That happens because the acquirer typically gives up more intrinsic value than it receives. Do that enough, says John Medlin, the retired head of Wachovia Corp., and "you are running a chain letter in reverse." Over time, the skill with which a company's managers allocate capital has an enormous impact on the enterprise's value. Almost by definition, a really good business generates far more money than it can use internally. The company could, of course, distribute the money to shareholders by way of dividends or share repurchases.

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With the existing share capital of the Company.

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Thus the paper puts forward that different forms of expression should be adopted in different fields, the results are as follows: As to the Industry involving national military security, economic security and cultural security, the state-owned capital should be in the form of single proprietorship or conditional diversification, that is to say, taking the solely state-owned company as its main body. As to the strategic industry and basic industry in the vital position to the national economy, the state-owned capital should be As to the strategic competitive industry which plays an important role in development of national economy and society, the state-owned capital account for a certain proportion with the freedom to select holding shares or taking equity participation. As to the industry related to non-strategic competitive fields, state-owned capital does not necessarily exist in the form of state-owned enterprise, it can also obtain the stock right to share the benefit, and to cooperate, even compete with other capitals appropriately.

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At that time, General Manager Pan Chien-Cheng was just graduated from college, with several partners, they funded this company. Five under 30 year-old young men, spend only two months, funded Thirty Million TWD to start up the company. This obviously showing their abundant personal relations and PHISON's growing potential in the industry. With the sufficient capital, the company safely passed the first crisis. The corporate also named itself with five start-up partners' English name initials, to express their core management concept:"share, honesty, efficiency, innovation". With their strong technology RD team; the professional and effective RD flow; high quality nitch product; key patent; well-arranged marketing strategy, these are the reasons that PHISON maintains its market leader position.

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But there's also a powerful financial reason behind the preference, and that has to do with taxes. The tax code makes Berkshire's owning 80% or more of a business far more profitable for us, proportionately, than our owning a smaller share. When a company we own all of earns $1 million after tax, the entire amount inures to our benefit. If the $1 million is upstreamed to Berkshire, we owe no tax on the dividend. And, if the earnings are retained and we were to sell the subsidiary - not likely at Berkshire!- for $1 million more than we paid for it, we would owe no capital gains tax. That's because our "tax cost" upon sale would include both what we paid for the business and all earnings it subsequently retained.

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