firm公司金融与企业生命周期 Functions of financial markets and institutions 金融市场与金融机构的功能 Corporate governance 公司治理 Coinvestment of human and financial capital 人力资本与金融资本的共同投资 The life cycle 生命周期 Startup and growth 初创与成长期 Going concern 持续经营期 Cash cow in decline 衰退中的现金牛期 Financial Markets and Institutions金融市场与金融机构 First task: 首要任务 Move capital into companies with positive-NPV investments. 向那些拥有正NPV投资项目的企业投入资金 Move capital out of companies with negative-NPV investments. 从那些拥有负NPV投资项目的企业抽出资金 Corporate governance: protect investors so that capital can move efficiently. 公司治理：保护投资者以便实现资金的有效转移 Protection of investors对投资者的保护 Complete protection of investors is not feasible and not desirable. 完全的投资者保护不可行，也没有必要 Managers know more than investors. 经理层比投资者知道的更多 Incomplete contracting: managers must have discretion. 不完全合同：经理层必须拥有判断力 Discretion means that managers’ self-interest must be respected. 判断力意味着必须尊重经理层自我利益 Coinvestment of human and financial capital. 人力资本和金融资本的共同投资 Maximize firm value, not shareholder value. 公司价值最大化，而非股东价值最大化 Coinvestment 共同投资 Choose financial architecture to assure efficient coinvestment. 选择金融架构以确保有效共同投资 Incentives激励 Risk sharing风险分担 Optimize (don’t maximize) bargaining power of financial capital. 金融资本谈判力的最优化（不是最大化） Danger of short-termism. 短期危机 The Life Cycle 生命周期 Startup and growth 初创期及成长期 Preserve managers’ bargaining power ex post. 根据过去发展情况，保持经理层的谈判力 Going concern 持续经营期 Stable allocation of bargaining power. 谈判力的稳定分配 Cash cow in decline 衰退中的现金牛期 Shift bargaining power to outside investors. 转移谈判力到外部投资者 Startup and growth – financing innovation初创及成长期－融资创新 Entrepreneur contributes sweat equity. 企业家贡献人力资本 Several years’ commitment, high risk of failure. 多年承诺，并面临高失败风险 Requires fair (high) upside compensation if success. 成功时，要求公平（高）薪酬 Ex post bargaining power may be l