接管、重组和公司控制 英文PDF|Epub|txt|kindle电子书版本下载

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Overview1

第1章 接管的过程1

兼并活动的模式1

第一部分 接管与兼并的实践1

Patterns of Merger Activity1

CHAPTER 1 The Takeover Process1

Part I: Takeovers and Mergers in Practice1

Preface xxi1

Contents1

1 The Takeovoer Process1

PART I: TAKEOVERS AND MERGERS IN PRACTICE1

Merger and Tender Offer Terminology4

兼并与标购的定义4

Vertical mergers5

Horizontal mergers5

Types of Mergers from an Economic Standpoint5

从经济学角度看兼并的类型5

横向兼并5

纵向兼并5

混合兼并6

财务混合兼并6

Financial conglomerates6

Conglomerate mergers6

管理混合兼并7

Managerial conglomerates7

同心公司8

从法律角度看企业兼并8

Concentric companies8

Mergers in a Legal Framework8

The Nature of Tender Offers9

标购的性质9

兼并活动中的风险套利10

Risk Arbitrage in M A Activity10

套利业务的特性11

举例11

Illustrative example11

The nature of the arbitrage business11

Summary12

小结12

套利资金12

Arbitrage funds12

问题13

Questions13

参考文献14

References14

第2章 有关法律和法规15

主要的证券法规15

CHAPTER 2 The Legal and Regulatory Framework15

The Main Securities Laws15

2 The Legal and Regulatory Framework15

Federal securities laws16

联邦证券法16

The Operation of the Securities Acts17

Tender Offer Regulation-The Williams Act17

证券法令的执行17

标购的规则——威廉姆斯法17

Section 1318

第13节18

第14节19

内部交易监督19

Section 1419

Insider Trading Overview19

The Racketeer Influenced and Corrupt Organizations Act of 1970 (RICO)20

1970年欺诈与贪污组织法20

法庭案例与证券交易委员会的规定22

1934法令第106-5条规定的义务22

Court Cases and SEC Rules22

Liability Under Rule 10b-5 of the 1934 act22

Other Disclosure Requirements24

其他披露要求24

Disclosure of merger talks25

Disclosure requirements of stock exchanges25

Disclosure by insiders-Section 16 of SEA25

内部人的披露——证券交易法第16节25

股票交易的披露要求25

兼交谈判的披露25

最近的发展情况26

Regulation of Takeover Activity by the States26

各州的收购活动法规26

Recent developments26

Issues with regard to state takeover laws27

有关各州收购法规的一些问题27

Antitrust Policies28

反垄断政策28

Chronology of Rite Aid tender offer for Revco29

Rite Aid标购Revco的时间表29

The Basic Antitrust Statutes30

Sherman Act of 189030

Clayton Act, Section7, 191430

Hart-Scott-Rodino Act of 197630

The Antitrust Guidelines30

1976年哈特-斯科特-罗迪奥法30

1914年克莱顿法，第7节30

1890年谢尔曼法30

主要的反垄断法30

反垄断法的原则30

其他市场特点31

Other market characteristics31

私人反垄断诉讼32

州反垄断活动32

非横向兼并32

State antitrust activity32

Private antitrust suits32

Nonhorizontal mergers32

有关公众利益的规定33

Regulation by Publicity33

Seizure of the First Executive Corporation and First Capital Life33

FE公司和FCL公司的没收33

The hostile takeover of the Pacific Lumber Company34

Regulation by the politics of finance34

太平洋木材公司的敌意收购34

金融政策上的法规34

小结35

Summary35

问题36

Questions36

案例研究37

Chapter 2 Van Gorkom37

Cases in Text37

Case Studies37

董事会的广泛责任37

Van Gorkom37

Van Gorkom37

Broader Board Responsibilities37

Revlon Inc. v. Pantry Pride38

Revlon公司与PantryPride38

Revlon-Pantry Pride38

Paramount v. Time39

Maxwell Communications v. Macmillan39

马克斯韦尔公司与麦克米兰出版公司39

派拉蒙公司与《时代周刊》39

Maxwell-Macmillan39

Paramount-Time39

Paramount-QVC Network40

Sandoz-Gerber40

Sandoz-Gerber40

Sandoz-Gerber40

派拉蒙公司与QVC网络40

Paramount v. QVC Network40

参考文献41

References41

CHAPTER 3 Pooling Versus Purchase Accounting43

Historical Background43

历史背景43

3 Pooling Versus Purchase Accounting43

第3章 联合经营核算与购买核算43

Pooling of Interests44

联合经营44

购买核算45

联营与购买核算45

Purchase Accounting45

Accounting for Pooling Versus Purchase45

Illustration of pooling accounting47

联营核算的说明47

Illustration of purchase accounting48

购买核算的说明48

Effects of pooling versus purchase on income measurement50

联营与购买对收益计量的影响50

Effects on Leverage52

对财务杠杆的影响52

Dynamic Versus Static Effects of Pooling Versus Purchase53

联营与购买的动态和静态效应53

Hong, Kaplan, Mandelker, 197854

Hong, Kaplan, Mandelker, 197854

Empirical Studies of Effects of Pooling Versus Purchase on Stock Prices54

联营与购买对股价影响的实证研究54

Robinson和Shane, 199055

Davis, 199055

Davis, 199055

Robinson and Shane, 199055

Davis, 199656

Davis, 199656

Further research57

问题57

小结57

进一步的研究57

Questions57

Summary57

Case Studies58

AT T s acquisition of NCR58

Wells Fargo acquisition of First Interstate Bancorporation58

案例研究58

美国电话电报公司收购NCR公司58

WF银行收购FIB公司58

Chapter 3 AT T-NCR58

Wells Fargo-First Interstate Bancorporation58

参考文献60

References60

CHAPTER 4 Tax Planning Options61

Taxable Versus Nontaxable or Tax-Deferred Acquisitions61

第4章 税务计划61

应税与非应税或税款递延收购61

4 Tax Planning Options61

营业净损失的结转62

Net operating loss (NOL) carryovers62

The Tax Reform Act of 198662

税收改革法（1986）62

Greenmail63

General Utilities doctrine63

Minimum tax on corporate profits63

Corporate capital gains tax63

绿色邮件63

通用公共事业公司的教训63

公司利润的税额最小化63

公司资本收益税63

Early Empirical Tests of Tax Effects64

NOLs and tax credits64

Basis step-up64

Leverage64

Do Tax Gains Cause Acquisitions?64

税收收益是否能引起兼并64

税收效应的早期实际验证64

营业净损与税款抵免64

基准递增资产价格64

财务杠杆64

税收效应的后期实际验证65

Later Empirical Studies of Tax Effects65

Taxes and LBOs66

税收与杠杆收购66

Questions67

Summary67

小结67

问题67

References68

参考文献68

5 Theories of Mergers and Tender Offers69

PART II: M As-THEORY AND EMPIRICAL TESTS69

组织学习与组织资本69

第二部分 并购理论及其实际验证69

第5章 兼并与标购理论69

Part II: M As-Theory and Empirical Tests69

CHAPTER 5 Theories of Mergers and Tender Offers69

Organization Learning and Organization Capital69

Investment opportunities72

Models of the Takeover Process72

投资机会72

接管过程模型72

Free-Rider Problem, Initial Shareholding, and the Equilibrium Bid73

搭便车问题，原始股和均衡出价73

A Framework74

一个框架74

Sources of Value Increases from M As75

并购价值增值的源泉75

Operating synergy76

Efficiency increases76

效率的提高76

经营协同效应76

多样化经营的动机77

Diversification motives77

The q-ratio78

Strategic realignments78

q比率（市值与重置成本的比率）78

战备调整78

财务协同效应78

Financial synergy78

Signaling79

Information79

信息79

信号传递79

Agency Problems80

Winner s Curse and Hubris80

赢者的灾难与傲慢80

代理问题80

管理主义81

Managerialism81

Takeovers as a solution to agency problems81

接管是解决代理问题的一个途径81

The free cash flow hypothesis (FCFH)82

自由现金流量假设82

Redistribution83

Market power83

Tax gains83

市场力量83

税收上的收益83

利益的重新分配83

Redistribution from bondholders84

Redistribution from labor84

来自劳动者的利益重组84

来自债券持有人的利益重组84

退休基金的变化86

Pension fund reversions86

Summary87

小结87

Boeing s acquisition of McDonnell Douglas89

波音公司收购麦道89

案例研究89

问题89

Questions89

Case Study89

Chapter 5 Boeing-McDonnell Douglas89

参考文献90

References90

5A Measurement of Abnormal Returns93

剩余收益的计算步骤93

附录A：异常收益的计量93

Steps in Calculation of Residuals93

Appendix A: Measurement of Abnormal Returns93

事件收益的统计意义103

Statistical Significance of Event Returns103

参考文献106

References106

第6章 兼并活动的发展历史107

1895年～1904年的兼并运动107

6 The Timing of Merger Activity107

早期的兼并运动107

CHAPTER 6 The Timing of Merger Activity107

Early Merger Movements107

The 1895-1904 merger movement107

1922年～1929年的兼并运动108

The 1922-1929 merger movement108

60年代的混合兼并浪潮109

1940年～1947年的兼并运动109

The 1940-1947 merger movement109

The Conglomerate Merger Movement of the 1960s109

1970年以来的兼并趋势110

Merger Trends Since 1970110

企业出售114

Divestitures114

对宏观集中度的影响116

Impact on macroconcentration116

Effects on Concentration116

对集中度的影响116

对微观集中度的影响117

国际透视117

International Perspectives117

Impact on microconcentration117

Mergers and the macroeconomy118

Timing of Merger Activity118

各时期兼并活动发展的时间控制118

兼并与宏观经济118

小结120

Summary120

Questions122

References122

问题122

参考文献122

Returns in Successful Mergers and Takeovers124

Issues in Empirical Studies124

CHAPTER 7 Empirical Tests of M A Performance124

7 Empirical Tests of M A performance124

第7章 并购绩效的实际验证124

实证研究涉及的问题124

成功的兼并与接管带来的收益124

Returns to targets125

目标公司的收益125

收购公司的收益126

Returns to bidder firms126

The effect of NASDAQ trading127

Unsuccessful Takeovers127

Returns to targets127

不成功的接管127

NASDAQ交易的效果127

目标公司的收益127

失败收购公司的收益128

Returns to unsuccessful bidders128

Methods of Payment and Managerial Resistance129

支付方式与管理抵抗129

Interval between announcement and completion131

从宣布到完成的时间间隔131

正的总收益与负的总收益132

Bad bidders become good targets132

Positive Total Returns Versus Negative Total Returns132

失败收购公司会成为兼并的目标132

Effects of Regulation133

法规的作用133

Single Bids Versus Multiple Bids134

单一投标与多家投标134

Runup Versus Markup Returns135

宣布前升值收益与宣布后升值收益135

Efficiency Versus Market Power137

Postmerger Performance137

效率与市场力量137

并购后的绩效137

产业对并购活动的影响140

Industry Influences on M A Activity140

Patterns of Takeover Activity141

接管活动的模式141

小结142

Summary142

问题143

参考文献143

Questions143

References143

PART III: VALUATION-THE STRATEGIC PERSPECTIVE147

8 Strategy, Diversification, and Takeovers147

第三部分 评价——战略性透视147

第8章 战略、多角化经营和接管147

Part III: Valuation-The Strategic Perspective147

CHAPTER 8 Strategy, Diversification,and Takeovers147

Strategy148

Ultimate responsibility148

战略148

最终的责任148

Basic steps in strategic planning149

Diversity in Strategic Planning Processes149

Monitoring environments149

Stakeholders149

战略计划的基本步骤149

战略计划过程的多样性149

环境的监测149

利益相关者149

组织文化150

Alternative strategy methodologies150

Organization cultures150

可选择的战略方法论150

可选择的几种分析框架153

Alternative analytical frameworks153

形成战略的途径156

Approaches to Formulating Strategy156

The Boston Consulting Group156

波士顿咨询集团156

波特法157

The Porter approach157

几种方法的评价158

适应性程序158

Evaluation of the Alternative Approaches158

Adaptive Processes158

最新的一些发展159

数目表和重述159

Some recent developments159

Checklists and iterations159

Formulating a Merger Strategy160

兼并战略的形成160

Aligning the firm to its changing environments161

Business goals161

企业经营目标161

使企业适应不断变化的环境161

Diversification Strategy162

多角化经营战略162

Internal versus external growth163

Empirical evidence163

实际验证163

内部成长与外部成长163

Diversification Planning, mergers, and the carryover of managerial capabilities164

多角化经营计划、兼并及管理能力的储备164

Influences on Diversification165

Advances in managerial technology165

Increased technological change165

管理技术上的进步165

影响多角化经营的因素165

技术变革的加快165

Larger fixed costs for staff services166

Developments in the equity markets166

证券市场的发展166

人事部门固定费用的增加166

Summary167

小结167

Questions168

Case Studies168

Merck acquisition of Medco168

Merk收购Medco168

案例研究168

问题168

Chapter 8 Merck-Medco168

IBM对Lotus发展公司的收购170

IBM-Lotus170

Acquisition of Lotus Development Corp. by IBM170

参考文献174

References174

可比公司或可比交易法176

Comparable Companies or Comparable Transactions Approaches176

第9章 企业估价方法176

CHAPTER 9 Alternative Approaches to Valuation176

9 Alternative Approaches to Valuation176

资本预算决策179

分析表估价法与兼并179

Capital budgeting decisions179

The Spreadsheet Approach to Valuation and Mergers179

分析表预测法181

Spreadsheet projections181

分析表估价法简评183

公式法183

Formula Approach183

Brief evaluation of the spreadsheet approach183

基本公式184

The basic formula184

暂时增长后的恒定增长188

Temporary growth followed by constant growth188

Cost of Capital Measurement189

Capital Asset pricing model (CAPM)189

资本成本的计量189

资本资产定价模型189

Equity risk premium over debt yield190

Investor s average realized yield190

超过债务收益的资本风险收益190

投资者平均收益190

红利增长模型191

Dividend growth model191

债务成本192

Cost of preferred stock192

Cost of debt192

优先股成本192

边际资本成本193

The marginal cost of capital193

通货膨胀的影响194

The Influence of Inflation194

问题196

应用196

Questions196

Applications196

参考文献197

References197

9A Derivation of Valuation Formulas198

Appendix A: Derivation of Valuation Formulas198

附录A：企业定价公式的延伸198

零增长的情况199

The No-Growth Case199

恒定的增长200

超常增长后的零增长200

Supernormal Growth Followed by No Growth200

Constant Growth200

Supernormal Growth Followed by Constant Growth201

超常增长后的恒定增长201

Comparison with the Miller-Modigliani Model202

Appendix B: Comparisons of Valuation Models202

9B Comparisons of Valuation Models202

附录B：估价模型的比较202

与Miller-Modigliani模型的比较202

Comparison with Stern-Stewart Approach203

与Stern-Stewart方法的比较203

Comparison with the Rappaport Approach204

与Rappaport方法的比较204

参考文献206

References206

10 Increasing the Value of the Organization207

Event Analysis of the Chevron Takeover of Gulf207

CHAPTER 10 Increasing the Value of the Organization207

Chevron接管Gulf的事件分析207

第10章 组织价值的增长207

Comparable Transactions Analysis of the Gulf Purchase208

收购Gulf的可比交易分析208

分析表法与公式法209

Spreadsheet and Formula Approaches209

在起始的价值因素估计中使用的历史资料210

Historical data used in a fi.st estimate of the value drivers210

合理的资本成本213

The applicable cost of capital213

Spreadsheet methodology214

Capital structure proportions214

资本结构比例214

分析表方法214

The Value of Gulf, 1983215

Gulf公司的价值（1983年）215

Finding cost analysis217

调研成本分析217

收购Gulf对Chevron公司价值的影响218

The effect of the Gulf purchase on the value of Chevron218

小结220

Summary220

Questions221

问题221

References223

参考文献223

10A Calculating Growth Rates225

Appendix A: Calculating Growth Rates225

附录A：增长率的计算225

Part IV: Restructuring229

CHAPTER 11 Restructuring and Divestitures229

Corporate Restructuring Strategies229

11 Restructuring and Divestitures229

PART IV: RESTRUCTURING229

第四部分 企业重组229

第11章 企业重组与企业出售229

公司重组战略229

Some basic forces230

Definitions and examples230

一些基本力量230

定义与举例230

Background materials on divestitures231

企业出售231

Divestitures231

关于企业出售的背景材料231

Motives for divestitures232

企业出售的动因232

企业出售的财务作用234

Financial Effects of Divestitures234

企业出售与分立的案例研究236

Chapter 11 Dillingham236

Entenmann s Bakery236

Case Studies of Spin-Offs and Divestitures236

Rationale for Divestitures237

Hospital Affiliates International237

企业出售的基本原理237

Summary238

小结238

References239

Questions239

参考文献239

问题239

第12章 重组所有权关系240

分立240

CHAPTER 12 Restructuring Ownership Relationships240

Spin-Offs240

Event return studies of spin-offs240

12 Restructuring Ownership Relationships240

分立的事件收益研究240

Split-Ups242

The ITT Corp.242

子公司的分离242

The ITT公司242

The AT T restructuring243

美国电话电报公司的重组243

The Melville公司244

The Melville Corporation244

股票出让245

Equity Carve-Outs245

Targeted Stock248

目标公司股票248

出售与分离收益的解释与基本原理249

信息249

Explanations and Rationale for Gains to Sell-Offs and Split-Ups249

Information249

Managerial efficiency250

Management incentives250

Tax and/or regulatory factors250

税收与管制因素250

管理激励250

管理效率250

Bondholder expropriation251

Changing economic environment251

Avoiding conflicts with customers251

Provide investors with pure winners251

期权的创造251

Increase market spanning251

Option creation251

扩大市场跨度251

债券持有人的损失251

经济环境的变化251

如何避免与顾客的冲突251

为投资者提供净收益251

便于更集中的兼并252

小结252

问题252

Enable more focused mergers252

Summary252

Questions252

Sears Roebuck and Co. restructuring253

Case Studies253

Chapter 12 Sears253

Sears, Roebuck and Co.重组253

案例研究253

GM spin-off of EDS254

GM-EDS254

通用汽车公司将子公司EDS独立254

References256

参考文献256

CHAPTER 13 Financial Restructuring257

Unlocking the Value in the Firm257

第13章 财务重组257

公司价值的分解257

13 Financial Restructuring257

Leverage and Leveraged Recapitalizations258

财务杠杆与杠杆资本重组258

杠杆重组的绩效262

Subsequent performance262

The effects of the use of leveraged recaps262

使用杠杆资本重组的作用262

两类股票重组的市场反应263

The functions of leveraged recaps263

杠杆资本重组的功能263

两类普通股的重组263

两类普通股重组的原因263

Reasons for dual-class recapitalizations263

Dual-Class Stock Recapitalizations263

Market response to dual-class recaps263

Paradox of the entrenchment264

管理抵制的矛盾264

Exchange Offers265

Tax aspects of exchange offers265

证券交换权的税收管理265

证券交换权265

Empirical evidence on exchange offers266

证券交换权的经验证明266

Reorganization Processes268

Out-of-court procedures268

Merger into another firm268

兼并进另一个企业268

法庭外的程序268

重组程序268

Formal legal proceedings269

正式的法律程序269

Financial Engineering270

Liquidations and Takeover Bust-Ups270

清算与接管后的出售270

金融工程270

Empirical studies271

实证研究271

Questions273

Summary273

小结273

问题273

Chapter 13 Management Assistance, Inc. (MAI)274

管理辅助公司274

Management Assistance,Inc.274

Case Study274

案例研究274

参考文献275

References275

14 Joint Ventures277

PART V: M A STRATEGIES277

第14章 合资企业277

第五部分 并购战略277

Part V: M A Strategies277

CHAPTER 14 Joint Ventures277

企业战略与合资企业279

Joint Ventures in Business Strategy279

Joint ventures and complex learning279

合资企业与复杂性学习279

Chapter 14 Philips-Whirlpool280

Maytag-Hoover Appliances280

Joint ventures and restructuring280

Tax aspects of joint ventures280

合资企业与企业重组280

合资企业税务280

Corning-Ciba-Geigy281

国际合资企业282

合资企业基本原理282

Rationale for Jonint Ventures282

International Joint Ventures282

Reasons for failure283

失败的原因283

Joint Ventures and Antitrust Policy284

合资企业与反垄断政策284

外部资源286

Outsourcing286

Business and economic patterns287

Empirical Tests of the Role of Joint Ventures287

合资企业作用的实际验证287

商务与经济模式287

Event returns288

事件收益288

小结289

Summary289

GM-Toyota joint venture290

Questions290

GM-Toyota290

Case Study290

案例研究290

通用汽车公司与丰田公司的合资企业290

问题290

参考文献291

References291

第15章 职工持股计划与雇主有限合伙企业292

职工持股计划的性质和历史292

15 ESOPs and MLPs292

CHAPTER 15 ESOPs and MLPs292

Types of pension plans292

Nature and History of ESOPs292

退休金计划的类型292

Types of ESOPs293

职工持股计划的类型293

职工持股计划的运用294

职工持股计划用作退休金计划294

ESOPs as pension plans294

The Uses of ESOPs294

Concept of a leveraged ESOP295

杠杆职工持股计划的概念295

Examples of the use of ESOPs296

职工持股计划运用举例296

以职工持股计划来代替子公司的剥离298

ESOPs in lieu of subsidiary divestiture298

职工持股计划的执行效果299

Tax benefits299

The Performance of ESOPs299

税收利益299

职工持股计划与筹集资金的办法300

ESOPs versus alternative methods of raising funds300

职工持股计划可作为抵制接管的措施300

ESOPs as a takeover defense300

Comparison with profit sharing301

与利润分配的比较301

Effects on company productivity302

对公司生产效率的影响302

Economic consequences304

经济效果304

Evaluation of ESOPs305

职工持股计划的评价305

The nature of MLPs306

Master Limited Partnerships306

雇主有限合伙企业306

雇主有限合伙企业的性质306

雇主有限合伙企业的优点310

Advantages of MLPs310

小结311

Summary311

Initial pricing of MLPs311

雇主有限合伙企业的起始定价311

Chapter 15 Pan Petroleum MLP313

Pan Petroleum MLP313

Questions313

案例研究313

问题313

Case Study313

Pan石油雇主有限合伙企业313

参考文献314

References314

16 Going Private and Leveraged Buyouts316

杠杆收购的特点316

第16章 私有化和杠杆收购316

Characteristics of Leveraged Buyouts316

CHAPTER 16 Going Private and Leveraged Buyouts316

杠杆收购的三个主要阶段317

Three Major Stages of Leveraged Buyouts317

一般经济和金融因素318

80年代的杠杆收购318

General economic and financial factors318

LBOs in the 1980s318

杠杆收购的一个实例320

Illustration of an LBO320

典型的杠杆收购操作的几个要素322

Elements of a typical LBO operation322

80年代私有化收购的条件和环境323

Conditions and circumstances of going-private buyouts in the 1980s323

80年代私有化的实际结果324

Empirical results on going private in the 1980s324

Sources of gains326

收益的来源326

Evidence on postbuyout equity value333

收购后权益价值研究333

The Correction Period 1991-1992334

1991年～1992年的纠正时期334

垃圾债券的作用336

The Role of Junk Bonds336

1992年～1995年期间的杠杆收购338

LBOs in the 1992-1995 Period338

Summary339

小结339

Chapter 16 Sources of Value in LBOs340

Questions340

Case Studies340

Sources of value in LBOs340

杠杆收购中价值的来源340

案例研究340

问题340

参考文献341

RJR Nabisco杠杆收购341

RJR Nabisco LBO341

References341

RJR Nabisco LBO341

Historical and Empirical Data344

CHAPTER 17 International Takeovers and Restructuring344

第17章 国际接管与企业重组344

历史与经验数据344

17 International Takeovers and Restructuring344

The Theory of the MNE345

国际企业理论345

Growth350

Reasons for International M As350

国际并购的原因350

企业成长的需要350

技术方面的原因351

Technology351

产品优势与产品差异352

政府政策352

Product advantages and product differentiation352

Government policy352

汇率353

Exchange rates353

Differential labor costs, productivity354

劳动力成本以及生产率的差别354

Political/economic stability354

政治经济的稳定性354

经营多样化355

保证原材料的供应355

所获剩余收益355

顾客指向性（尤其是银行业）355

Premiums Paid355

To assure a source of raw materials355

Diversification355

To follow clients (especially by banks)355

International Joint Ventures356

Event Returns356

国际合资企业356

事件收益356

Cost of Equity for an MNE358

一个国际企业的权益成本358

The Cost of Debt361

债务成本361

Summary362

小结362

Chapter 17 Gerber363

Case Studies363

The saga of Gerber Products363

Questions363

问题363

案例研究363

Gerber products的故事363

Ciba-Geigy 与Sandoz的兼并365

Ciba-Geigy Merger with Sandoz365

Ciba-Geigy-Sandoz365

References368

参考文献368

18 Share Repurchase371

第18章 股票回购371

第六部分 公司管理与控制371

Part VI: Corporate Governance and Control371

CHAPTER 18 Share Repurchase371

Major Types of Share Repurchase371

Fixed price tender offers (FPTs)371

股票回购的主要类型371

PART VI: CORPORATE GOVERNANCE AND CONTROL371

固定股价标购371

Open market repurchases (OMRs)372

荷兰式拍卖372

可转让选择权372

Dutch auctions (DAs)372

Transferable put rights (TPRs)372

公开市场回购373

现金标购的经验证明373

固定股价标购373

Empirical evidence on cash tender offers373

Fixed Price Tender Offers (FPTs)373

基本股票回购模型374

Basic Stock Repurchase Model374

Dividend or personal taxation hypothesis377

The Theories Behind Fixed Price Tender Offers377

红利或个人所得税假说377

固定股价标购的理论基础377

Leverage hypothesis378

杠杆假说378

信号传递假说379

Signaling hypothesis379

Defense against outside takeovers380

Bondholder expropriation hypothesis380

Wealth transfers among shareholders380

债券持有人损失假说380

股东间的财富转移380

外部接管的防预380

Dutch Auction Repurchases381

荷兰式拍卖回购381

Transferable Put Rights (TPRs)384

可转让选择权384

Open Market Share Repurchases (OMRs)386

公开市场股票回购386

Summary387

小结387

Questions388

Case Study388

FPL388

Chapter 18 Florida Power Light (FPL)388

问题388

案例研究388

FPL388

References389

参考文献389

19 Corporate Governance and Performance391

CHAPTER 19 Corporate Governance and Performance391

第19章 公司管理与行为绩效391

企业契约理论392

Contractual theory of the firm392

Diffuse stock ownership392

Corporate Governance Systems in the United States392

美国的公司管理体制392

分散的股票所有人392

Internal Control Mechanisms393

内部控制机制393

利益相关者的利益分歧393

Divergent interests of stakeholders393

Role of the Board of Directors394

董事会的组成394

董事会的作用394

Composition of the board394

董事会成员的报酬395

Compensation of board members395

董事会的评估396

所有权集中度396

Evaluating a board of directors396

Ownership Concentration396

Managerial ownership and bond returns398

Financial policy and ownership concentration398

管理层的所有者与债券收益398

财务政策与所有权集中度398

Executive Compensation399

经理的报酬399

Stock prices and top management changes400

外部控制机制400

股票价格与高级管理层的更换400

Outside Control Mechanisms400

公共退休金基金401

Public pension funds401

多重控制机制402

Multiple Control Mechanisms402

Proxy Contests402

代理人竞争402

对财富的影响——较早的研究403

Wealth effects-early studies403

对财富的影响——较晚的研究404

Wealth effects-later studies404

The M A Market for Control405

针对企业控制权的并购市场405

Alternative Governance Systems406

不同的管理体制406

Summary407

小结407

Questions408

问题408

Case Study409

Chrysler Corporation versus Tracinda Corporation-a struggle for control409

案例研究409

Chapter 19 Chrysler-Tracinda409

克莱斯勒公司与Tracinda公司的控制权斗争409

References410

参考文献410

20 Takeover Defenses413

董事会的责任413

第20章 接管防御413

CHAPTER 20 Takeover Defenses413

Duty of Directors413

Greenmail414

绿色邮件414

绿色邮件对社会财富的影响415

Wealth effects of greenmail415

Antigreenmail developments416

反绿色邮件的发展416

战略行为417

财务防御措施417

Pac Man防御417

Financial Defensive Measures417

Strategic Actions417

Pac Man defense417

White knight418

白衣骑士418

防御性公司重组的调整419

资产重组419

白衣卫士419

White squire419

Reorganization of assets419

Defensive Corporate Restructuring and Reorganization419

Other Strategies420

其他战略420

反接管修正案421

Antitakeover Amendments421

Other antitakeover amendments422

Authorization of preferred stock422

Classified boards422

Fair-price amendments422

Supermajority amendments422

绝大多数投票权修正案422

其他反接管修正案422

优先股的授权422

董事会的分层422

公平价格修正案422

反接管修正案与股东收益423

Antitakeover amendments and shareholder returns423

毒丸计划的类型424

毒丸计划424

Poison Pills424

Types of plans424

案例研究425

Case studies425

Effects of poison pills on shareholder returns425

毒丸计划对股东收益的影响425

毒丸式选择权426

Poison Puts426

Golden Parachutes428

金保护伞428

Silver and tin parachutes429

银或锡保护伞429

原理429

Rationale429

金保护伞与股东收益430

Golden parachutes and returns to shareholders430

小结431

Summary431

Carter Hawley Hale与Marshall Field Co.433

问题433

案例研究433

Carter Hawley Hale versus Marshall Field Co.433

Case Studies433

Questions433

Chapter 20 Carter Hawley Hale-Marshall Field433

Mattel-Hasbro434

Mattel-Hasbro434

Mattel-Hasbro434

References435

参考文献435

PART VII: MANAGERIAL STRATEGIES FOR INCREASING VALUE439

CHAPTER 21 Case Studies of M A Activity439

A Framework for Case Studies439

Part VII: Managerial Strategies for lncreasing Value439

21 Case Studies of M A Activity439

案例研究的一个框架439

第21章 并购活动的案例研究439

第七部分 实现增值的管理战略439

时代华纳441

Chapter 21 Time Warner441

Time Warner441

事件的时间简表442

Brief chronology of events442

主要的法律问题445

Central legal issues445

SBC and Pac Tel446

派拉蒙与QVC电视网446

Bell Atlantic-NYNEX446

SBC-Pac Tel446

Paramount-QVC Network446

Bell Atlantic and NYNEX446

SBC与Pac Tel446

贝尔大西洋公司与NYNEX446

Paramount Versus QVC Network446

Time Warner-Turner Broadcasting447

时代华纳与Turner广播公司447

Disney-Capital Cities/ABC447

Disney-Capital Cities/ABC447

Time Warner-Turner Broadcasting447

Disney-Capital Cities/ABC447

Ruback Case Studies448

Ruback案例研究448

信息产业的未来变化448

What s Ahead for the Information Industry?448

Westinghouse Acquisition of CBS448

Weitinghouse收购CBS448

Westinghouse-CBS448

Conoco449

Conoco449

DuPont-Conoco449

Cities Service451

城市服务业451

Cities Service451

IC Industries452

IC Industries452

Case Studies of Individual Firms452

个别企业的案例研究452

IC行业452

ARA Services453

ARA Services453

ARA服务业453

Merrill Lynch454

Merrill Lynch454

Merrill Lynch454

评估并购活动的一个框架455

A Framework for Evaluating M As455

小结456

Summary456

参考文献458

问题458

Questions458

References458

M As in a Strategic Long-Range Planning Framework459

目的和目标459

战略性长期计划框架与并购459

第22章 并购与战略管理指南459

CHAPTER 22 Management Guides for M As and Strategies459

22 Management Guides for M As and Strategies459

Goals and objectives459

战略的作用460

The role of strategy460

计划的作用461

The role of planning461

管理能力透视462

Managerial capabilities perspective462

A Comprehensive Checklist for Sound M A Decisions463

综合性项目分析表在正确的并购决策中的运用463

并购成功的规律465

The Rules for Successful Mergers465

其他规律466

Extending the rules466

Drucker s Merger rules466

得鲁克的兼并规律466

一般原则467

General Guidelines467

问题468

Questions468

Dean Witter Discover兼并Morgan Stanley的分析与评价469

案例研究469

Analysis and evaluation of Dean Witter Discover s merger with Morgan Stanley469

Case Study469

参考文献476

References476

Glossary479

词汇表479

Author Index497

作者索引497

Subject Index500

主题索引500