, -
'Shareholder value in Europe, S First Boston, 18 Apr. 1996, p. 6. . Share buyback revisited, CS First Boston, 11 Febr. 1998.
, . , , 10% . , , , .
-, , . . 6.9.
, :
♦ ;
♦
;
♦
;
♦ EVA,
;
♦ .
, . . -, , , , 4, . -, , , . . .
/ , 14%, BIT , . 6.10.
|
|
6.10.
/ , % | EBIT/ | |
4,3 | ||
(25) | 3,4 | |
2,7 | ||
17,4 | ||
5,6 | ||
1,8 | ||
2,3 | ||
7,0 | ||
21,9 | ||
2,1 | ||
3,1 | ||
(7) | 52,6 | |
4,8 | ||
5,6 | ||
5,6 | ||
- | 4,1 | |
4,0 | ||
7,9 | ||
10,6 | ||
1,3 | ||
6,5 | ||
2,6 | ||
17,7 | ||
4,4 | ||
5,0 |
: Credit Suisse First Boston, Share buybacks revisited, 9/29/98 p. 20.
, , , ( ), ( ). - , , , . . , 2 3%, 2. , , .
6.5.3.
. , , .
|
|
67 , 1990 1997 ., J. P. Morgan 3, -
. 9,7% 8,1% . 41 , 19,3% .
, , , , , . J. P. Morgan, , , 1990 .1 , 8% 10% 8,4% .
, , , . , , , , : , 2. , , , , , 3. , , , , .
1 Share buybacks the fifth element, Morgan Stanley Dean Witter, 11 Febr. 1998.
2 Wising up to shareholder value, Euromoney, March 1998.
3 European companies discover the power of share repurchases,J. P. Morgan,
March 1998.
1 Global Mergers & Acquisitions Review J. P. Morgan, 27 Jan. 1999.
2 Sotter, D., E. Brugham and P. Evanson, The dividend cut heard round the world: the
case of FPL, Journal of Applied Corporate Finance, Vol. 9, Nov. 1, Spring 1996, p. 14.
3 , . 15.
. , 15% 1. , . - (Black andScholes), . 3,5 1,5% 1990- . (ChristineJolls) , , , , , 2.
|
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