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This paper discusses a measure for estimating the wealth creation potential of capital investments in manufacturing. The measure, called “Economic Value Added,” has recently become popular in the United States and can be derived from an after-tax analysis of cash flows generated by a capital investment. A proposed investment in manufacturing capacity is analyzed to illustrate the after-tax cash flow calculations required to determine its EVA potential. 相似文献
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This article proposes the best bounds for e?x ?l+x subject to some constraints. With these bounds for e?x ?l+x, the better bounds for the optimal cycle time can be developed such that the bisection algorithm locates the optimal cycle time more accurately. Finally, an example is given to illustrate all results obtained by this article. 相似文献
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Recently, Roumi and Schnabel wrote an addendum to attempt to fill gaps found in the article by Kim, Philippatos and Chung. They claimed that the objective functions developed by Kim, Philippatos and Chung are concave. However, we present a counter example which disproves their claim. In addition, we give clarifying explanations that the unique inflection point is a global maximum even though the objective functions are not concave. Consequently, we justify the optimally of solutions derived from the first order conditions in Kim, Phillippatos and Chung. 相似文献
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We derive the mean and variance of the random discounted sum when Nis uncertain, as are the Xn's. This quantity arises in applications involving random cash-flows over an uncertain number of years. One such application is R&D projects, where both the magnitude and duration of cash-flows are uncertain at the time of investment decision. Previous models have assumed cash-flow duration to be certain. We relax this assumption. We then specialize these results to geometric, mixed-geometric and Poisson distributions of the cash-flow duration. 相似文献
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This paper attempts to fill gaps found in the article by Kim, Philippatos and Cbung which recently appeared in this journal. Simple proofs of the concavity of the three objective functions they postulated are presented. 相似文献
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ANOOP MADHOK 《战略管理杂志》1997,18(1):39-61
This paper compares and contrasts the mode of foreign market entry decision from the transaction cost/internalization and organizational capability perspectives. Each of these perspectives operates at a different level of analysis, respectively the transaction and the firm, and consequently differs in the primary arena of attention, namely transaction characteristics and the capabilities of firms. In making the comparison, a key distinction is made between the cost and the value aspects in the management of know-how, based on which issues pertaining to the transfer of knowledge within and across firm boundaries and the exploitation and enhancement of competitive advantage are closely examined. The main purpose of this paper is to demonstrate the implications of a shift in frame from cost to value in the analysis of decisions related to firm boundaries. Entry into foreign markets is used primarily as a vehicle for the accomplishment of this purpose. The paper shows how the value-based framework of the organizational capability perspective radically and fundamentally shifts the approach towards the governance of firm boundaries and argues that, even though TC/internalization theory raises some valid concerns, the organizational capability framework may be more in tune with today’s business context. Some of the assumptions of the TC/internalization perspective, both direct—–opportunism, exploitation of existing advantage—and indirect—preservation of the value of know-how across locational contexts, asymmetry between bounded rationality for transaction and production purposes—are critically examined and questioned. Implications of a shift from a cost to a value-based framework are discussed and the need for a shift in research focus is emphasized. © 1997 by John Wiley & Sons, Ltd. 相似文献
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1997年下半年爆发的亚洲金融危机,已经逐渐对世界各国产生了重大的影响,我国的石油和石化产品面临着大量进口和走私货冲击的严峻形势,企业的经济效益严重滑坡,因此必须利用周边国家在这次金融危机中建许多项目的机遇,及时对石化产业进行了结构调整,迎接这次挑战。 相似文献
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This study measures the effects of the Marathon/Ashland Petroleum (MAP) joint venture on rack and retail reformulated (RFG) gasoline prices in the four cities where both firms sold RFG before the joint venture. MAP was an early transaction in the recent era of petroleum mergers and resulted in large regional increases in concentration. While wholesale (rack) prices increased in the two cities experiencing the largest change in market structure in the year following the transaction, retail prices did not increase. Our results also highlight the importance of identifying the marginal source of supply in correctly identifying merger effects. 相似文献
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If the first two moments (mean and variance) of the net present value (NPV) are known, various probabilistic information of possible NPV can be derived. However, in general, it is practically impossible to estimate the variance of lengthy investment projects due to difficulties in estimating all the intertemporal correlation coefficients between cash flows of two different periods. In this paper, we derive an estimation model for the intertemporal coefficients based on cash flow components and show how the model, under a certain assumption, can be used for estimating and deriving probabilistic information. 相似文献
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王文庆 《石油化工技术经济》1998,14(1):29-33
主要介绍了美国、加拿大、西欧、日本和我国的丁腈橡胶(NBR)的生产、消费及进出口情况。指出美国的产量、消费量逐年增加;加拿大NBR消费量将以年均1% ̄2%的速率增加;西欧NBR生产能力为17.6万t/a,是NBR的净出口地区;日本总生产能力是11.2万t/a,年增长率是2%;我国预计到“九五”末期,全国生产能力可达2.9万t/a,但仅靠国内生产远远不能满足市场需求,亟待提高产量和改进质量。 相似文献
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Among the various stakeholders of a firm, senior managers are the most likely targets for private and public political pressures. Other stakeholder groups are less visible and may be perceived as less influential in corporate strategy formulation and implementation. In some situations, consequently, senior executives may adopt corporate strategies in response to political pressures even if these strategies may be costly to shareholders. In this study, a special case is examined: the effect of divestment of South African business units on firm value. Using data from 1984 through 1990, we examine the impact that announcements of divestments have upon the stock return behavior of publicly traded firms. Our results indicate that significant and negative excess returns accrue to shares of companies announcing divestments of South African operations. These results are supportive of the premise that noneconomic pressures may influence managerial strategies rather than value-enhancement goals. © 1997 by John Wiley & Sons, Ltd. 相似文献
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织造技术已有几千年历史。我国浙江出土的绢丝织物和苎麻织物至今已有4700多年。长沙马王堆汉墓出土的200多种丝麻纺织品中,有一件素纱禅衣重量仅49克,足见2000多年以前我国纺织工艺技术已经达到很高水平。 相似文献
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CLOVIS DE FARO 《工程经济学家》2013,58(2):211-219
The presence of inflation has induced the financial institutions to implement procedures devised to protect the real values of their loans. Two of such procedures, the floating rate scheme and the monetary correction mechanism, tend to lead to very different streams of payments. However, whenever the floating rate scheme follows the rule of strict adherence to the Fisher equation, the two procedures are financially equivalent. 相似文献
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ABS树脂的国内外市场分析 总被引:2,自引:0,他引:2
世界市场对ABS树脂的需求上升;支柱产业推动了ABS树脂的发展和消费;亚洲地区ABS树脂的发展和消费较快,近年来的亚洲市场价格走势先涨后跌,1997年低价状态仍将持续一段时间。 相似文献