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ATTRACTING

INVESTORS
A MARKETING APPROACH TO FINDING
FUNDS FOR YOUR BUSINESS

Philip Kotler,
Hermawan Kartajaya,
S. David Young

John Wiley & Sons, Inc.

,
,

2009

330.322
65.263; 65.291.3
73

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.

73

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:
/ , ,
; . . .: , 2009. 194 .
ISBN 978-5-9614-0944-4

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330.322
65.263; 65.291.3

.



.

ISBN 978-5-9614-0944-4 (.)


ISBN 0-471-64656-3 (.)

Philip Kotler, Hermawan Kartajaya,


S. David Young, 2004
, ,
.
, 2009

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Early Stage Investing, London: Financial Times/Prentice Hall, 2001, p. 36.
3. .
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5. www.cdvca.org.
6. Mark Van Osnabrugge and Robert J. Robinson, Angel Investing: Matching Startup Funds with Start-up Companies, San Francisco: Jossey-Bass, 2000, p. 123.
7.

.M. Mason and A. Rogers, Understanding the Business Angels Investment


Decision. Venture Finance Research Project. (Working paper.) University of
Southampton and Ulster Business School, Southampton, U.K., 1996.

8. C.M. Mason and R.T. Harrison, The UK Clearing Banks and the Informal
Venture Capital Market, International Journal of Bank Marketing 14(1), 1996,
pp. 514.
9. ; R.H. Keeley, J.B. Roure, and R. Loo, New Ventures Which Obtain
Funding and Those Which Do Not: Whats the Difference? In Frontiers of
Entrepreneurship Research, Babson Park, MA: Babson College, 1991.
10. S. Nance-Nash, Brevity, Bullets and No B.S., Forbes, February 18, 1999.

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LBO.

1. David Gladstone and Laura Gladstone, Venture Capital Handbook: An


Entrepreneurs Guide to Raising Venture Capital, Upper Saddle River, NJ:
Prentice Hall, 2002, p. 6.
2. Mark Van Osnabrugge and Robert J. Robinson, Angel Investing: Matching Startup Funds with Start-up Companies, San Francisco: Jossey-Bass, 2000.
3. Onset Ventures
CPlane 14 1999 .
4. Gladstone and Gladstone, Venture Capital Handbook, p. 212.
5. G.H. Smart & Company, Inc., and The Ignite Group, What Makes a Successful
Venture Capitalist: Joint Report, Chicago: Redwood City, 1999, p. 19.
6. Gladstone and Gladstone, Venture Capital Handbook, p. 244.
7. Stanford Robertson of Robertson Stephens and John Doerr of Kleiner Perkins
Caueld & Byers, in Udayan Gupta, ed., Done Deals: Venture Capitalists Tell
Their Stories, Boston: Harvard Business School Press, 2000, pp. 134, 373.
8. Gupta, ed., Done Deals, pp. 104, 155, 169.
9. Gladstone and Gladstone, Venture Capital Handbook, p. 29.
10. (www.nvca.com),

4.

93

PricewaterhouseCoopers (www.pwcmoneytree.com) Capital Connection


(www.capital-connection.com).
11. American Research and Development (ARD) 1946 . -
. , ARD
.
12. . Paul Keaton, The Reality of
Venture Capital, Journal of the Association of Small Business Development
Centers, University of Wisconsin-Extension Small Business Development
Center, 1990.
13. Paul A. Gompers and Josh Lerner, The Money of Invention: How Venture Capital
Creates New Wealth, Boston: Harvard Business School Publishing, 2001, p. 90.
14. , p. 191.
15. Gladstone and Gladstone, Venture Capital Handbook, p. 9.
16. G. Felda Hardymon, Mark J. De Nino, and Malcolm S. Salter, When Corporate
Venture Capital Doesnt Work, Harvard Business Review, May-June 1983,
pp. 114120.
17. S. David Young and Stephen F. OByrne, EVA and Value-Based Management:
A Practical Guide to Implementation, New York: McGraw-Hill, 2001, p. 116.
18. C.J. Muscarella and M.R. Vetsuypens, Efficiency and Organizational
Structure: A Study of Reverse LBOs, Journal of Finance, December 1990,
pp. 13891413.
19. S. Kaplan and J. Stein, How Risky Is Debt in Highly Leveraged Transactions?
Journal of Financial Economics, October 1990, pp. 215246.

5
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126

II.

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128

II.

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5. :

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130

II.

.
-, $5 .
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5. :

131

, -.
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,
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,
, $5 12 . ,
(Small Corporate Offering Registration SCOR),
$1 . ,
SCOR .
SCOR , . .
,
.

1. Anthony Saunders, Financial Institutions Management: A Modern Perspective,


3rd edition, Boston: Irwin/McGraw-Hill, 2000, p. 2.
2. , .
3. Saunders, Financial Institutions Management, p. 86.
4. .
5. , , . Saunders, Financial Institutions Management, pp. 9091.
6. Bryan Burrough and John Helyar, Barbarians at the Gate: The Fall of RJR
Nabisco, New York: Harper & Row, 1990.
7.

G.T. Sims, Junk-Bond Defaults Rise in Europe, Outpacing U.S., The Wall
Street Journal Europe, July 18, 2002, p. A1.

8. S. Fidler and V. Boland, Debt Mountains Threaten Avalanche, The Financial


Times, May 31, 2002, p. 18.

132

II.

9. U.S. Census Bureau, Statistical Abstract of the United States: 2000, p. 508.
10. J. Helwege and N. Liang, Financing Growth after the IPO, Journal of Applied
Corporate Finance, 1996, pp. 7383.
11. S. Crane, Road Warriors, CFO Asia, July 2000.
12. Roger G. Ibbotson, Jody L. Sindelar, and Jay R. Ritter, The Markets Problems
with the Pricing of Initial Public Offerings, Journal of Applied Corporate
Finance, 1994, pp. 6674.
13. T. Loughran and J.R. Ritter, Why Dont Issuers Get Upset about Leaving
Money on the Table in IPOs? Review of Financial Studies, 2002 (Special
Issue), pp. 413443.
14. DPO ,
.


III

6
:

:




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138

III.

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140

III.


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. :
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6. :

141


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142

III.

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6. :

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144

III.

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,
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12.

6. :

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1. . . .
2. . -
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3. . , ,
.
4. . .
5. . .
6. .
.
, , . ,
. ,
, .
, ,
. , ,
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.
WesleyJessen,
Schering-Plough. Wesley-Jessen
, 1990- .
.
,
,
, , . ,
, , . , Wesley-Jessen
. Bain
Capital, , Wesley-Jessen $100 .

146

III.

Wesley-Jessen
1997 . IPO13. ,
, .
, . Wesley-Jessen:

.
, Bain Capital, Wesley-Jessen, , 45
.

.
.
Kellogg Company . ,
, Kellogg
.
.
Kellogg , , .
, ,
. , Sony , Wal-Mart , Volvo . , ,
Kellogg Company .
,

.

1. , ,
, : Repositioning Asia: From Bubble to Sustainable Economy, John Wiley &
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147

2. Philip Kotler and Gary Armstrong, Principles of Marketing, 9th ed., Upper
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6. Philip Kotler and Gary Armstrong, Principles of Marketing, p. 249.
7.

Weinstein, Market Segmentation.

8. Mark van Osnabrugge and Robert J. Robinson, Angel Investing: Matching Startup Funds with Start-up Companies, San Francisco: Jossey-Bass, 2000, p. 85.
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10. , p. 108.
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12. . : Louis W. Stern, Dealing with Justice, Routes to Market,
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13. Paul Rogers, Tom Holland, and Dan Haas, Value Acceleration: Lessons from
Private-Equity Masters, Harvard Business Review, June 2002, pp. 9697.

7
:

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7. :

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Fortune2.

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Starbucks ,

152

III.

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.

20% 30% ( 2001 . $2,6 ,
$181,2 .). Starbucks

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154

III.

, . , , .
Starbucks

: 2002 . 2000 3000. Starbucks
( 2003 .
)6. IPO
, 1990- .
Starbucks General Electric, Coca-Cola,
IBM . Starbucks
.

, Berkshire
Hathaway.

Berkshire Hathaway:
Berkshire Hathaway ,
(. 7.3). , , 1965 . $22, 35
$60 000, .
,
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Berkshire,
. ,
. Berkshire Hathaway ,
, Government Employees Insurance
Company (GEICO), , General Re,
.
. ,
. , .
, Berkshire

7. :

155

Berkshire Hathaway

. 7.3. Berkshire Hathaway: ,

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-
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. . ,
,
Berkshire. 30 .
. 30
Berkshire Hathaway
S&P 5008.
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Berkshire . .

. 40 Berkshire

156

III.

Hathaway. . 9.
, , .
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1983 . Merrill Lynch, ,
, , , ( , )
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158

III.

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Compaq, Amazon Akamai. , -

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7. :

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19, ,
, The Wall Street Journal,
.
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AsiaInfo ,

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, . , AsiaInfo
Ogilvy Public Relations
Worldwide20, .
, IPO, AsiaInfo
.
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.
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,
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162

III.

, , ,

, ,
.

:
( $140 ),
362%, IPO 21.
, , AsiaInfo Ogilvy PR.
,
, The Wall Street Journal Far Eastern Economic
Review.
IPO, ,
,
.
, ,

,
, .
, ,
, . , , ,
. 1994 .
56% Fortune 50022.
,

. IBM, GE, Cisco Systems

.
.
, 23.
,
. ,

7. :

163

,
.
,
.
, ,
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.
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.
( 2002 .) , NASDAQ24. Starbucks
, . .
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164

III.


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7. :

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166

III.

.

, .
.

1. Michael M. Porter, What Is Strategy? Harvard Business Review, NovemberDecember, 1996.


2. . www.fortune.com/fortune/mostadmired
3. James H. Gilmore and Joseph B. Pine II, The Experience Economy, Boston:
Harvard Business School Press, 1999, p. 166.
4. Howard Schultz and Dori Jones Yang, Pour Your Heart into It: How Starbucks
Built a Company One Cup at a Time, New York: Hyperion, 1997.
5. .
6. The Best Global Brands, BusinessWeek Online, August 5, 2002.
7.

Amy Kover, Warren Buffett: Revivalist, Fortune, February 16, 2001.

8. Berkshire Hathaway Inc., 2001 Annual Report.


9. Andy Serwer, The Oracle of Everything Warren Buffett has been right about
the stock market, rotten accounting, CEO greed, and corporate governance.
The rest of us are just catching on, Fortune, November 11, 2002.
10. John J. McConnell and Aduardo S. Schwartz, The Origin of LYONs: A Case Study
in Financial Innovation, in Donald H. Chew Jr. ed., The New Corporate Finance:
Where Theory Meets Practice, 2nd ed. Boston: Irwin/McGraw-Hill, 1999.
11. LYON Merill Lynch & Co.
12. . : Paul A. Gompers and William
A. Shalman, Entrepreneurial Finance, A Case Book, New York: John Wiley &
Sons, 2002, p. 292.
13. Roger G. Ibbotson, Jody L. Sindelar, and Jay R. Rittler, Initial Public Offerings,
in Chew, ed., The New Corporate Finance.
14. Kevin P. Coyne and Jonathan W. Witter, What Makes Your Stock Price Go Up
and Down, The McKinsey Quarterly, No. 2, 2002.
15. ,

.
16. . : Robert J. Shiller, Irrational Exuberance,
Princeton: Princeton University Press, 2000.
17. Philip Kotler, Marketing Management: The Millennium Edition, Upper Saddle
River, NJ: Prentice Hall, 2000, p. 565.

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167

18. Al Ries and Laura Ries, The Fall of Advertising and the Rise of PR, New York:
HarperBusiness, 2002, p. 85.
19. Climbing the Helical Stair Case, The Economist, March 27, 2003.
20. . www.ogilvypr.com/casestudy/admin/showtime7.cfm?num=193&
headtop=3
21. AsiaInfo IPO 2000 .
22. Graham Dowling, Creating Corporate Reputations: Identity, Image and
Performance, New York: Oxford University Press, 2001, p. 146.
23. . : Kevin P. Coyne and Jonathan W. Witter,
What Makes Your Stock Price Go Up and Down, The McKinsey Quarterly,
No. 2, 2002.
24. Starbucks Corporation Proxy Statement for the Annual Meeting of Shareholders,
March 25, 2003.
25. Yahoo! Finance, Historical PricesSBUX (Starbucks Corp.) as of March 24,
2003.

8
:

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:

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8. :

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General Electric ,
1.

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: (Fb) (Eb).
: (C)
(Oe). :
Value =

Fb + Eb
.
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Starbucks.
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, IPO.

172

III.

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Ogilvy PR,
IPO ,
4.

8. :

173

KPN Qwest
,
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31%.
, . , , ,
6. ,
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-. , .
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Purina ( ). , 1012%
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)7. , ,
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174

III.

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, ,
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. , 9.
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,
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, .
,
, .
1980- . , Disney 10. 50

8. :

175

,
- Oriental Land Corp. Disney 5% 10% ,
.
Walt Disney.
, Disney
, . ,
Disney
20 . Disney .
,
.
,
Disney.
,
, - . 1997 . 90 ( $725 ).
,
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.

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III.


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,
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, .
1992 . . , , . -

8. :

177

Irex -,
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,
, 13.
.
.
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.
Coca-Cola , , ,
. ,
, , , Goldman
Sachs,
Credit Suisse First Boston (CFSB).
Coca-Cola
,
- 14.
. , ,
, . . ,
. ,
, Enron, WorldCom Global Crossing, ,
.
WorldCom, , ,

. WorldCom
,
MCI, .
? $3,8
. ,
, , -

178

III.

(, . .).
, , (
) $3,8 .
, , . WorldCom, $64,50,
83 15.

, . . , .
. ,
.
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.
Royal Dutch/Shell.
,
16.
Royal Dutch/Shell, 1907 .,
:
135 , 96 000 . Royal Dutch/Shell
,
.
.
,
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,
, . , 1990- .
Royal Dutch/Shell .
Shell : , , , . Shell
, . 1997 .

8. :

179

,
.
1998 . Shell
: ?, . 1999 . Shell
,
.
.
2000 .
,

.
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: , .
Shell . 33 ,
, ,
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Shell , .
Royal Dutch/Shell .
,
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Shell
. Shell
, . -

180

III.


. , Shell , ,
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-, Shell .
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Shell , .
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. ,

8. :

181

.
2000 .:
, .
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.

:
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); , ; ,
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. , IPO
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: , . -

182

III.

, ,
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.
,

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,
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. -
,
. 400500
. 1990 .
1991 . ,
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. Comdisco ,
. ,
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. , , , .
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Comdisco : -, - . $100

8. :

183

160, 165 170 .


, $65 ,
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. ,
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, , , ,
.

1. Justin Fox, Americas Most Admired Companies: Whats So Great about GE?
Fortune, February 2002.
2. .: www.kotlermarketing.com/resources/miltonkotler/pearls/p38.html.

184

III.

3. . David A. Aaker, Managing Brand


Equity: Capitalizing on the Value of a Brand Name, New York: Free Press,
1991.
4. .: www.ogilvypr.com.
5. 7
: .
6. David A. Aaker, Building Strong Brands, New York: Free Press, 1996.
7.

. : / . . .:
, 2008. . 188.

8. .
9. Dennis Emerick and William White, The Case for Private Placements: How
Sophisticated Investors Add Value to Corporate Debt Issuers, in Donald H.
Chew Jr., ed., The New Corporate Finance: Where Theory Meets Practice, Boston:
McGraw-Hill/Irwin, 1999, p. 353.
10. Philip J. Adkins, Brand Monetisation, in Raymond Perrier, ed., Brand
Valuation, London: Premier Books, 1997, pp. 137140.
11. Valerie A. Zeithaml, A. Parasuraman, and Leonard A. Berry, Delivering Quality
Service: Balancing Customer Perceptions and Expectations, New York: Free
Press, 1990.
12. Robert G. Eccles, Robert H. Herz, E. Mary Keegan, and David M. H. Phillips,
The Value Reporting Revolution: Moving beyond the Earnings Game, New York:
John Wiley & Sons, 2001, pp. 161183.
13. Emerick and White, Case for Private Placements, pp. 346354.
14. .: www.coca-cola.com.
15. Daniel Kadlec, WorldCom, Time, July 8, 2002.
16. Eccles et al. Value Reporting Revolution, pp. 161183.
17. Emerick and White, Case for Private Placements.


IV

. , . ,
,
, .
, .
,

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, . , .

.
, -. .
, .
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IPO.
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.

, 172
58, 106
109, 126, 127, 130

, 14, 154, 155


- 23, 24, 2831, 33, 36,
37, 40, 44, 5260, 64, 79, 83,
96, 123125, 140, 141, 160,
164, 165, 188
- 33, 54
- 66, 67, 71, 73, 76, 79,
82, 83, 102, 103, 108
150, 156, 161, 170175, 179,
183, 189
- 172 174
23, 2729, 40, 43, 52,
58, 188

40

13
24, 25, 28
31, 3337, 40, 42, 52, 5457,
6468, 7075, 7786, 96, 123
125, 140, 146, 158, 160, 161,
164, 165, 188

13, 67, 159



(LBO) 8992
41

34, 35, 37, 72,
78, 125

17


40
15, 16, 40, 124
19
136, 143,
150156, 159, 163, 165,
170, 189
39, 127, 161

13
13, 16, 47, 145

109

(ERISA) 88

28, 34, 35, 57, 58, 64, 70,


123, 124, 139, 188

(SBIC) 85

53
16, 17, 90,
110, 113, 125, 130, 158, 162,
179
53

17
19,
65
67, 68,
69

26, 111, 124, 128


23, 25, 29, 35, 37, 52,
54, 6467, 80, 82, 84, 8587
22, 26, 47, 116
22, 41, 44, 45, 47, 52, 53,
126, 130, 140, 156
16,
17

38, 53, 58, 59, 85,
124, 129, 130, 181
97, 99, 108,
109, 116, 117
136, 138, 142,
143, 150, 156, 160, 163, 189
151, 153, 154, 156, 189

97, 112, 122, 124


103, 107, 108
104106
100, 101, 104, 110
104
97

191

106
104106

23, 28, 97, 117, 119123,


156
160, 163

136, 138,
156, 159, 170, 189
, 89, 115
138, 152
176
65, 67, 69

136, 143, 144, 150,


156, 164, 189

99, 115, 116


22, 111, 156
40, 41
112
111
13
111
112

LYON 157
160,
162

(IPO) 23, 26,


27, 30, 3740, 84, 124128,
130, 131, 140, 152, 154, 159,
161163, 171, 172, 181, 182,
189

192

136, 139, 143


146, 150, 151, 156, 159, 170,
173, 189
, 150
13
29, 34,
44, 56, 71, 72, 7477, 83, 127,
181

(DPO) 97, 129131

67, 69

24, 68, 100,


188
68
96
27, 60
96, 100
24

160162,
172
136, 138141, 143,
150, 156, 164, 189
19, 100, 101
25
26
, 144
36, 37

14, 20, 43, 151, 154,


163, 176, 179, 183
47
16
183
16, 25, 39,
44, 65, 78, 85, 86, 96, 109,
113, 125, 127, 129, 130,
188


84, 86,
87

71, 77

23, 97, 119, 122, 123


(FDIC) 101

36, 37, 86, 88, 140


25

35, 8688, 138


20, 39, 96, 97,
99, 125, 127, 129, 130,
142, 188
98
16, 20, 25, 44,
65, 78, 85, 86, 88, 96,
97, 125, 127, 129, 130,
158, 188
139, 145
84
23

12, 17,
136, 139, 140, 154, 156

41, 44,
90, 97, 129, 130, 176,
182, 183

, 160
, 153

193

ACE-Net 58
Amazon.com 40, 138
American Research and Development
84
AmeriCredit 118
Apple Computer 38
Atila Ventures 3136

Kellogg 171, 173


Kleiner Perkins Caueld & Buyers
87
Kohlberg Kravis Robert & Company
(KKR) 89, 91, 112

Merck 45
Merrill Lynch 96, 97, 125, 157
Microsoft 40, 140, 143, 153

Bertelsmann 35, 116


British Petroleum 35

C
Cargill, Inc. 38
Charles Schwab 97
Baan NV 47
Coca-Cola 16, 45, 154, 172, 177
Comdisco Inc. 182, 183

N
New Enterprise Associates
87

O
Oracle 35, 143

Drexel Burnham Lambert 89, 90, 115

E
Enron 89, 113, 173, 177

Berkshire Hathaway 154156


PricewaterhouseCoopers 71, 181
Procter & Gamble 13

Fitch 113

Railtrack 114
Reuters 35
Royal Dutch/Shell 176, 178180
Royal Philips Electronics 35

G
General Electric 42, 88, 144, 154,
160, 171
Grimaldi Group 70

H
Household International 118

S
Sequoia Capital 87
Siemens 88
Standard & Poors 113, 115
Starbucks 151154, 163, 171, 173

Intel 16, 88

Walt Disney 174, 175


Wesley-Jessen 145, 146
WorldCom 89, 116, 177

Johnson & Johnson 13

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