上市公司內在價值分析外文翻譯-其他專業(yè)(編輯修改稿)
2025-02-24 00:28 本頁面
【文章內容簡介】 the way through the study of the valuation of the pany39。s assets to evaluate the value of the pany. Current international book value of assets valuation standards are on the replacement cost method and the liquidation value, etc. 1, book value method Based on the theory of the accounting book value method is a kind of method According to the balance sheet assets and make appropriate adjustments But the result may not represent the profitability, the characteristic is easy but not accurate. 2, the replacement cost method Replacement cost method refers to the current price level to build a evaluation, and to be identical or similar assets cost characteristic is now based on the point value of the assets Did not think of the future asset returns. 3, the liquidation value Liquidation value method is based on the pany39。s total assets minus the value of total liabilities, after market to liquidate characteristic is only considered assets value without considering the anization39。s intangible assets and goodwill (goodwill) is suitable for the bankrupt enterprise. (2) cash flow (DCF) method The cornerstone of discounted cash flow method is present value rule. The value of any asset is equal to the total present value of all cash flows in the future. Cash flow for the assets valuation varies. For stock, cash flow is dividends. For bonds, cash flow is the interest and principal. For a practical project, cash flow is the aftertax cash flows. The discount rate will depend on the degree of risk of the cash flow forecast, the higher risk assets, the higher the discount rate. On the contrary, the lower the risk assets, the lower the discount rate. Depending on the source of the cash flow, can be used to assess the intrinsic value of the pany mainly has the following three: 1, the dividend discount method Dividend discount method and the pany39。s future is expected dividend discount the value of the pany now. Dividend method theoretically can accurately calculate the real value of the assets, but in practice it is difficult to operate. Because most corporate dividend distribution is irregular and not quantitative, some enterprises in its root is not hair dividends for a long time, so it is difficult to predict its dividend payments and calculate its value. 2, corporate free cash flow discount method Free cash flow is refers
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