Quest for Value价值探寻 在线下载 pdf mobi 2025 epub 电子版

　　In this bestselling classic of financial management, G. Bennett Stewart, III, raises and answers these provocative questions:

Do dividends matter?

Are earnings per share really accurate measures of corporate performance?

What is the engine that really drives share prices?

More than that, Stewart lays the foundation for EVAr, the financial management and incentive system now in place at nearly 300 companies around the world, and which is rapidly becoming the global standard for corporate governance.

Managers, confused about what investors really want, often find it difficult to reach informed decisions regarding business strategy, acquisitions and divestitures, financial structure, dividend policy, and executive compensation. But now an EVAr -based revolution is providing a practical framework that managers can use to build a premium-valued company. At the forefront of this revolution is the consulting firm of Stern Stewart & Co., of which G. Bennett Stewart, III, author of The Quest for Value, is senior partner and cofounder.

The Quest for Value is written for senior management, key operating people, and planning and financial staff. This bible of financial management will assist managers in goal setting, resource allocation, strategy development, valuation of acquisitions, financial policy setting, incentive compensation planning, and building shareholder value.

The Quest for Value cuts sharply through the myths that to this day misinform corporate strategists in their pursuit of shareholder value. Laying waste to inaccurate yet widely used methods of performance, Stewart demonstrates how the Stern Stewart EVAr approach not only creates greater shareholder value but also provides a powerful framework for the broadest range of corporate decision making.

List of Exhibits

Preface by Joel M. Stern

Acknowledgments

CHAPTER 1 Introduction

PART Ⅰ Value Planning

　CHAPTER 2 Market Myths

　CHAPTER 3 Market Realityi

　CHAPTER 4 The EVA Financial Management System

　CHAPTER 5 The Stern Stewart Performance 1000

　CHAPTER 6 Making Managers into Owners

　CHAPTER 7 Valuation Concepts

　CHAPTER 8 The Valuation Contest

　CHAPTER 9 Acquisitions Pricing and Planning

PART Ⅱ Static Finance

　CHAPTER 10 Financial Planning

　CHAPTER 11 Financing Instruments

　CHAPTER 12 The Cost of Capital

PART Ⅲ Dynamic Finance

　CHAPTER 13 Financial Restructuring

　CHAPTER 14 Remaking the Public Corporation from Within

PART Ⅳ The Capstone Case

　CHAPTER 15 A Recipe for Reviving The Campbell Soup Company

Glossary

The Stern Stewart Performance 1000

G. Bennett Stewart, III, is a senior partner of Stern Stewart & Co. Before co-founding Stern Stewart in 1982 with Joel Stern, he was a vice president of the financial advisory arm of the Chase Manhattan Bank. The EVA® management framework was developed by Mr. Stewart and his colleagues based on years of experience advising corporate clients on valuations, restructurings/recapitalizations, acquisitions and divestitures, and management incentive compensation plans. He is a principal speaker at Stern Stewart's EVA® seminars, and also serves as an executive editor of the firm's quarterly publication, The Journal of Applied Corporate Finance. Mr. Stewart has a M.B.A. from the University of Chicago Graduate School of Business and a B.S. in Electrical Engineering from Princeton University.

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　　作者简介：

　　G. Bennett Stewart, III, is a senior partner of Stern Stewart & Co. Before co-founding Stern Stewart in 1982 with Joel Stern, he was a vice president of the financial advisory arm of the Chase Manhattan Bank. The EVA® management framework was developed by Mr. Stewart and his colleagues based on years of experience advising corporate clients on valuations, restructurings/recapitalizations, acquisitions and divestitures, and management incentive compensation plans. He is a principal speaker at Stern Stewart's EVA® seminars, and also serves as an executive editor of the firm's quarterly publication, The Journal of Applied Corporate Finance. Mr. Stewart has a M.B.A. from the University of Chicago Graduate School of Business and a B.S. in Electrical Engineering from Princeton University.

书籍介绍

In this bestselling classic of financial management, G. Bennett Stewart, III, raises and answers these provocative questions: Do dividends matter? Are earnings per share really accurate measures of corporate performance? What is the engine that really drives share prices? More than that, Stewart lays the foundation for EVA r , the financial management and incentive system now in place at nearly 300 companies around the world, and which is rapidly becoming the global standard for corporate governance. Managers, confused about what investors really want, often find it difficult to reach informed decisions regarding business strategy, acquisitions and divestitures, financial structure, dividend policy, and executive compensation. But now an EVA r -based revolution is providing a practical framework that managers can use to build a premium-valued company. At the forefront of this revolution is the consulting firm of Stern Stewart & Co., of which G. Bennett Stewart, III, author of The Quest for Value , is senior partner and cofounder. The Quest for Value is written for senior management, key operating people, and planning and financial staff. This bible of financial management will assist managers in goal setting, resource allocation, strategy development, valuation of acquisitions, financial policy setting, incentive compensation planning, and building shareholder value. The Quest for Value cuts sharply through the myths that to this day misinform corporate strategists in their pursuit of shareholder value. Laying waste to inaccurate yet widely used methods of performance, Stewart demonstrates how the Stern Stewart EVA r approach not only creates greater shareholder value but also provides a powerful framework for the broadest range of corporate decision making.

• 作者：汤包♚ 发布时间：2019-08-21 12:17:41

  年少的回忆吧，最后送出去了

• 作者：fushia 发布时间：2021-10-05 11:48:30

  好看！“设计在任何时代都是历史的见证人。设计不是感受的消耗品，而是证词，留存在档案记录中，值得受到人的感激。设计必须有跨越时代的生命力，否则不足以作为历史的见证人。”看完想做杂志（bushi）

• 作者：大力花 发布时间：2010-07-31 13:58:18

  我考。。。当当和卓越居然要这么贵。。。我买来才5美金。。。

• 作者：海阔天空祝沽笙 发布时间：2017-04-05 22:55:12

  从纯粹政治立场上抽离出来，更大限度地还原宋美龄女士的女性本色，此书值得一看

• 作者：木华 发布时间：2016-11-25 21:20:09

  稍显学术，不太好玩。

• 作者： 发布时间：2015-03-28 00:08:59

  （3+10i）

• 查理芒格对该书单评价

  作者：姜行者 发布时间：2024-03-06 18:31:24

  股东提问：在《探寻价值》（The Quest for Value)一书中，作者贝内特·斯图尔特（Bennett Stewart)介绍了“经济增加值”（Economic Value Added,EVA)的概念。贝内特·斯图尔特还专门以巴菲特先生为例，说巴菲特先生是为股东创造价值的典范。请问您和巴菲特先生认同EVA原则吗？你们在分析公司的过程中使用EVA原则吗？

  芒格回答：EVA是个新名词，其实它讲的无非是如何实现较高的资本收益率。一家公司，资本收益率高，而且追加投资后仍能保持很高的资本收益率，它能给股东带来丰厚的回报。

  不发明个新名词，像我这么讲大白话，书哪能卖得动啊。

  很多人把一个很基本的概念包装得花里胡哨的，申请个什么专利，然后就开始高价提供咨询服务了。他们把一些含糊不清的东西和正确的基本概念搅和到一起，例如，资金成本之类的，根本没什么实际意义。

  我不想多说了，我的意思大家应该听明白了。包装炒作的套路经常很灵。徒有虚浮的外表，人们或许还能保持一定的警惕。但是，虚浮的外表之下，如果包裹着具有一定真实性的内核，很多人就打消了疑虑，很容易被带到沟里。包装炒作的行为实在令人不齿。怎么说呢？包装炒作给人的感觉和心理分析有些类似。

  来源：2000年西科金融公司股东会讲话

• 浅谈美国选举

  作者：龙庭皓月 发布时间：2020-08-20 18:26:13