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【知識點】Shareholder wealth maximization 股東財富最大化

Shareholder wealth maximization

If the financial objective of a company is to maximize the value of the company, and in particular the value of its ordinary shares, we need to be able to put values on a company and its shares. How do we do it?

Three possible methods for the valuation of a company might occur to us.

(a) Statement of financial position (balance sheet) valuation

Here assets will be valued on a going concern basis. Certainly, investors will look at a company’s statement of financial position. If retained profits rise every year, the company will be a profitable one. Statement of financial position values are not a measure of ‘market value’, although retained profits might give some indication of what the company could pay as dividends to shareholders.

(b) Break-up basis

This method of valuing a business is only of interest when the business is threatened with liquidation, or when its management is thinking about selling off individual assets to raise cash.

(c) Market values

The market value is the price at which buyers and sellers will trade stocks and shares in a company. This is the method of valuation which is most relevant to the financial objectives of a company.

【知識點】Profit maximization 利潤最大化

Profit maximization

In much economic theory, it is assumed that the firm behaves in such a way as to maximize profits, where profit is viewed in an economist’s sense. Unlike the accountant’s concept of cost, total costs by this economist’s definition include an element of reward for the risk-taking of the entrepreneur, called ‘normal profit’.

Where the entrepreneur is in full managerial control of the firm, as in the case of a small owner-managed company or partnership, the economist’s assumption of profit maximization would seem to be very reasonable. Remember though that the economist’s concept of profits is broadly in terms of cash. Whereas accounting profits may not equate to cash flows.

Even in companies owned by shareholders but run by non-shareholding managers, if the manager is serving the company’s interests, we might expect that the profit maximization assumption should be close to the truth.

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