公司價值評估和基于價值的管理(文件)
【正文】 n, 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。 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 pany’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(zhí)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(zhí)行價格。 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(yè)績不好的經(jīng)理被替換的可能性很小，那么就會出現(xiàn)僵化管理。 The Impact of Growth on MVA 銷售增長對 MVA的影響 ? A pany has two divisions. Both have current sales of $1,000, current expected growth of 5%, and a WACC of 10%. 某公司有兩個部門，當期銷售收入都是 $1,000， 當期預計增長率為 5%，加權平均資金成本為 10%。 ? If the second term in brackets is positive, then growth increases MVA. 如果括弧中第二個值是正值，那么銷售增長將提高市場增加價值（ MVA）。 ????????gWACC)g1(Sales tInsights (Cont.) 理解（續(xù)） ? The second bracket is the operating profit (as a %) the firm gets to keep, less the return that investors require for having tied up their capital in the firm. 第二個括弧指的是公司應得到的營業(yè)利潤（以百分數(shù)表示）減去投資人要求的投資收益。 ????????????1tt0OpWACC1g1FCFVConstant Growth Formula (Cont.) 固定增長公式（續(xù)） ? 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： ? ?? ?gWACC)g1(FCFgWACCFCFV01Op?????Find Value of Operations 計算營業(yè)資產(chǎn)價值 ? ?? ?420)(20VgWACC)g1(FCFVOp0Op???????Value of Equity 權益價值 ? Sources of Corporate Value 公司價值的來源 ? Value of operations = $420 營業(yè)資產(chǎn)價值 = $420 ? Value of nonoperating assets = $100 非營業(yè)資產(chǎn)價值 = $100 ? Claims on Corporate Value 對企業(yè)價值的要求權 ? Value of Debt = $200 負債價值 = $200 ? Value of Preferred Stock = $50 優(yōu)先股價值 = $50 ? Value of Equity = ? 權益價值 =？ Value of Equity 股東權益價值 Total corporate value = VOp + Mkt. Sec. 企業(yè)總價值 =營業(yè)資產(chǎn)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(yè)總價值 負債價值 優(yōu)先股價值 = $520 $200 $50 = $270 million(百萬 ) Market Value Added (MVA) 市場增加值（ MVA） ? MVA = Total corporate value of firm minus total book value of firm 市場增加值 =公司的總價值減去公司的全部帳面價值 ? Total book value of firm = book value of equity + book value of debt + book value of preferred stock 公司的全部帳面價值 =權益的帳面價值 +負債的帳面價值 +優(yōu)先股的帳面價值 ? MVA（ 市場增加值） = $520 ($210 + $200 + $50) = $60 million(百萬 ) Breakdown of Corporate Va
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