公司治理结构与公司价值概述(ppt 76页)（英文版）

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公司治理结构与公司价值概述内容提要：
With research focuses on empirical research in capital markets, derivatives and asset pricing of Asian and U.S. markets, Prof. Wei has produced a number of high quality papers on these areas.  Many of these papers were published in top journals in finance and have made considerable contributions to the finance literature.  He is an author of four books (in Chinese) on Hong Kong stock and warrants markets and Taiwanese stock  market.  In addition, Prof. Wei is a regular column writer for the Hong Kong Economic Journal, a local newspaper specialised in financial news.
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How to enhance the value of a firm
Increase operating efficiency (NOPLAT)
Increase return on new invested capital (ROIC)
Invest in new project only when ROIC > WACC
Increase the growth (g), rI = g/ROIC
Prolong the period of competitive advantage (N)
Reduce the cost of capital (WACC)
……

Manipulations of accounting earnings
Enron, Global Crossing, Xerox, Adelphia Communications, World Com, Tyco International, ImClone Systems, Arthur Anderson, Freddie Mac, Microsoft
Off-Balance Sheet borrowings
Enron, Elan
Motivation: Smooth earnings, jack up stock prices (stock options)
Consequences
Firms involved went to bankruptcy or were in trouble
Whole market dropped due to investors’ loss of confidence
Remedies
Strengthen the regulations by SEC and the U.S. Congress
Internal and external auditing
More efficient boards of directors.

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