处理的内部产权和SEO.pptVIP

薛爽 Managing Internal Equity and SEO Chapter Objective The equity management perspective Internal capital market theory SEO influence and arrangement SEO methods and Paradox of rights offer Mkt effect of SEO announcement New issues puzzle: long-term performance of SEO Some interesting researches on Chinese SEO discussions The equity management perspective Principal-agency problem: management private benefits such as perks or slack off Solutions: --dividends or stock repurchases --monitoring: collude between auditor and manager such as Enron and Arthur Anderson --incentive compensation Internal capital MKT theory The traditional capital budgeting paradigm --if a project should invest: positive NPV rule --what to do when facing budgeting limitation: select the set offering the highest Total NPV Limitations of traditional paradigm --why is capital budget limited? --who and how is the forecast of PV made? --what are the roles of headquarters and division managers Internal capital MKT (ICM) theory The advantages of ICM -avoid the infor. asymmetry -increased monitoring incentives -better asset redeployability Pecking order theory Internal capital MKT (ICM) theory--pecking order theory Internal capital MKT (ICM) theory--pecking order theory Now suppose there are two press releases: -Smith CO. will issue $120 mil.of 5-year notes. -Jones CO. will issue 1.2 mil. New shares and the company expects to raise $120 mil. Sources and uses of fund in U.S. non-financial corporations Internal capital MKT:  -- within a multidivisional firm Decentralized infor. Internal capital MKT:  -- within a multidivisional firm Divisional rent-seeking: Scharfstein and Stein (2000) The cross-subsidization: stronger divisions subsidize weak ones: Scharfstein and Stein (2000). Shin and Stulz(1998) : investment in a given segment of a diversified firm is sensitive to CF of the firm’s other segments and is less sensitive to its own CF than is a single-segment firm.