chapter12ppt[1]7.20.ppt

CHAPTER 11Corporate Valuation and Value-Based Management第11章公司价值评估和基于价值的管理
Corporate Valuation 公司价值评估
Value-Based Management
基于价值的管理
Corporate Governance
公司治理
Corporate Valuation: List the two types of assets that pany owns.公司价值评估:列出公司拥有的两种资产
Operating assets and nonoperating, assets
经营性资产与非经营性资产
Financial, or nonoperating, assets
金融性资产,或非营业资产
Assets-in-place
在用资产
Assets-in-Place在用资产
Assets-in-place are tangible, such as buildings, machines, inventory.
在用资产是指有形资产,例如建筑物、机器设备、存货。
Usually they are expected to grow.
通常,在用资产会逐渐增加。
They generate free cash flows.
他们会产生自由现金流量。
The PV of their expected future free cash flows, discounted at the , is the value of operations.
在用资产产生的预期自由现金流量,以加权平均资金成本为折现系数进行折现后的现值称为营业价值。
Value of Operations营业价值
注:Vop为营业价值
FCF为自由现金流量
为加权平均资金成本
Nonoperating Assets非营业资产
Marketable securities
有价证券
Ownership of non-controlling interest in pany
拥有另外一家公司的非控制性股权
Value of nonoperating assets usually is very close to figure that is reported on balance sheets.
非营业资产的价值通常与资产负债表上显示的数据非常接近
Total Corporate Value企业的总价值
Total corporate value is sum of:
企业的总价值包括:
Value of operations
营业资产的价值
Value of nonoperating assets
非营业资产的价值
Claims on Corporate Value对企业价值的要求权
Debtholders have first claim.
债权人拥有第一位的要求权
Preferred stockholders have the next claim.
优先股股东拥有第二位的要求权
Any remaining value belongs to stockholders.
剩余部分价值属于普通股股东
Applying the Corporate Valuation Model企业价值评估模型的应用
Forecast the financial statements, as shown in Chapter 4.
预测财务报表,详细内容见第四章
Calculate the projected free cash flows.
计算预计的自由现金流量
Model can be applied to pany that does not pay dividends, a privately pany, or a division of pany, since FCF can be calculated for each of these situations.
由于无论是不发放股利的企业、私人企业还是公司内部的部门都可以计算自由现金流量,所以该模型同样适用于这些情况。
Data for Valuation 评估数据
FCF0 (上年自由现金流量)= $20 million(百万)
(加权平均资金成本)= 10%
g (年股利增长率)= 5%
Marketable securities (有价证券)= $100 million(百万)
Debt (负债)= $200 million(百万)
Preferred stock(优先股) = $50 million(百万)
Book value of equity (权益帐面价值)