| 中文摘要 | 第5-7页 |
| ABSTRACT | 第7页 |
| TABLE OF FIGURES AND TABLES | 第8-9页 |
| EQUATIONS | 第9-11页 |
| PREFACE | 第11-14页 |
| 1. The company's objective in modern economy | 第14-24页 |
| 1.1 The myth of growth and the competitive approach | 第14-16页 |
| 1.2 Multi-dimensional approaches:Balanced Scorecard, CSR, Triple Bottom line, CRM | 第16-18页 |
| 1.3 Stakeholder Theory vs Shareholder Theory | 第18-19页 |
| 1.4 Value Based Management | 第19-24页 |
| 1.4.1 VBM in action | 第20页 |
| 1.4.2 The four cornerstones of value | 第20-24页 |
| 2. How to measure company's results:pros and cons of different metrics | 第24-34页 |
| 2.1 Accounting Measures | 第24-26页 |
| 2.1.1 Absolute Measures | 第24-25页 |
| 2.1.2 Financial Ratios | 第25-26页 |
| 2.2 Economic and Market Metrics | 第26-29页 |
| 2.2.1 Net Present Value | 第26-27页 |
| 2.2.2 EVA and MVA | 第27-28页 |
| 2.2.3 Total Shareholder Return | 第28-29页 |
| 2.3 The McKinsey model | 第29-34页 |
| 3. Do Stock Prices fully reflect Value Creation? | 第34-40页 |
| 3.1 Traditional theory of market efficiency | 第34-35页 |
| 3.2 Actual evidences of inefficiencies | 第35-38页 |
| 3.2.1 The role of expectations | 第35-36页 |
| 3.2.2 Overreaction, volatility and seasonality | 第36-37页 |
| 3.2.3 Mean reversion | 第37-38页 |
| 3.3 Management objectives and the role of communication | 第38-40页 |
| 4. Linking The McKinsey Model to Stock Price Movements:Analysis across different financial Markets | 第40-58页 |
| 4.1 Sample definition | 第40-43页 |
| 4.2 Methodology | 第43-47页 |
| 4.2.1 Fixed Effects Model | 第43-45页 |
| 4.2.2 Between Effects Model | 第45-46页 |
| 4.2.3 Performing the analysis on sub-segmented periods | 第46-47页 |
| 4.2.4 Main Assumptions | 第47页 |
| 4.3 Implementing the Analysis on 2005-2011 period | 第47-54页 |
| 4.3.1 The Short-Term perspective | 第48-51页 |
| 4.3.2 The Long-Term perspective | 第51-54页 |
| 4.4 Pushing the Analysis forward:before and after 2008 Financial Crisis | 第54-58页 |
| 4.4.1 The Short-Term perspective | 第54-56页 |
| 4.4.2 The Long-Term perspective | 第56-58页 |
| 5. Conclusions | 第58-62页 |
| 5.1 How much value creation is reflected by stock price? | 第58-59页 |
| 5.2 The impact of the relationship in the short term and in the long term | 第59页 |
| 5.3 The role of different financial markets | 第59-62页 |
| Appendix-The Working Sample | 第62-66页 |
| Bibliography | 第66-73页 |
| ACKNOWLEDGEMENTS | 第73-74页 |
