2 1. 2. 3. 4. 1. 2. 3. 4. 5. 1 2 3 10
[2] Deryck C. Maughan1 00 2 400 [ 3 ] 5 5 0 2 400 3 0 10 [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 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 / + 1 0 1 2. 5 7 1 2 1 7 2 4 + 5 0. 5 2 6 9 1 2 1 7 0 0 1. 5 5 7 9 1 2-5 0 1 4 6 8 1 0-1 0 0 0. 5 3 4 5 7 5 1 0 1 5 2 0 2 5 3 0 J. P. Reprinted by permission of the Wall Street Journal,, 1994, Dow Jones and Co., Inc. All rights reserved worldwide. 1.1 30 S 1 S 2 S 1 S 2 S 1S 2 S 1 S 2 S 1 S 1< S 2 S 2
5 w w w... 1997 7 h t t p : / / w w w. t o y o t a. c o m / t i m e s 1.2 1.3 M i l w a u k e e
6 5 1-1 1-1 1.4 [ 4 ] [4] 9
7 Circus Circus 1994 2 0. 5 12. 5 15. 0 50 3 9 1 9 9 4 Mirage Resorts 11. 5 H i l t o n 10. 5 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 12. 5 1 0 1990 14
8 1.5 1. 2. 3. 4. 1.5.1 19 1 2 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 1 1 15 1 1. 15 15 15 1
9 1. 15 1 1-1 k e 1-1 1 1-1 k e Berkshire Hathaway E Warren E. Buff e t [ 5 ] 1964. 46 1996 011 23 1996 36 500 4 50 47 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 199763 0 A 22 732 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 1-2 1-3 t V t Q t t T C t = V t Q t + F t 1-21 - 31-4 1-1 1-4 P V 0 = t Q t V t Q t F t 1-5 (1+ k e ) t t =1 P t Q t 46 121 7 F t V t 811 19 [5] Annual Report, Berkshire Hathaway, Inc.,1996.
10 k e 2 20 18 1-2 k e 1. 1. 2. 2 19 2. 46 1217 71019 910 1-2 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
11 1.5.2 1.5.3 1-3 1. 2. 3. 4. 5. 6. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 1. 2. 3. 1-3
12 / Michael E. Porter A l f r e d [6,7] R a p p a p o r t 5 5 1. 2. 3. 4. 5. 1-3 2 1.6 [ 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 1.6.1 80 40 1 [ 9 ] 4 65 [ 10 ] C S X 50 10 [ 11 ] 5 61 C E O 50 [ 12 ] [ 13 25 000 ] [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 ] 1989 10 3 30 3004 00 [ 15 ] 10 100 Michacl Eisner 2020 75 10 [ 16 ] 10 227 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 1.6.2 [ 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 1989. [16] That Eye Popping Executive Pay,Business We e k, 25 April 1994, pp. 52 5 8. [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. 305 360, and Eugene Fama, Agency Problems and Theory of the Firm,Journal Political Economy, April 1980,pp.288-307.
15 1. 2. 3. 4. 13 R J R 1988 R J R K K R 1989 250 R J R 109 505 5 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 / 19861 2 O.M. I T T L B O
16 7 500 3 500 1. 6 [ 18 ] 2 L B D 1.7 1988 1 [ 19 ] 5 3 10 10 1990 1992 19921 994 A m g e n 1983 4 200 1996 22. 3 7. 81 3 0 85 [ 20 ] 97 9 9 9 9. 9 9 11 12. 1 3 3 [18] Brett Duval Fromson,Life After Debt: How LBOs Do It, F o rt u n e, 13 March 1989, pp. 91-92. [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. 26-36. [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, 1 9 8 5. )
17 3 5 S O 2 100 1990 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 / 15 000 15 000 E PA T PA 1 2 3 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 Food Lion 1 000 1 13 4 61 25 10 10 20 000 1 1 8 500 0. 5 1 9967 C e r i s e 4 C e r i s e 701 00 8 0002 500 X 3 3 1 000 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, 1997. P.87, andthey re Going Crazy in Space, Business We e k, 28 July, 1997, p.89.
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 N F P [ 24 ] 1.8.1 N F P 1. 2. 3. 4. N F P N F P ( 1 ) (2) (3) 1.8.2 N F P N F P N F P 1. 2. 3. 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 N F P 19 N F P 70 80 300 9 1 000 1980 94 199 6 6 1986 1996 I B M 1979 90 1989 30 1985 10 7
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 1. 2. 1994 26. 5 1 400 15. 0 3. a. b. c. d. e. 4.
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 27 66 C E O 1990 1. 2. 3. 4.