Capital Operation Theory

Author: Wang Mingfu
Publisher:
Publish Date: 2004-09-01
Features: This book, through capital operations centered on mergers and investments in the capital market, argues that it can significantly enhance the market value and competitiveness of listed companies. It reveals that capital operations represent the highest realm of business management, with its ideological and logical arguments being highly rigorous. · The numerous innovative viewpoints in this book, such as the paradigm shift theory of capital appreciation, the theory of entrepreneurs employing capital, and the theory of enterprise value, will stir serious thinking and in-depth debate among scholars and entrepreneurs in this field. · How to broaden operational thinking and elevate the realm of business management—this book delves into profound theoretical questions, leaving pragmatic entrepreneurs deeply reflective and thought-provoking upon finishing it. Capital operations are based on production operations but also transcend them, representing a higher realm of business management. However, what exactly is capital operations, and how should it be conducted? Until now, both theoretically and practically in China, there has been confusion. The author of this book integrates the theoretical research achievements of economics, management, and finance, drawing on his long-standing professional experience in investment banking and management consulting, to conduct a comprehensive and systematic exploration of the theory of corporate capital operations. The book consists of four chapters: (1) The rise of the concept of capital operations, its theoretical origins, and its theoretical definition, systematically reviewing and critiquing the currently popular erroneous concepts of capital operations. (2) The relationship between entrepreneurs and capital: For the first time in academia, the author proposes the novel corporate governance theory of "entrepreneurs employing capital" and systematically academically demonstrates this theory. (3) The theory of enterprise value: Systematically reviewing traditional theories of enterprise value based on assets and future cash flows, while also proposing new concepts of enterprise value based on mergers and reorganizations and enterprise value based on options. (4) Value-Based Management (VBM): Systematically reviewing the value management trends and practices that have flourished in the West since the 1990s, and offering unique insights into capital operations for Chinese enterprises. This book is characterized by rigorous arguments, novel viewpoints, thorough analysis, and clear logic. It is an insightful work on the theory of capital operations after years of research, with its theoretical deductions progressing in a logical sequence and its logical analysis being interconnected. The author's unique insights into the realm of business management and capital operations, along with his profound elaboration on theory, are captivating, thought-provoking, profound, and convincing. This book is suitable for entrepreneurs, securities investment professionals, university students and faculty in management-related fields, management consultants and researchers, as well as a broad readership in the general public interested in capital operations.