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       .     ,              .    ,     ,     ,    . ,   ,        ,      .      ,             , ,      ,  .           ,    ,  .      ,    ,    .     ,      ,  ,       .





 

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 Pearson Education Limited 2004

  -,   . ., , 2009




   


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       ,  ,       .     ,      .  ,     ,                   .

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Ernst &Young CIS
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     .  19941997      PricewaterhouseCoopers,          In Search of Shareholder Value (    ),   1997 .              .          ,   .    ,         ,         ,            .      ,         ,                      .              .

             . -,               ,        ,          ,     ,    ,  ,  ,      . -,   ,        .             ,    :     . ,  ,      .        ,    ,   ,    ,        ,       .               .

   ,       ,        ,      .           .



 
PricewaterhouseCoopers




 


       ,        .

      --    .            .     , ,     ,        .

      Pearson Educational              .

            .     .

,                     .



 




 


  (Arau Jose)      California Public Employees Retirement System (CalPERS).     1977 :      .       ,   CalPERS     .               (Security Analysts of Sacramento)        (Association for Investment Management and Research, AIMR).



  . (Barbour John A.)   PA Consulting Group          Maracon Associates.  1999    Corporate Value Improvement       ,                  .       J Sainsbury plc., Cadbury Schweppes plc., Roche Pharmaceuticals, Royal Philips Electronics NV  Smith &Nephew plc.             (University of Strathclydes Graduate School of Business).



  (Bassett Richard)             (University of Victoria, Toronto)   - (MBA)    (Boston College).     -  Value Analytix ().              1988 .     200   35 ,             60 .      ,  ,       .      Value Analytix,   -- Alcar International  Corporate Performance Systems, - Security Pacific Merchant Bank    -,       .



  (Black Andrew)    (Sussex University),        .     -    Building Value Associates Ltd.,     PricewaterhouseCoopers   ,   ,    .     ValueBuilder,   ( .) In Search of Shareholder Value (1998, 2001).              ,     .       ,  Unilever,         (UK Department of Trade and Industry, DTI).



  (Weisenrieder Fredrik)      (       Gothenburg School of Economics and Commercial Law).    1990-                    .       CVA


,                      .



  (Gee David)        (Cambridge University).    ,     Aston Martin Lagonda,   British Leyland Motor Corporation.  1974    ,      ,    :           .    2002        .             .   2003             .       .        : david_gee@talk21.com.



  (Clubb Colin)              (Business School, Imperial College London).              ;      - .          ,      .



  (Legge Elizabeth)         (London School of Economics)    -   (Birkbeck College, London).            (National Institute of Economic and Social Research).     ,            Luftgansa (),     .            ,    ,   ,        Dresdner Bank  Bankgesellschaft Berlin.  2001    Building Value Associates  Weavering Capital.          ,        ,          .



  (Lee Paul)       Hermes Investment Management ().        (Oxford University),        ,       International Financial Law Review,     CFO Europe.   ,              .    PricewaterhouseCoopers        (  )    Not badly paid but paid badly ( ,   ).



  (Ottosson Erik)         ,       (Linkoping University, Institute of Technology).        SCA,      ,    .        Anelda,        1998             .



  . (Sirower Mark L.)                 (Columbia University Graduate School of Business)         (Indiana University).         Boston Consulting Group (BCG)     BCG     ,   .         (Wharton School of University of Pensylvania)             .     ,   KPMG, Burroughs Corporation  Pricewaterhouse.        -  (New York Universitys Stern School of Business).       The Synergy Trap: How Companies lose the Acquisition Game ( :      ),                   .



  (Storrie Mark)     Value Analytix,      ,   Value Analytix.         ,    ,       .     .       Alcar Group International,        Software AG.



  (Thomas Alison)     ,               .          ,      ,     Baring Asset Management,     .            ,          ,        .          PricewaterhouseCoopers (PwC),  ,     .               .






 


       .     ,              .    ,     ,     ,    . ,   ,        ,      .      ,             , ,      ,  .           ,    ,  .

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      軠        .     .       -  ,      .    ,        .       , ,   ,          , , ,             . ,   ( )                 .

      軠      ,     ,      ,      ,    .      ,      Enron, ,                       .



      -  ,      .    ,        .


   ,    ,     .         Enron      .     .               .   ,     ,          .       ,         .   ,             ,        .     ,   ,    ,     .         , ,   ,   ,      .       ,    ,  ,      . (          ,   .)

     ,                     (DCF),      ,     ,         .

     , , ,   ,  ,         ,     ,  ,  ,  ,         .        :                .      ;         .            ,        .



     ,             .


    ,      ,     ,   .       ,             . ,             .


 

     .                   ,      .          .    ,   ,     Hermes Investments () ( 1)     CalPERS () ( 2).   ,           ,             .      ,  ,             .  ,       .                       .

  2    ,       CalPERS,   ,  ,        ,             ,     .    ,   CalPERS  ,  ,       ,  General Motors.     , ,  ,       ,         .

    ,         ,      ,    ,       , ,  ,        .       (   (Higgs Committee),     2003 )    ,       ,       ,  ,      .  ,      ,  Hermes  CalPERS.

   3,     Weavering Capital,   ,        .          ,       ,        .         ,                .     ,           75 .

 , ,       ,        ,    ,  .                      .

      .     ,    ,  ,          ,  (Organization of Economic Cooperation and Development),      .   :        ?         ,       .        ,                  . ,     ; ,  ,   .    Equitable Life, ,       .   Maxwell,     ,        ,  ,          .           ,              .

     ,     . ,      ,  ,             .       ( 4)         PwS,   ,  -   ,         ,      .     ,   ,      ,     ,   .

        ,      (     ).         ,       .  ,              ,      .

         ,    .   ,  ,      , ,      ,     .   ,      ,       .

           ()[1 - ,  , , ,     .             .    . .]  (        ?)            .     :            黠   ,       - . , ,  ,          ,        .



           ()  (        ?)            .


  5     Building Value Associates Ltd    ,          ,     .            (SPV).       .          -  ,           ,     ,          , ,         ,     :            ,         .

  ,         ,    , ,            .             (International Accounting Standards, IAS)  2005 ,       , ,        .          ,       (European Commission)       ,       , ..   ,           .                   .

  ,   Enron                       . , ,   .

      ,               ( 6).  ,          ,               ,     .  ,                                 .  ,             .  ,                  . ,         ,         ,        5.

     7,         Risktoolz (),       Enron.  ,     ,        .      , , ,   Enron          .  ,            ,    ,    ,  ,   -         (  ).    ,    ,  ,      ,          (US Generally Accepted Accounting Principles, US GAAP). ,   ,      ,        . ,  ,    ,     ,        .    ,          , ,   ,    .

       ,       .              (VBM)?     8   ,   ,   ,           .     , ,    ,   VBM     ,             ,      ,       .          ,          , VBM                 .



         , ,   ,    .


,    ,   ?      9        ,      (MFV),    .  ,     MFV ,     ;              .    ,       - ,  .   ,    MFV    ,      .

 ,    BCG,     10   ,         .         ,  ,      -       .         ,   ,           .        ,             .   ,    ,             Financial Times  Wall Street Journal.  ,  ,       ,  ,         ,  ,     .

           .        , ,         ,             .    ,     ,        .

         ( 11).        Anelda      .  ,           ,   ,   ,     .         ,                   .          , ,      ,      ,    .

 ,                 ,          .    ,    ,      .           ,         ,      .




 I

 





 1

     

 

Hermes Pensions Management



  1990-   2000-        ,         ,    .              .

           .  1998  2000   Vivendi Universal       60 .         10% ,      (         ).         60 ,  35  95?  2002  Vivendi Universal    ,             20 .  2000            Cisco  82 .,             3050%        . ,    Cisco     80%    . ,  -      ,    ;     -   Enron  WorldCom,  ,         .




 


    ,    ,   ,     ,    .   ,      Wanadoo,     -  ,          . ,   ,  ,       ,              .     , ,         .

 ,       .         .    ,        , ,    ,  , ,        ( -            )     ,    ,       ,     .

              - ,    .        ,             ,      ,       .  ,  ,         ,    .   -  ,              .         ,  .



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   ,        ,     .   ,     .  , ,        ,     20   ,   60%    .  ,             .      .

        . ,          (UKs National Association of Pension Funds), ,          .   ,   ,  ,     ,         (         ),   ,       ,    .

,            ?   .

-,        .                  .      ,   , ,       : ,          .         ,     ,    .   ,    - ,  ,   ,      ,       . -      ,   ,    ,       ,    .  ,        .

-, ,     ,       ,      . Myners Report ()


         ,           ,       . ,    , ,  ,    ,               ,             .   , ,   , ..   ,     (      ),       .   ,          ,    .                 , ,  .

-, ,        .     ,   2000            (Georgia State University)


.  ,   ,     ,    ,       ,    ,                    .   , ,     ,  .



,    , ,  ,    ,               ,             .


    ,            .  ,       ,  ,   ,  , ,   ,    .

-,         ,       ;    ,   ,    .. ,           , , , ,   ,          ,             .

           . ,        ,    .

      ,  ,  ;         ,         ,           .             ,       .



        .


   ,            . ,        ,            ,         (     )                 ,      ,    .

,        ,       ,       ,      ,    .                     .      Hermes    British Telecom Pension Scheme          :



             ,   ,            .


 ,                 .      ,            .     ,         .      .                      .    ,          .




   


  ,        ,       ,              .      :     ,     .      ,         ,     .              ,  ,         .

   ,  ,     ,          ,     . ,   ,      ,  ,       .          (,         ,        )   ,    .    ,      ,           ,        .       ,       ,     .



    ,     .      ,      .


    ,         .   McKinsey,          15% ,   ,   .     .  1998           (Yale School of Management)


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,  ,   ,   ,   7,3%      .             


  ,      ,  ,   ,        ,    1990-   (   8,5%  ).



    ,         .





    


  ,                    .     ,    ,             ,     .        ,                          .

  Tomkins.       1999 ,           ,   ,        .   ,           ,     ,         General Electric Company (GEC).  ,       -໠   ,     Lloyds Bank.

  ,        Tomkins,    RHM,       .            (   ),          Smith &Wesson (      ),    Hayter,        .

  Tomkins      ,        2000               .                 ,         .                , Tomkins, -,      ,    ,      ;      .




 


    Tomkins  .   ,               .             - .           .   Hermes     Hermes


,       ,      Hermes,  ,  ,   ,    .

      , , ,    ,    .     ,            ,      .         ,      ;       ;             ,     ;          ;   ;    ,    .

  ,             ,    ;  ,            .   ,    ,       , ,    ,   .         ,       ,   .




   


 , ,          .    ,          .           ;       .     .

            ,           ,  .     ,   ;       ,       ,    . , ,  ,   ,   ,          .

    ,            ;      ,          .

  ,    Rank,                   ,    ,          .         ,             ,            .

            Rank           .   ,      ,    ,    ,        .     ,   ,   ,  ,   ,    .          ,       .   ,    .  Rank     ,     ,        ,           .    ,    , ,   ,      .




   


      ,       .           ( )   ,              .       ,    ,   .       Six Continents,     (         ),                


.



      ,       .


   ,    ,   .           Smith &Nephew.   ,   ,  ,           ,      .  ,                ,    .

        ,          ,           .         ,         :         .

     ,     .




    Premier Oil?


      ,       Premier Oil,    ,   ,     ,     .    , ,        , Premier Oil               ,     . ,         ,         .

   ,          Petronas  Amerada Hess,   25%  .             .     ,          ,              Hermes.

    Premier Oil   :                 (),         .       ,    ,        ,    (       ),       . ,          .

      2000 ,        ,    (  ,    )   ,    .       ,          ,  ,            ,       .

  2002  Premier Oil              (    ),         Premier Oil.        ,    ,        .              ,                  ,     . ,            Premier Oil.




  


 ,         .         ,          ,     .  Hermes   ,  ,          ,    .  ,          .

      Marconi,            Reltec  Fore?      ,          .        ,        .

            ,        ,       , ,       , ,     .  ,        ,    ,        .    ,             .



      Marconi,            Reltec  Fore?





  (!)  


  ,    ,          .  ,       (    ),    ,   ,   .                  .   ,         .

     ,   -   .        ,               :       ,            .                     ,             .




  .


   .

   ,     (https://www.litres.ru/raznoe/voprosy-stoimosti-ovladeyte-noveyshimi-priemami-upravleniya-investi/?lfrom=236201804&ffile=1)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



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