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3 [2] Deryck C. Maughan [ 3 ] [1] Michael Siconofli:S a l o m o n s Chief Stands to Hit the JackpotWall Street Journal, 5 May 1994, p. C1. [2] 1993 [3] JP

4 4 w w w h t t p : / / w w w. s a l o m o n. c o m / i n v e s t o r. h t m / J. P. Reprinted by permission of the Wall Street Journal,, 1994, Dow Jones and Co., Inc. All rights reserved worldwide S 1 S 2 S 1 S 2 S 1S 2 S 1 S 2 S 1 S 1< S 2 S 2

5 5 w w w h t t p : / / w w w. t o y o t a. c o m / t i m e s M i l w a u k e e

6 [ 4 ] [4] 9

7 7 Circus Circus Mirage Resorts H i l t o n B a l l y 2. 5 w w w... h t t p : / / w w w. c i r c u s c i r c u s. c o m

8 V 0 = + + (1+k e ) 1 (1+ k e ) 2 V 0 = t =1 t (1+ k e ) t 3 +L+ (1+k e ) 3 (1+k e ) 1-1 V 0 t 1 k e ( 1-1 ) A

9 k e k e Berkshire Hathaway E Warren E. Buff e t [ 5 ] w w w... h t t p : / / w w w. b e r k s h i r e h a t h a w a y. c o m A t T R (T C ) t t t t = T R t T C t t P t Q t T R t = P t Q t t V t Q t t T C t = V t Q t + F t P V 0 = t Q t V t Q t F t 1-5 (1+ k e ) t t =1 P t Q t F t V t [5] Annual Report, Berkshire Hathaway, Inc.,1996.

10 10 k e k e I B M I B M w w w... I B M I B M h t t p : / / w w w. i b m. c o m / i n v e s t o r / a c q u i s i t i o n s. h t m l

12 12 / Michael E. Porter A l f r e d [6,7] R a p p a p o r t [ 8 ] [6] Micheal E. Porter, Competitive Advantage (New York: Free Press, 1985), Chapter 1. [7] Alfred Rappaport, C reating Shareholder Va l u e (New York: Free Press, 1986), Chapter 4. [8] Adolf Berle and Gardiner C. Means, The Modern Corporation and Private Pro p e rt y (New York: Macmillan, 1932 ).

13 [ 9 ] 4 65 [ 10 ] C S X [ 11 ] 5 61 C E O 50 [ 12 ] [ ] [9] Grace M. Kang,N o w, a Big Job at Kodak Means You ll Buy a Big Stake,Business We e k, 1 February 1993, p. 26. [10] Robert L. Simison, GM in Bid to Retain Talent, Awards Hefty Raises to 3400 Top Executives,Wall Stre e t J o u r n a l, 3 March 1994, p. A2. [ 11] Joann S. Lublin,Buy or Bye,Wall Street Journal, 21 April 1993, p. R9. [12] Ibid., p. R9. [13] Panhandle Eastern Prospers by Hauling Others Fuel,Wall Street Journal, 2 February 1993, p..b4.

14 14 [ 14 ] [ 15 ] Michacl Eisner [ 16 ] w w w... C E O h t t p : / / w w w. p e p s i c o. c o m / w e b p a g e s / r e s o u r c e / f i n a c i a l i n f o. h t m l [ 17 ] [14] Martha Irvine,Scott Paper Chief Tells Nine Directors: Think Like a Holder,Wall Street Journal, 31 August 1994, p. C15. [15] Jolie Solomon,Pepsi Offers Stock Options to All, Not Just Honchos,Wall Street Journal, 28 June [16] That Eye Popping Executive Pay,Business We e k, 25 April 1994, pp [17] See Amir Barnea, R. Haugen, and L. Senbet, Agency Problem and Financial Contracting (Englewood Cliff s, N.J.: Prentice Hall, 1985), for an overview of the agency problem issue. See also Michael Jensen and Wi l l i a m M e c k l i n g,theory of the Firm: Managerial Behavior, Agency Problems Costs, and Ownership Structure, Journal of Financial Economics, October 1976, pp , and Eugene Fama, Agency Problems and Theory of the Firm,Journal Political Economy, April 1980,pp

15 R J R 1988 R J R K K R R J R R J R R J R w w w... K K R R J R h t t p : / / w w w. r j r n a b i s c o. c o m / O.M. I T T L B O

16 [ 18 ] 2 L B D [ 19 ] A m g e n [ 20 ] [18] Brett Duval Fromson,Life After Debt: How LBOs Do It, F o rt u n e, 13 March 1989, pp [19] J. R. Woolridge, Competitive Decline: Is a Myopic Stock Market to Blame?Journal of Applied Corporate F i n a n c e, Spring 1988, pp [20] Hernert Simon states the case for satisficing behavior in Theories of Decision-Making in Economic and Behavioral Sciencereprinted in E. Mansfield, M i c roeconomics: Selected re a d i n g s, 5 t h ed. (New York: Norton, )

17 S O S O 2 Environmental Protection Ag e n c y, EPA 467S O 2 70 tradable polution permits or allowances, TPA S O 2 T PA 131 / E PA T PA S O 2 T PA T PA 3 5 E PA E PA E PA w w w... E PA E h t t p : / / w w w. e p a. g o v / d o c s / a c i d r a i n / t r a d i n g. h t m l [21] Based oncornering the Market,Wall Street Journal, and Jean-Jacques Laffont and Jean Tirole, P o l l u t i o n Permits and Compliance Strategiesa n dpollution Permits and Environmental Innovation,Journal of Public Economics, October 1996, p. 127ff.

18 18 Food Lion C e r i s e 4 C e r i s e X A e r o a s t r o Kelly Space Te l e d e s c i o 924 [22] Based onto Boldly Dump,The Economist, 29 March, P.87, andthey re Going Crazy in Space, Business We e k, 28 July, 1997, p.89.

19 19 Federal Communications Commission, FCC F C C F C C 1955 C E O, 1.8 n o t f o r profit, NFP [23] N F P N F P N F P N F P N F P N F P N F P [23] This section draws heavily on Burton A. Weisbrod, The Nonprofit Economy (Cambridge, Mass.: Harvard University Press, 1988).

20 20 N F P [ 24 ] N F P N F P N F P ( 1 ) (2) (3) N F P N F P N F P N F P N F P N F P [24] William J. Baumol and W.G. Bowen, Performing Arts: The Economic Dilemma (Brookfield, VT: Ashgate Publishing Co., 1993).

21 21 N F P 19 N F P I B M

22 22 w w w... h t t p :// w w w. b e a. d o c. g o v / b e a / d i 1. h t m l a. b. c. d. e. 4.

23 23 a. RJR 10 b. 25 c. d. e. f. g. 300 w w w Towers Perrin h t t p :// w w w. t o w e r s. c o m. p u b l i c a t i o n s Perspectives on Management Pay Towers perrin C E O C E O

Microsoft Word - 马奇文集序言.docx

Microsoft Word - 马奇文集序言.docx 马奇论管理序言马奇论管理东方出版社 2010 周雪光这本马奇论管理文集的出版, 给了中国读者认识这位睿智幽默才华横溢的学术大师的机会我很高心有机会向读者介绍一下我所熟悉的马奇在斯坦福校园, 在美国社会科学学术界, 詹姆