What is shareholder wealth?
股东的财富是什么？
• Maximising wealth can be defined as maximising purchasing power.
• 最大化的财富可以被定义为最大限度地提高购买力。
• Maximising shareholder wealth means maximising the flow of dividends to shareholders through time.
• 股东财富最大化是指通过时间的流量最大化的股息予股东。
Profit maximisation is not the same as shareholder wealth maximisation
利润最大化和股东财富最大化是不一样的
• Prospects展望
• Risk风险
• Accounting problems会计问题
• Communication通讯
• Additional capital附加资本
Exhibit 1.8 Two firms with identical average profits but different risk levels
图表1.8两家公司具有相同的平均利润，但风险水平不同
Ownership and control
所有权和控制权
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• The problem问题
– Diffuse and fragmented set of shareholders
– 股东零散并不成系统
– Control often lies in the hands of directors
– 控制往往在于董事之手
– Separation, or a divorce, of ownership and control
– 分开，或分离，所有权和控制权
– The management team may pursue objectives attractive to them
– 管理团队可能会吸引他们追求的目标
– ‘Managerialism’ or ‘managementism’
– “管理主义”
– An example of the principal–agent problem
– 委托 - 代理问题的一个例子
• Agency costs
• 代理成本
– (a) Monitor managers’ behaviour
– 监视经理人行为
– (b) Create incentive schemes and controls for managers to encourage the pursuit of shareholders’ wealth maximisation
– 建立激励机制和控制管理者鼓励追求股东财富最大化
– Agency cost of the loss of wealth caused by the extent to which prevention measures do not work
– 代理成本，财富的损失引起的预防措施，在何种程度上不工作
• Aligning the actions of senior management with the interests of shareholders ‘goal congruence’
• 对齐操作的高级管理人员与股东目标一致的利益'
• Some solutions
• 一些解决方案
– Linking rewards to shareholder wealth improvements
– 将奖励提高股东财富
– Sackings
– 人人自危
– Selling shares and the takeover threat
– 销售股份及收购的威胁
– Corporate governance regulations
– 企业管治法规
– Information flow
– 信息流
Lecture review 1
讲座回顾1
• Firms should clearly define the objective of the enterprise to provide a focus for decision making.
• 企业应明确定义的目标，为企业提供决策的重点。
• Sound financial management is necessary for the achievement of all stakeholder goals.
• 健全的财务管理，实现所有利益相关者的目标是必要的。
• Some stakeholders will have their returns satisficed, others maximised.
• 一些利益相关者将他们的回报令人满意的，其他人最大化。
• Assumed objective of the firm for finance is to maximise shareholder wealth.
• 假定金融公司的目标是股东财富最大化。
– Practical实用
– The contractual theory契约理论
– Survival生存
– Better for society更好地为社会
– Counters the tendency of managers to pursue goals for their own benefit
– 计数器管理者追求的目标，为自己的利益的倾向
– They own the firm他们拥有公司
• Maximising shareholder wealth is maximising purchasing power or maximising the flow of discounted cash flow to shareholders over a long time horizon.
• 最大化股东财富最大化购买力或最大限度地提高股东现金流贴现，过了很长的时间跨度的流动。
Lecture review 2
讲座回顾2
Profit maximisation: different from shareholder wealth maximisation
• 利润最大化：从股东财富最大化不同
– Future prospects未来前景
– Risk风险
– Survival生存
– Accounting problems会计问题
– Communication通信
– Additional capital额外资金
• Separation of ownership and control
• 所有权和控制权的分离
• Managerialism管理主义
• Principal–agent problem:
• 委托代理问题：
– Some solutions: 一些解决方案
– Link managerial rewards to shareholder wealth improvement提高股东财富管理回报链接
– Sackings人人自危
– Selling shares and the takeover threat销售股份及收购的威胁
– Corporate governance regulation公司治理监管
– Improve information flow提高信息流
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