管理人员如何最大化股价？

什么类型的决策和proceedings should management take to exploit the stock worth of their firm? First, believe the possible link between stock prices and earnings. Does利润最大化导致供应价格最大化？如果是这样，那么经理就可以简单地将自己的努力旨在实现最大化的切实目的。然后，金融市场的投资者可以适当地为公司的股票定价。要回答这个问题，我们必须考虑组织总利润和earnings per share(EPS).

For example, assume IBM had 50 million shares wonderful and earned $200 million, or $4 per split. If you owned 50 shares of the stock, your share of the total proceeds would be $200. Now presume IBM sold another 50 million shares and invested the funds conventional in assets that shaped $50 million of income. Total income would rise to $250 million, but salary per share would refuse from $4 to $250/100 = $2.50. Now your relative share of the firm's salary would be $250, far below the anticipated $400. You (and other current shareholders) would invite what is known as收入实力，even though entire commercial profits had risen. Therefore, other belongings held constant, this example suggest that if management is paying attention in the wellbeing of its existing shareholders, it should perhaps concentrate on maximize salary per share rather than total commercial profits. If we refer back to our "firm-as-a-pie" analogy, although the pie has grown larger in this example, the new shareholders obtain a disproportionately great piece.

接下来，我们相信，每股可预测工资的最大化是否会始终使股票所有人福利最大化。管理层还应该相信其他因素的结论吗？让我们相信薪水的时机。Presume IBM had one project that would amplify income per share by $0.20 per year for 5 years, or $1 in total. Management would like to contrast this project touching an option project that would have no result on salary for 4 years but would increase salary by $1.25 in the fifth year. Because management must select between these two alternatives, such projects are referred to as equally exclusive. Which project is more valuable for shareholders? In other words, is $0.20 per year for 5 years better or worse than $1.25 in Year 5? The answer depends on which project adds the most to the value of the supply, which in turn depends on the time value of money to investor. Thus, timing is an important reason to deliberate on wealth as measured by the price of the stock rather than on earnings unaccompanied. There- fore, managers need a precise, straightforward method for assessing the crash of time on the worth of the firm's stock price.

Another concern relates to risk connected with investment projects. Assume one project is predictable to increase salary per share by $1, while another is predictable to raise salary by $1.20 per share. Now let's presume that the first project is not very risky. It is predictable that if the project is undertaken, salary will almost positively rise by about $1 per share. However, the other project is considered pretty risky by management and shareholders, so while our best estimate is that salary will increase by $1.20 per share, we must realistically believe and weigh the option that there may be no earnings augment at all, or even a decrease in overall corporate earnings. Depending on how adverse shareholders are to risk, the first scheme might be preferable to the second. Therefore, managers want a method that allows them to evaluate the trade-off precisely between the predictable income and risks related with alternative investment decisions.

紧凑的预计每股薪水（EP）固有的风险也取决于刚性的融资方式。每年许多稳定的破产，而债务的使用优势越高，清算的威胁就越大。因此，尽管使用债务融资可能会增加预计的每股收益，但债务也增加了可预测的未来工资的风险。因此，经理们想评估是否通过使用更高水平的债务来为严格的股东造成额外的财务风险会带来令人满意的奖励。EPS的增加可能不仅仅是较高的风险水平的平衡，也可能不需要风险，因为EPS的增加幅度很小。

如果公司有收益，管理层必须选择是否应持有薪水并将其投资于严格的股份或向僵化的股东支付股息。股息将现金重新审议给股东，而保留将增加未来的利润，从而为将来带来更高股息的机会。股东喜欢现金股息，但它们也喜欢EPS的未来增长，这是由于将收入盈利重新投资回到业务中而导致的。财务经理紧密地决定当前收入中要支付的收入中有多少与保留和再投资的股息不同，这被称为股息政策决策。The optimal dividend strategy is the one that maximizes the firm's stock price.

迄今为止，我们的讨论表明，公司的股价取决于以下因素：

1.预计每股收益

2. Timing of the earnings stream

3. Riskiness of the projected earnings

4. Use of debt

5. Dividend policy

Every important corporate conclusion by management should be evaluate in terms of its consequence on these factors and hence on the price of the firm's stock. For example, suppose General Mills' restaurant division is allowing for developing a new line of eateries. If management decides to implement this new policy, management first assesses whether it can be probable to increase EPS. Is there a chance that operating costs will beat estimate, that prices and client patron- age will fall below projection, and that EPS will be summary because the new restaurant line was introduced? How long will it take for the new restaurant division to show a profit? How should the capital mandatory to finance construction and invest in equipment be raised? If debt is used, by how much will this amplify General Mills' riskiness? Should General Mills reduce its current dividend and use the cash thus saved to finance the project, or should it maintain its dividend and finance the added restaurants with external capital? The methods of business finance provide a frame-work that is designed to help manager answer questions like these, plus many more.