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1、19878_11_c11_p355-393.qxd2/22/0610:30AMPage355CHAPTER11CorporateValueandValue-BasedManagementAswehaveemphasizedthroughoutthebook,maximizingshareholdervalueshouldbemanagement’sprimaryobjective.However,tomaximizevalue,managersneedatoolforestimat-ingtheeffectsofalternat
2、ivestrategies.Inthischapter,wedevelopandillustratesuchatool—thecorporatevaluationTheThomsonNOWWebsitecontainsanmodel,whichisthepresentvalueofexpectedfuturefreecashExcelfilethatwillguideyouthroughtheflows,discountedattheweightedaveragecostofcapital.Inachapter’scalcula
3、tions.Thefileforthissense,thecorporatevaluationmodelistheculminationofallchapterisIFM9Ch11ToolKit.xls,andthematerialcoveredthusfar,becauseitpullstogetherfinancialweencourageyoutoopenthefileandstatements,cashflows,financialprojections,timevalueoffollowalongasyoureadth
4、echapter.money,risk,andthecostofcapital.Companiespracticevalue-basedmanagementbysystematicallyusingthecorporatevalua-tionmodeltoguidetheirdecisions.TODISCCOLLECTIONIMAGE:©GETTYIMAGES,INC.,PHO35519878_11_c11_p355-393.qxd2/22/0610:30AMPage356BEGINNING-OF-CHAPTERQUESTIO
5、NSAsyoureadthechapter,considerhowyou3.Whatisvalue-basedmanagement,andhowwouldanswerthefollowingquestions.Youisitrelatedtothecorporatevaluationmodel?shouldnotnecessarilybeabletoanswertheIsvalue-basedmanagementagoodwaytoquestionsbeforeyoureadthechapter.Rather,runabusin
6、ess,orcanyouthinkofalterna-youshouldusethemtogetasenseofthetivesystemsthatarelikelytoproducebetterissuescoveredinthechapter.Afterreadingresults?thechapter,youshouldbeabletogiveatleast4.DefineEVAandMVA,andindicatehowpartialanswerstothequestions,andyoushouldthoseconcep
7、tsarerelatedtovalue-basedbeabletogivebetteranswersafterthemanagement.chapterhasbeendiscussedinclass.Note,too,5.Whyiscorporategovernanceimportanttothatitisoftenuseful,whenansweringconcep-investors?Explainhoweachofthefollowingtualquestions,tousehypotheticaldatatoisrela
8、tedtocorporategovernance:(a)man-illustrateyouranswer.Weillustratetheanswersagemententrenchment,(b)hostiletakeovers,withanExcelmodel
