公司财务原理10e教学课件作者布雷利Chap033.ppt

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1、Chapter33PrinciplesofCorporateFinanceTenthEditionGovernanceandCorporateControlAroundtheWorldSlidesbyMatthewWillMcGraw-Hill/IrwinCopyright©2011bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TopicsCoveredFinancialMarketsandInstitutionsOwnership,ControlandGovernanceDoTheseDifferencesMatterFinanci

2、alClaimsPercentThevalueofthefinancialclaimsonfirmsin2007asapercentageofGDP.FinancialClaimsPercentHouseholdPortfolioAllocation(1995-2007)asapercentageofGDPFinancialClaimsPercentFinancialInstitutionPortfolioAllocation(1995-2007)asapercentageofGDPFinancialClaimsPercentNon-FinancialCorporations’Por

3、tfolioAllocation(1995-2007)asapercentageofGDPJapaneseBankOwnershipSumitomoCorporationSumitomoTrustSumitomoBankOwnershipofDaimlerBenzDeutschBankKuwaitGovernmentMercedesAutomobilHoldingAGWidelyHeldWidelyHeldSternAutoBeteilig…StellaAutomobilBeteiligungsgesWidelyHeldBayerisheLandesbankRobertBoschKo

4、metAutomobilBeteiligungsgesDresdnerBank25%25%25%25%25%25%50%28.3%14%25.23%32.37%DaimlerBenzAGEuropeanBODCodeterminationAufsichtsratVorstandCounseildusurveillanceDirectoireAsianOwnershipTheownershipoffirmsinAsiaisheldbyasmallnumberofverywealthyfamilies.ABBSwedenWallenbergFamilyInvestorInvestorIn

5、vestorShares5.7%Votes7.4%Shares23.4%Votes41.2%Shares24.3%Votes32.8%Shares27.1%Votes35.7%ThepyramidthatcontrolsABB,oneofSweden’slargestcompanies.VotingControlThevalueofcontrol-blockvotesasaproportionofthetotalfirmvalue.