Corporate financial strategy

By: Ward, KeithMaterial type: TextTextPublication details: Oxford: Butterworth-Heinemannm, 1993Description: x, 289 pages : illustrationsISBN: 9780750606578; 0750606576 Subject(s): Corporations FinanceDDC classification: 658.15
Contents:
Preface Part One Putting Financial Strategy in Context I Defining Financial strategy Overview A sustainable competitive advantage Increasing shareholder value Agency theory Management incentive schemes Stakeholder groups Separating business risk from financial risk Conclusion 2 Linking corporate and financial strategies Overview Introduction Product life cycles Boston matrix Inverse correlation of financial risk A logical dividend policy Understanding the price/earnings multiple The resulting share price movements Impact of a diversification strategy Applications internally to the divisions of a group 3 Review of theories of finance Overview Introduction Basic equity valuation models -- Dividend growth models -- Cash flow valuation models -- Earnings per share based valuation models Underlying asset values Taking risk into account: the capital asset pricing model Designing an efficient investment portfolio Efficient markets: hypothesis or reality Raising capital: the theory Capital structure in a world of taxation and other imperfections The theory of options Option pricing models The theory relating to dividend policy More sophisticated dividend growth models Term structure of interest rates Conclusion Appendix 3A Appendix 3B Appendix 3C Part Two Organic Stages of Development -- Tailored Financial Strategies 4 Start-up businesses -- venture capital Overview of Part Two Summary of overall model as applied to start-up businesses Introduction Very high level of business risk Corresponding high level of return? Need for low financial risk Nil dividend pay-out policy Venture capital investors Case studies and other aspects of financial risk Conclusion 5 Growth companies -- marketing focused Summary of appropriate section of overall model Continuing high business risk Using capital markets- Implications of finance theory Case studies -- sustaining organic growth? Reinvestment projects Rights issues -- concepts and practice 6 Mature companies -- to divi or not? Overview of financial strategy model Managing the transition to maturity Adding value through financial strategy Developing a dividend policy Other ways of paying dividends Case studies -- confusing signals 7 Declining businesses -- a case for euthanasia? Applying the overall model The final financial strategy Alternative business strategies to delay or avoid death Deep discount rights issues Adding value by reducing debt ratios Conclusion Part Three Dynamic Growth 8 Mergers and acquisitions -- an overview Overview of Part Three The underlying economic principles Financial strategy in acquisitions Playing the e.p.s. game Introducing debt financing Acquiring higher growth companies Using an earn-out formula The impact of convertibles Conclusion 9 Debt versus equity in practice Overview Distinguishing between debt and equity A more sophisticated distinction -- using option theory The continuum of modem financial products Really innovative forms of financing Case studies -- Introduction -- A debt-driven deal -- An enormous equity extravaganza Comment 10 Using convertibles What is a convertible? Structuring a convertible -- the basics Making it more flexible A good issue -- case study Taking the idea one stage further Taking the idea too far? The penultimate product Case studies -- problems caused or increased? 11 Structuring earn-outs and using them with convertibles Designing an earn-out Potential problems Case study 1 -- Using it in practice Case study 2 -- A faster learning curve Conclusion 12 Cross-border M & A -- the international aspect A growing trend The strategic logic behind international expansion Defensive rather than aggressive strategies Increased risks of cross-border deals No such thing as a global company Part Four Changing Strategies -- The Role of Finance 13 Restructuring strategies Overview of Part Four Back to the basics in strategy Threat of takeover Alternatives to demergers 14 Privatization -- two very different views Introduction Reasons for 'going private' Finding a new exit route Government sales -- the opposite form of privatization Privatization in the UK Other international experiences of privatization -- debt to equity swaps 15 Management buy-outs and buy-ins Introduction The strategic logic Case studies -- background Structuring the deal -- key constraints Raising the funding Back to the golden rules of financial strategy Part Five Corporate Finance for Banks and Professional Advisers 16 Developing a sustainable competitive advantage in corporate finance Overview: importance of corporate finance to banks and professional advisers Introduction Corporate finance as a value -added concept A new selling approach Alternative competitive strategies Importance of this change in strategy Organizational structure implications Deal making process Target market definition 17 A financial strategy analytical model Objectives of the model Overview of model Target market definition Client business plan Information gathering Structuring the solution Presentation to client Implementation and plan update
Summary: orldCat Summary: An introduction to finance in a strategic context. Experienced managers with some knowledge of finance should find this book a useful guide to adding value to the overall corporate strategy of an organization
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Item type Current library Collection Call number Status Date due Barcode Item holds
Reference Books Reference Books Main Library
Reference 		Reference 658.15 WAR (Browse shelf(Opens below)) Available 005991
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Includes index

Preface Part One Putting Financial Strategy in Context I Defining Financial strategy Overview A sustainable competitive advantage Increasing shareholder value Agency theory Management incentive schemes Stakeholder groups Separating business risk from financial risk Conclusion 2 Linking corporate and financial strategies Overview Introduction Product life cycles Boston matrix Inverse correlation of financial risk A logical dividend policy Understanding the price/earnings multiple The resulting share price movements Impact of a diversification strategy Applications internally to the divisions of a group 3 Review of theories of finance Overview Introduction Basic equity valuation models --
Dividend growth models --
Cash flow valuation models --
Earnings per share based valuation models Underlying asset values Taking risk into account: the capital asset pricing model Designing an efficient investment portfolio Efficient markets: hypothesis or reality Raising capital: the theory Capital structure in a world of taxation and other imperfections The theory of options Option pricing models The theory relating to dividend policy More sophisticated dividend growth models Term structure of interest rates Conclusion Appendix 3A Appendix 3B Appendix 3C Part Two Organic Stages of Development --
Tailored Financial Strategies 4 Start-up businesses --
venture capital Overview of Part Two Summary of overall model as applied to start-up businesses Introduction Very high level of business risk Corresponding high level of return? Need for low financial risk Nil dividend pay-out policy Venture capital investors Case studies and other aspects of financial risk Conclusion 5 Growth companies --
marketing focused Summary of appropriate section of overall model Continuing high business risk Using capital markets- Implications of finance theory Case studies --
sustaining organic growth? Reinvestment projects Rights issues --
concepts and practice 6 Mature companies --
to divi or not? Overview of financial strategy model Managing the transition to maturity Adding value through financial strategy Developing a dividend policy Other ways of paying dividends Case studies --
confusing signals 7 Declining businesses --
a case for euthanasia? Applying the overall model The final financial strategy Alternative business strategies to delay or avoid death Deep discount rights issues Adding value by reducing debt ratios Conclusion Part Three Dynamic Growth 8 Mergers and acquisitions --
an overview Overview of Part Three The underlying economic principles Financial strategy in acquisitions Playing the e.p.s. game Introducing debt financing Acquiring higher growth companies Using an earn-out formula The impact of convertibles Conclusion 9 Debt versus equity in practice Overview Distinguishing between debt and equity A more sophisticated distinction --
using option theory The continuum of modem financial products Really innovative forms of financing Case studies --
Introduction --
A debt-driven deal --
An enormous equity extravaganza Comment 10 Using convertibles What is a convertible? Structuring a convertible --
the basics Making it more flexible A good issue --
case study Taking the idea one stage further Taking the idea too far? The penultimate product Case studies --
problems caused or increased? 11 Structuring earn-outs and using them with convertibles Designing an earn-out Potential problems Case study 1 --
Using it in practice Case study 2 --
A faster learning curve Conclusion 12 Cross-border M & A --
the international aspect A growing trend The strategic logic behind international expansion Defensive rather than aggressive strategies Increased risks of cross-border deals No such thing as a global company Part Four Changing Strategies --
The Role of Finance 13 Restructuring strategies Overview of Part Four Back to the basics in strategy Threat of takeover Alternatives to demergers 14 Privatization --
two very different views Introduction Reasons for 'going private' Finding a new exit route Government sales --
the opposite form of privatization Privatization in the UK Other international experiences of privatization --
debt to equity swaps 15 Management buy-outs and buy-ins Introduction The strategic logic Case studies --
background Structuring the deal --
key constraints Raising the funding Back to the golden rules of financial strategy Part Five Corporate Finance for Banks and Professional Advisers 16 Developing a sustainable competitive advantage in corporate finance Overview: importance of corporate finance to banks and professional advisers Introduction Corporate finance as a value -added concept A new selling approach Alternative competitive strategies Importance of this change in strategy Organizational structure implications Deal making process Target market definition 17 A financial strategy analytical model Objectives of the model Overview of model Target market definition Client business plan Information gathering Structuring the solution Presentation to client Implementation and plan update

orldCat
Summary:
An introduction to finance in a strategic context. Experienced managers with some knowledge of finance should find this book a useful guide to adding value to the overall corporate strategy of an organization

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