Английский язык. Практический курс для решения бизнес-задач
Шрифт:
BP also recognizes the need to manage effectively its communications with journalists and the investment community. Peter’s team actively monitors the information that is currently available about BP within the investment community. Often analysts send drafts of their reports and models to the company for comment. The team reviews these to correct any factual errors but they do not comment on the broker’s recommendations. BP is also in regular contact with large institutional investors, such as Fidelity and Merrill Lynch Asset Management, who by virtue of the amount of their funds under management can make a significant difference to BP’s share price performance relative to its competitors within the industry.
This BP case study highlights an important truth about managing for shareholder value. It is not sufficient for companies merely to convey to investors messages about shareholder value. They must also back up those messages with a real implementation of practical measures and actions designed to create and deliver that value consistently.
Source: G. Ashworth, P. James, Delivering Superior Shareholders Value, 2001
Essential Vocabulary
1. rationale n –
2. cost of capital – стоимость капитала
3. debt capital – заемный капитал
4. value-based management – менеджмент, основанный на ценности
5. peer n – ровня, равный, сопоставимый; пэр
6. underperformance n – результаты деятельности ниже возможных или ниже рынка
underperformer n – юридическое или физическое лицо, показывающее результаты деятельности ниже возможных или ниже рынка
underperform v – показывать результаты деятельности ниже возможных или ниже рынка
7. tier n – эшелон, ряд, слой, уровень, ярус
8. net present value (NPV) – чистая приведенная ценность
9. receipt(s) n – расписка, денежные поступления, платежи
10. surplus n – избыток, излишек, активное сальдо, профицит
11. discount rate – ставка дисконтирования
12. total shareholder return (TSR) – суммарная доходность акционеров
13. economic profit – экономическая прибыль
14. appreciation n – высокая оценка, признательность, оценка по достоинству; повышение цены, удорожание, повышение курса (валюты или акций)
appreciate v – ценить, оценивать по достоинству, хорошо разбираться; повышаться (о курсе валют или акций)
15. dividend yield – дивидендная доходность
16. deduction n – вычет, вычитание
deduct v – вычитать
deductible a – подлежащий вычету (напр. для целей налогообложения)
17. investor relations – отношения с инвесторами, работа с инвесторами
18. fluctuation n –
fluctuate v – колебаться
19. peer group of companies – группа равных (сопоставимых) компаний
20. flat a – плоский (напр. налог, структура компании); стандартный; разовый
21. outperformance n – результаты деятельности выше ожидаемых или выше рынка
outperformer n – юридическое или физическое лицо, показывающее результаты деятельности выше ожидаемых или выше рынка
outperform v – показывать результаты деятельности выше ожидаемых или выше рынка
22. investment community – инвестиционное сообщество
23. draft n – проект, план, набросок, эскиз; чек, тратта, получение денег по чеку; отбор, призыв, вербовка
draft v – делать эскиз, составлять план, законопроект; выделять, отбирать
24. institutional investors – институциональные инвесторы
Exercise 1. Answer the following questions.
1. Why should today’s business leaders be able to understand how to create, measure, manage and deliver shareholder value? 2. What does the term «cost of capital» mean? 3. What forms do returns to shareholders usually take? 4. Why is it undesirable for managers to irritate shareholders? 5. What is the essence of value-based management? 6. Why is shareholder value becoming increasingly popular? 7. What does NPV mean? 7. What should companies wishing to deliver and maximize shareholder value focus on? 8. What are the best-known metrics of created shareholder value? 9. What is BP famous for and how does it consistently manage to be near the top of the shareholder value league tables?
Exercise 2*. Which of the following statements are not correct and why?
1. Most organizations successfully translate the aim of delivering shareholder value into reality. 2. Today’s business leaders must be able to understand how to create, measure, manage and deliver shareholder value. 3. The returns to shareholders can take the form of dividends and growth in the value of their shares. 4. Lloyds Bank adopted a value-based management approach in the mid-1980s and, as a result, its shares showed significant underperformance in relation to its peers. 5. Shareholder value became a business mantra in the 1990s, but its popularity is likely to fade in the new millennium. 6. What gets measured gets done. 7. NPV represents the «present value» of the future cash flows. 8. It is possible for investors to study the accounts of companies and to infer from them whether value has been added or destroyed. 9. BP is rarely able to deliver high shareholder value. 10. Absolute growth in TSR is deemed by BP to be sufficient. 11. The organizational structure of BP is deliberately flat. 12. The business units within BP compete against each other for capital allocation. 13. The system of remuneration in BP is such that it is enough for managers to deliver TSR, earnings growth or ROCE in isolation.