执着

对于某些人，

对于某些事物，

是现在的你，

无论如何都要抓住不放，

无论如何都不要放手的。

虽然，

知道世界并不会因此而毁灭。

但是，

现在的你就是放不了手。

受到惊吓的小白猫

白肥婆生的小孩，

真的很可爱咧！

白白的，

小小的。

可能是因为白肥婆还在附近的关系吧，

所以它即使怕人，

但又不怎么躲。

希望它能够平安健康的长大 （^v^）

P/S：个人比较喜欢第二张

拍摄日期：19/7/2010

拍摄器材：Nokia 5310

下輩子，無論愛與不愛，都不會再見 (轉貼)

港電臺知名主持人梁繼璋曾給兒子寫過一封信, 這封信很快流傳於各大網站,很多父親看後感觸 很深，我覺得不只給兒子,其實適合所有人看！ 下輩子，無論愛與不愛，都不會再見 ----送給兒子的備忘錄 

我兒:寫這備忘錄給你，基於三個原則： 

(一）人生福禍無常，誰也不知可以活多久，有些事情還是早一點說好。 

(二）我是你的父親，我不跟你說，沒有人會跟你說。 

(三）這備忘錄有記載的，都是我經過慘痛失敗得回來的體驗，可以為你的成長省回不少冤枉路。 

以下，便是你在人生中要好好記住的事： 

1.對你不好的人，你不要太介懷，在你一生中，沒有人有義務要對你好，除了我和你媽媽。至於那些對你好的人，你除了要珍惜、感恩外，也請多防備一點，因為，每個人做每件事，總有一個原因，他對你好，未必真的是因為喜歡你，請你必須搞清楚，而不必太快將對方看作真朋友。

2.沒有人是不可代替，沒有東西是必須擁有。看透了這一點，將來你身邊的人不再要你，或許失去了世間上最愛的一切時，也應該明白，這並不是什麼大不了的事。 

3.生命是短暫的，今日你還在浪費著生命，明日會發覺生命已遠離你了。因此，愈早珍惜生命，你享受生命的日子也愈多，與其盼望長壽，倒不如早點享受。 

4.世界上並沒有最愛這回事，愛情只是一種霎時的感覺，而這感覺絕對會隨時日、心境而改變。如果你的所謂最愛離開你，請耐心地等候一下，讓時日慢慢沖洗，讓心靈慢慢沉澱，你的苦就會慢慢淡化。不要過分憧憬愛情的美，不要過分誇大失戀的悲。 

5.雖然很多有成就的人士都沒有受過很多教育，但並不等於不用功讀書，就一定可以成功。你學到的知識，就是你擁有的武器。人，可以白手興家，但不可以手無寸鐵，謹記！ 

6.我不會要求你供養我下半輩子，同樣地我也不會供養你的下半輩子，當你長大到可以獨立的時候，我的責任已經完結。以後，你要坐巴士還是Benz（賓士），吃魚翅還是粉絲，都要自己負責。 

7.你可以要求自己守信，但不能要求別人守信，你可以要求自己對人好，但不能期待人家對你好。你怎樣對人，並不代表人家就會怎樣對你，如果看不透這一點，你只會徒添不必要的惱。 

8.我買了一二十年六合彩，還是一窮二白，連三獎也沒有中，這證明人要發達，還是要努力工作才可以，世界上並沒有免費午餐。 

9.親人只有一次的緣分，無論這輩我和你會相處多久，也請好好珍惜共聚的時光，下輩子，無論愛與不愛，都不會再見。 珍惜當下 

这样，就够了。。。

不需要英俊的男人，

不需要富有的男人，

不需要有才华男人。

只需要一个，
当你开心时，可以在他的面前大声的笑，
当你难过时，可以在他的面前大声的哭，
当你委屈时，可以向他痛快的倾诉，
当你生气时，可以对他用力的发脾气。


他，
当你开心的在他面前大声的笑的时候，
他不一定要跟着你大声的笑。
在你难过的在他面前大声的哭的时候，

他也不一定非要用逗你笑的能力不可。

当你委屈时向他痛快的倾诉的时候，

你也不一定非得有为你解决所有问题的能力不可。

当你生气时对他用力的发脾气的时候，

他也不一定要完全承认你的所作所为是对的。

只要他，

总能包容这样的你，

总能陪着这样的你，

总能迁就这样的你，

总能爱着这样的你，

总能疼爱着这样的你。。。

只要，

他能够跟这样的你共同努力的生活，

这样，就够了。。。

Value-based management

Value-based management

l  Is a managerial approach, its primary purpose is long-run shareholder wealth maximization.

l  All the decision making of the company is in order to increase value of the company.

l  The total market value of company = Total market value of equity + Total market value of bond

Earning-based management

Problem:

1.    accounting profit of a company is high effected by accounting system and accounting standard of the company;

2.    Accounting profit does not mention investors’ expect;

3.    Ignore time value of money. Sometime the company cannot receive money immediately after sell the good, because of credit;

4.    Ignore risk.

Performance spread = Actual rate of return – Required rate of return

How a business create value

Corporate value

= Present value of cash flows within planning horizon + Present value of cash flows with after planning horizon

²  Normally “within planning horizon” can increase corporate value

²  Normally “after planning horizon” cannot increase corporate value; therefore the “present value of cash flow after planning horizon” is 0.

To expand or not expand?

²  Estimate whether expand or not expand the project base on the performance spread.

²  Positive performance spread means NPV = +

²  Negative performance spread means NPV = -

²  Grow = invest

²  Shrink = not invest

Value creation and SBU performance spreads

A = reject, use the resource here to other project

B = spent more time to monitor this business. The company will close down this in future because it can not increase so much value for the company.

E = the investment is low, the value creation is low, the company can try to allocate resource from A to E.

The value action pentagon (the action can consider to use to create value)

1.    Increase the return on existing capital

-       Increase actual rate of return on capital.

-       Calculation in page 329.

2.    Raise investment in positive spread units

-       Calculation in page 330.

3.    Divest assets (剥离资产)

-       They cancel the business A (like clothing business) and invest in business B (like toy business).

-       Calculation in page 330.

4.    Extend the planning horizon

-       If the company can increase planning horizon, the company can increase value creation every years.

-       Calculation in page 330.

5.    Lower the required rate of return

-       Lower the cost of capital of company.

-       Calculation in page 331.

The role of the corporate centre in a value-based company

l  Portfolio planning, the prefer way to allocate resource to those SBUs, to create great value for company.

l  Managing strategic value drivers shared by two or more SBUs. Share certain resource with certain unit / department.

l  Provide the pervading philosophy and governing objective

l  The overall structure of the organization. Need to consider the culture, vision and mission and etc of company.

Value-creation metrics (The method to make decision)

1.    Cash flow

l  Corporate value

= present value of free cash flows from operations + the value of non-operating assets

l  Shareholder value from operations

       = present value of free cash flows from operations - debt

l  Total shareholder value

= shareholder value from operation + value of non-operating assets

²  Value of non-operating asset = the asset which is own by company no use in the moment.

-------------------------------------------------------------------------------------------------------

2.    Shareholder value analysis (SVA) : Rappaport's value drivers

l  Shareholder value analysis is forward looking.

l  Use to evaluating the inherent value of the equity invested in a firm.

l  Company should focus on the key value driver. The 7 terms of company should focus on estimate are:

i.              Sales growth rate

ii.            Operating profit margin

iii.           Tax rate

iv.           Fixed capital investment

v.            Working capital investment

vi.           The planning horizon (forecast period)

vii.          The required rate of return

l  Assumption:

                i.          A business is worth the NPV of its future cash flows, discounted at the appropriate cost of capital.

               ii.          Sales of company will increase constant growth rate.

              iii.          The operating profit margin is a constant percentage of sales.

              iv.          Profit means profit before deduction of interest and tax.

               v.          The tax rate is a constant percentage of the operating profit.

              vi.          Fixed capital and working capital investment are related to the increase in sales.

Corporate value

= Present value of operating cash flows within the planning horizon (‘forecast period’)

+ Present value of operating cash flows after the planning horizon

+ The current value of marketable securities and other non-operating investments, e.g. government bonds

Advantage	Disadvantage
It helps managers focus on value-creating activities. -       Acquisition and divestment strategies, -       capital structure and dividend policies, -       performance measures, -       transfer pricing and -       executive compensation are seen in a new light	Constant percentage increases in value drivers lack realism in some circumstances. -       No necessary that the sales, investment in fixed capital, investment is working capital, operating profit will increase constant.
	It can be misused in target setting.
	Data availability, because many firms’ accounting systems are not equipped to provide the necessary input data.

-------------------------------------------------------------------------------------------------------

3.    Economic profit (EP)

(i.)    Entity approach

Economic Profit (Entity approach)

= Performance spread x Invested capital

= (Return in capital - WACC) x Invested capital

= (Return in capital x Invested capital) – (WACC x Invested capital)

= Operating profit before interest after tax – Capital charges

²  Return of capital

= Actual Return on capita

= Equity capital + Debt capital

(ii.)  Equity approach

Economic Profit (Equity approach)

= Operation profit after deduction of tax – (Invested equity capital x Required return on equity)

= (Operation profit before interest deduction and after tax deduction - Interest paid) – (Invested equity capital x Required return on equity)

Economic Profit (Equity approach)

= (Return on equity – Required return on equity) x Invested equity capital

Advantage	Disadvantage
-       Every manager is rewarded for paying close attention to the cost associated with using capital. (每个经理奖励，密切关注与使用资金有关的费用)	-       The balance sheet does not reflect invested capital.
-       It can be used to evaluate strategic options that produce returns over a number of years. (它可以被用于评估在一定数量的岁月期间导致回归的战略选择)	-       Economic profit depends on balance sheet, easy affect by accounting standard and accounting system. -       Because different company have different accounting standard and accounting system.
-       It can be used to look back at how the unit has performed relative to the amount of capital used each year as well as creating future targets in terms of Economic profit. (可以被用于看单位怎样执行了相对相当数量资本每年使用并且创造未来目标根据EP)	-       High economic profit and negative NPV can go together. -       Because accounting profit base on historical value; NPV base on actual market value.
-       Economic Profit per unit can be calculated.	-       Difficult to count some resource which is share to more than one unit.

4.    Economic value added (EVA)

l  Economic value analysis = backward looking, a measure of performance.

l  Economic value analysis evaluating how much value a firm actually has created

EVA = Adjusted invested capital x (Adjusted return on capital – WACC)

EVA = Adjusted operating profits after tax – (Adjusted invested capital return x WACC)

-------------------------------------------------------------------------------------------------------

5.    Total shareholder return

= (Total return / Initial share price) x 100

= [(Dividend per share + Change in share price) / Initial share price] x 100

= {[Dividend per share + (Share price at end of period – Initial share price)] / Initial share price} x 100

²  Total return = Dividend per share + (Change in share price)

-------------------------------------------------------------------------------------------------------

6.    Market value added

MVA = Market value − Invested capital

l  Positive MVA = value has been created

l  Negative MVA = value has been destroyed.

²  Market value = Current value of debt, preference shares and ordinary shares

²  Invested capital = All the cash raised from finance providers or retained from earnings to finance new investment in the business, since the company was founded