This managerial philosophy produced impressive results. AHP's financial performance was characterized by stable, consistent growth and profitability. The firm had increased sales, earnings, and dividends for 29 consecutive years through 1981. This growth had been consistent and steady, ranging in recent years between 10% and 15% annually (see Exhibit 1 for a 10-year review of AHP's performance). Under Mr.Laporte's stewardship, AHP's return on equity had risen from about 25% in the 1960s to 30% in the 1980s. Because of its passion for parsimony, AHP had been able to finance this growth internally while paying out almost 60% of its annual earnings as dividends.
During Mr.Laporte's reign as chief executive, AHP's price-earnings ratio had fallen by about 60%, reflecting the marketwide collapse of price-earnings ratios of growth companies. Nonetheless, AHP's more than sixfold growth in earnings per share had pushed up the value of its stock y a factor of 3 during his tenure. AHP's stock was widely held by major institutional investors. Its popularity among investors reflected analysts’ assessment of AHP's management. In the opinion of one analyst, "When you think of American Home Products, you think of the best-managed company in the whole pharmaceutical field." Nevertheless, AHP's excess liquidity and low degree of leverage were criticized by many analysts. Others wondered whether it would be a good idea to tinker with success.
Many drug firms were relatively unleveraged, but none matched AHP’s conservative capital structure. Because of AHP’s diversified operations,it was difficult to find a truly comparable firm for comparative analysis. However, Warner-Lambert Company was about the same size as AHP and competed in roughly similar lines of business (see Exhibit 2 for a comparison of AHp and Warner-Lambert). Warner-Lambert had a debt ratio of 32%, and its bond rating was on the borderline between AAA and AA in1980.
- 去留肝膽兩崑崙Lv 71 0 年前最佳解答
這種管理哲學產生的結果令人印象深刻。穩定、一致的成長與獲利是AHP的財務績效的特徵。此公司自1981年起，連續29年在銷售、利潤與紅利上都有成長。這種生長是一致和穩定的，近幾年來都在10%到15%之間。（參見表1 ：AHP10 年績效評估）在Mr. Laporte監督之下，AHP股東權益報酬率自1960的25％上升到1980年代的30％。因為對節流的專注，AHP可以在把60％年度利潤做為紅利的情況下，內部資金仍可提供公司成長所需。在Mr.Laporte擔任執行長期間，AHP盈餘比例降至約60%，此反映出生長公司的盈餘比例的市場暴跌。然而，AHP在每股收益上高於六倍的成長將其股價向上推生。AHP股票掌握在幾個主要的機構投資人手上。在投資者中走紅反映出分析者對AHP管理的評價。一位分析者指出"當你想到AHP的時候，你會想到他是在整個的製藥領域中管理最佳的公司"。然而，AHP過度的流動資產與低度財務槓桿卻飽受分析者批評。其餘則想知道拿成功來做實驗是否是一個好計畫。許多製藥公司都是相對地不利用債務資金，但是沒有一家公司的資本結構跟AHP一樣保守。因為AHP的多元化經營，甚難找到一家真正的公司來做比較分析。 然而，Warner-Lambert公司在規模上與AHP相當，也約略在相似行業中競爭（表二為AHP與Warner-Lambert的比較）。Warner-Lambert負債比為32％，其1980 年債券評等在 AAA 和 AA 之間。