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專業詞彙
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

De nova entry
Entry into an industry by forming a new company as opposed to combining with an existing firm in the industry.

Decision control
Fundamental ownership rights of shareholders to select management, to monitor management, and to determine reward/ incentive arrangements.

Decision management
Decision functions related to day4o-day operations that may be delegated to managers. Includes initiation and implementation of policies and procedures.

Defensive diversification
Entering new product markets to offset the limitations of the firm's existing product-market areas.

Defined benefit plan
A pension plan that specifies in advance the amount beneficiaries will receive based on compensation, years of service, and so on.

Defined contribution plan
A pension plan in which the annual contribution are specified in advance. Benefits upon retirement depend on the performance of the assets in which the contributions are invested.

Delphi technique
An information gathering technique in which questionnaires are sent to informed individuals. The responses are summarized into a feedback report and used to generate subsequent questionnaires to probe more deeply into the issue under study.

Differential managerial efficiency hypothesis
A theory that hypothesizes that more efficient managements take over firms with less efficient managements and achieve gains by improving the efficiency of the target.

Discounted cash flow valuation (DCF)
The application of an appropriate cost of capital to a future stream of cash flows.

Discriminatory poison pill
Antitakeover plans that penalize acquirers who exceed a given share-holding percentage (the kick-in or trigger point).

Dissident
A shareholder or group of shareholders who disagrees with incumbent management and seeks to make changes via a proxy contest to gain representation on the board of directors.

Diversification
The holding of assets whose returns are not perfectly correlated.

Divestiture
Sale of a segment of a company (assets, a product line, a subsidiary) to a third party for cash and/or securities.

Dividend growth valuation model
The application of an appropriate discount factor to a future stream of dividends.

Dividend method dual-class recapitalization
Most widely used method of converting to dual-class stock ownership. A stock split or dividend is used to distribute new, inferior voting stock. The previously existing common stock is redesignated as superior-vote class B stock.

Dogs
A Boston Consulting Group term for business segments characterized by low market shares in product markets with low growth rates.

Dual class recapitalization
Corporate restructuring used to create two classes of common stock with the superior-vote stock concentrated in the hands of management.

Dual-class stock
Two (or more) classes of common stock with equal rights to cash flows but with unequal voting rights.

DuPont system
A financial planning and control system that focuses on return on investment by relating asset turnover (effective asset management) to profit margin on sales (effective cost control).

Dutch auction repurchases (DARs)
Shareholders are permitted to put their shares to the company within a range of prices; at a price at which the company's target level of shares is reached, all shares offered receive that price.

Dynamic competition theory
A model of industrial organization theory that extends the traditional models of price and output decisions of firms in a static environment to decisions on product quality, innovation, promotion, marketing, and so on in changing environments.

Dynamic oligopoly
Although an industry might be dominated by a few large firms (oligopoly), recognized interdependence does not occur because decisions must be made on so many factors that actions and reactions of rivals cannot be predicted or coordinated.

 

資料來源:J. Fred Weston, Mark L. Mitchell, and J. Harold Mulherin, “Takeovers, Restructuring, and Corporate Governance”, Forth Edition, Pearson Educational International

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