tailieunhanh - Control, Governance, and Financial Architecture

Tại Mỹ, cổ đông lớn nhất của các tập đoàn là tổ chức tài chính. Tuy nhiên, kể từ khi quyền sở hữu thường được phân tán, hiệu quả kiểm soát thường nằm với quản lý. Ở nhiều nước bên ngoài nước Mỹ, gia đình và các chính phủ thường có cổ phần vốn chủ sở hữu lớn. | The major problem with financial management of a conglomerate is that the division is not forced to face the scrutiny and judgement of an external capital market. Thus, there may easily be serious misallocations of capital within the firm. Many of the problems might be resolved by basing performance measurement and compensation on residual income or EVA but this may be fraught with problems of implementation. For example, in order to measure performance, divisional costs of capital have to be developed, as well as other arbitrary allocations, such as determining the amount and cost of debt to be borne by any division. Recall also that one of the important roles of an external capital market is to assess future expectations. Measures of residual income and EVA tend often to be single period measures. As a consequence, they can introduce short-term incentives to avoid long-term benefits, such as declining to purchase land at a bargain price to sit idle for five years in preparation for a major expansion.