财管期中个案报告.docVIP

財管期中個案報告 Marriott CorporationThe Cost of Capital (Abridged) Presented by 梁雅珺 M9880105 郭歡緒M9880207 Marriott Corporation : The Cost of Capital Are the four components of Marriott’s financial strategy consistent with its growth objective? 1987年Marriott公司的銷售成長了24%，股東權益報酬益為22%，比前四年的銷售額和每股盈餘多了一倍，Marriott公司四個財務策略的增長目標持公司 Marriott公司的四個財務策略： 1. Manage rather than own hotel assets 2. Invest in projects that increase shareholder value 3. Optimize the use of debt in the capital structure 4. Repurchase undervalue shares (1) 公司存在最適資本結構為了使其公司價值極大，因此管理者會使股東財富極大下舉借最適債務。 目前公司的結構為負債