【正文】 a 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(shù)值小于 1，隨著 t值不斷變大，該數(shù)值越來越小。 ????????????????)g1(CRWA CCOPThe Impact of Growth (Cont.) 銷售增長的影響（續(xù)） ? If the second term in brackets is negative, then growth decreases MVA. In other words, profits are not enough to offset the return on capital required by investors. 如果括弧中第二個值是負值，那么銷售增長將會降低市場增加價值（ MVA）。 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 $270 Growth 增長率 5% 6% 5% 6% Sales1 銷售收入 1 $1,050 $1,060 $1,050 $1,060 NOPAT1稅后凈營業(yè)利潤 1 $63 $ $42 $ EROIC0預計的投資收益 % % % % MVA市場附加值 () () Analysis of Growth Strategies 銷售增長戰(zhàn)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 (., 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。 Stock Options (Cont.) 股票期權（續(xù)） ? 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。 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。 ? 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）。 ????????????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 De