参考文献 McKinsey & Company.Valuation 4th ed. John Wiley & Sons Inc
"Why maximize Value? p.3-p.21"
一昨日宣言 してしまいましたが、『Valuation 4th edition』に取り組み始めました。今日は導入章ですが、Why maximize Value? という題名からも推察できるとおり、何のために企業価値（corporate value）を最大化するのか、その理由が概観されています。 公開企業のValuationに関しては市場における株価の動きを無視することができません。 ここで、株価形成要因は（当然正確にはわからないのですが）、企業業績等のeconomic fundamentalsを反映しているという前提を置いています。 そのことを証明するため、過去の米国の株式相場、各国の株式相場を分析し、市場のかく乱要因（disturbing factors）の例を挙げるとともに、理由付けを行っています。 そして、最終的（長期的）には、株式市場における株価はeconomic fundamentalsを反映して形成されるという結論に至ります。
｢企業の業績が良ければ株価は良くなる」というのは至極当たり前というか、直感的あるいは経験則でも納得できる主張ですが、これはCorporate Financeにおける最も重要な前提条件（基本原則）の１つです。 この前提条件がデータ利用してうまく説明されていると感じました。
This introductory chapter emphasizes the critical meaning of the long-lasting value of the corporation. One of the most crucial roles of valuation managers or CFOs is to create sustainable shareholder value.
This chapter shows the fact that the market and the economic fundamentals are closely related each other. In other words, the economic fundamentals drive stock market. It's a basic assumption or principle of financial theories, I suppose. When the assumption is valid, we can focus on the factors or strategies which provide corporations with value. On the contrary, if the sock market is not reliable at all, most of the theories will have no effect.
Come to think of it, finance and economics are based on the same assumption: the market is relatively sound and functioning well. Although the stock market can be distorted by some indicators in a short time, the market has mirrored economic fundamentals in the long period of time. For example, US stock market witnessed the Internet Bubble around 1999, and the deviation from the "principle" occurred. However, this deviation was corrected, and got back on the right track within a couple of years.
Of course, value creation is not only for the shareholders. There seems to be a strong relationship positive correlation between TSR(total returns to shareholders) and employment growth. So, the value creation of the corporations can too lead to the benefit of the employees. Anyway, the value creation will bring good results for the corporations.
Therefore, the long-term value creation would be a significant managerial issue for CFOs or board members.