• /  45
  • 下載費用: 9.90積分  

現代企業價值評估與價值管理分析.ppt

'現代企業價值評估與價值管理分析.ppt'
CHAPTER 11 Corporate Valuation and Value-Based Management 第11章 公司價值評估和基于價值的管理Corporate Valuation 公司價值評估Value-Based Management 基于價值的管理Corporate Governance公司治理Corporate Valuation: List the two types of assets that a company owns. 公司價值評估: 列出公司擁有的兩種資產Operating assets and nonoperating, assets經營性資產與非經營性資產Financial, or nonoperating, assets 金融性資產,或非營業資產Assets-in-place在用資產Assets-in-Place 在用資產Assets-in-place are tangible, such as buildings, machines, inventory.在用資產是指有形資產,例如建筑物、機器設備、存貨。Usually they are expected to grow.通常,在用資產會逐漸增加。They generate free cash flows.他們會產生自由現金流量。The PV of their expected future free cash flows, discounted at the WACC, is the value of operations.在用資產產生的預期自由現金流量,以加權平均資金成本為折現系數進行折現后的現值稱為營業價值。Value of Operations 營業價值注:Vop為營業價值 FCF為自由現金流量 WACC為加權平均資金成本Nonoperating Assets 非營業資產Marketable securities有價證券Ownership of non-controlling interest in another company擁有另外一家公司的非控制性股權Value of nonoperating assets usually is very close to figure that is reported on balance sheets.非營業資產的價值通常與資產負債表上顯示的數據非常接近Total Corporate Value 企業的總價值Total corporate value is sum of:企業的總價值包括:Value of operations營業資產的價值Value of nonoperating assets非營業資產的價值Claims on Corporate Value 對企業價值的要求權Debtholders have first claim.債權人擁有第一位的要求權Preferred stockholders have the next claim.優先股股東擁有第二位的要求權Any remaining value belongs to stockholders.剩余部分價值屬于普通股股東Applying the Corporate Valuation Model 企業價值評估模型的應用Forecast the financial statements, as shown in Chapter 4.預測財務報表,詳細內容見第四章Calculate the projected free cash flows.計算預計的自由現金流量Model can be applied to a company that does not pay dividends, a privately held company, or a division of a company, since FCF can be calculated for each of these situations.由于無論是不發放股利的企業、私人企業還是公司內部的部門都可以計算自由現金流量,所以該模型同樣適用于這些情況。Data for Valuation 評估數據FCF0 (上年自由現金流量)= $20 million(百萬)WACC (加權平均資金成本)= 10%g (年股利增長率)= 5%Marketable securities (有價證券)= $100 million(百萬)Debt (負債)= $200 million(百萬)Preferred stock(優先股) = $50 million(百萬)Book value of equity (權益帳面價值)= $210 million(百萬)Value of Operations: Constant Growth 營業資產價值:固定增長Suppose FCF grows at constant rate g.假定自由現金流量以固定的比率 g 增長。Constant Growth Formula 固定增長公式Notice that the term in parentheses is less than one and gets smaller as t gets larger. As t gets very large, term approaches zero.注意:括弧內的數值小于1,隨著t值不斷變大,該數值越來越小。當t值無限大時,該數值趨近于0。Constant Growth Formula (Cont.) 固定增長公式(續)The summation can be replaced by a single formula:上述累加公式可以用下面的簡單公式代替:Find Value of Operations 計算營業資產價值Value of Equity 權益價值Sources of Corporate Value公司價值的來源Value of operations = $420營業資產價值= $420Value of non-operating assets = $100非營業資產價值= $100Claims on Corporate Value對企業價值的要求權Value of Debt = $200負債價值= $200Value of Preferred Stock = $50優先股價值= $50Value of Equity = ?權益價值=?Value of Equity 股東權益價值Total corporate value = VOp + Mkt. Sec.企業總價值=營業資產價值(Vop)+ 有價證券 = $420 + $100= $520 million(百萬)Value of equity = Total - Debt - Pref. 股東權益價值=企業總價值 - 負債價值 - 優先股價值 。省略部分。Division B(B部門)OP 營業獲利能力 6% 6% 4% 4%CR 資金需要量 78% 78% 27% 27%Growth 增長率 5% 6% 5% 6%MVA 市場增加值 (300.0) (360.0) 300.0 385.0Note: MVA is calculated using the formula on slide 12-27.注: 市場增加值MVA的計算采用幻燈片12-27上的公式。 Expected ROIC and MVA 預計的投資收益和市場增加值 Division A(A部門) Division B(B部門)Capital0 資金0 $780 $780 $270 $270Growth 增長率 5% 6% 5% 6%Sales1 銷售收入1 $1,050 $1,060 $1,050 $1,060NOPAT1稅后凈營業利潤1 $63 $63.6 $42 $42.4EROIC0預計的投資收益 08.1% 8.2% 15.6% 15.7%MVA市場附加值 (300.0) (360.0) 300.0 385.0Analysis of Growth Strategies 銷售增長戰略的分析The expected ROIC of Division A is less than the WACC, so the division should postpone growth efforts until it improves EROIC by reducing capital requirements (e.g., reducing inventory) and/or improving profitability.A部門的預計投資收益要低于加權平均資金成本,所以該部門應推遲采取銷售增長策略,等到其通過減少資金占用(例如減少存貨)而改善預計投資收益,以及/或改善獲利能力以后再采取相應行動。The expected ROIC of Division B is greater than the WACC, so the division should continue with its growth plans.B部門的預計投資收益要高于加權平均資金成本,所以該部門應續執行銷售增長計劃。Two Primary Mechanisms of Corporate Governance 公司治理的兩個基本機制“Stick”“大棒”Provisions in the charter that affect takeovers.公司章程中影響接管的條款Composition of the board of directors.董事會的構成“Carrot: Compensation plans.“胡蘿卜”:補償計劃Entrenched Management 僵化管理Occurs when there is little chance that poorly performing managers will be replaced.如果業績不好的經理被替換的可能性很小,那么就會出現僵化管理。Two causes:兩個原因:Anti-takeover provisions in the charter公司章程中的反接管條款Weak board of directors董事會軟弱How are entrenched managers harmful to shareholders? 難以觸動的經理人員如何損害股東的利益?Management consumes perks:管理層享受額外待遇:Lavish offices and corporate jets豪華的辦公室和企業公務飛機Excessively large staffs龐大、臃腫的員工隊伍Memberships at country clubs鄉村俱樂部的成員資格Management accepts projects (or acquisitions) to make firm larger, even if MVA goes down.管理層接受某些項目(或收購某些項目),使得公司規模越來越大,即使市場增加價值MVA越來越低。Anti-Takeover Provisions 反接管條款Targeted share repurchases (i.e., greenmail)有目的的回購股票(例如綠色郵件)Shareholder rights provisions (i.e., poison pills)股東權利條款(例如毒丸術)Restricted voting rights plans限制投票權計劃Board of Directors董事會Weak boards have many insiders (i.e., those who also have another position in the company) compared with outsiders.在軟弱的董事會中,企業內部人員(也就是同時在公司中擁有其他職務的那些人)的數量與企業外部人員的數量相比太多。Interlocking boards are weaker (CEO of company A sits on board of company B, CEO of B sits on board of A).內部鎖定董事(A公司的首席執行官同時任B公司的董事,而B公司的首席執行官也兼任A公司的董事)過多的董事會比較軟弱。Stock Options in Compensation Plans 補償計劃中的股票期權Gives owner of option the right to buy a share of the company’s stock at a specified price (called the exercise price) even if the actual stock price is higher.給予期權擁有者以一定的價格(執行價格)購買該公司股票的權利,即使該股票的實際市場價格高于執行價格。Usually can’t exercise the option for several years (called the vesting period).期權擁有者通常在幾年內(稱為授予期或等待期)不能行使該權利。Stock Options (Cont.) 股票期權(續)Can’t exercise the option after a certain number of years (called the expiration, or maturity, date).在約定時間(稱為有效期或到期日)后不能行使該權利。
關 鍵 詞:
價值 企業 管理 評估 分析 現代
 天天文庫所有資源均是用戶自行上傳分享,僅供網友學習交流,未經上傳用戶書面授權,請勿作他用。
關于本文
本文標題:現代企業價值評估與價值管理分析.ppt
鏈接地址: http://www.476824.live/p-51576925.html
關于我們 - 網站聲明 - 網站地圖 - 資源地圖 - 友情鏈接 - 網站客服點擊這里,給天天文庫發消息,QQ:1290478887 - 聯系我們

本站為“文檔C2C交易模式”,即用戶上傳的文檔直接賣給(下載)用戶,本站只是中間服務平臺,本站所有文檔下載所得的收益歸上傳人(含作者)所有【成交的100%(原創)】。本站是網絡服務平臺方,若您的權利被侵害,侵權客服QQ:1290478887 歡迎舉報。

[email protected] 2017-2027 http://www.476824.live 網站版權所有

粵ICP備19057495號 

收起
展開
球探网即时蓝球比分 福利彩票中奖查询结果 东莞配资 甘肃11选5网上能买吗 加拿大快乐8直播网站 湖北11选5五码走势图 股红在线翻翻配资赞A 河南快3 今天上证指数走势图 黑龙江十一选五遗漏数据 江西11选5玩法规则