新x信-按小時收費的企業(yè)培訓-會計報表和財務管理(編輯修改稿)
2025-06-23 15:31 本頁面
【文章內容簡介】 Consulting MBA基礎培訓 會計報表和財務管理 MVA amp。 EVA (3) ? EVA: Economic Value Added ? Value added to shareholders by management during a given year ? To measure the effects of managerial actions ? EVA = Aftertax operating profit Aftertax cost of total capital = EBIT (1Corporate tax rate) Aftertax cost of total capital Total capital includes: Longterm debt,preferred stock, and mon equity SINOTRUST 14 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 MVA amp。 EVA (4) EVA case study ? CSX Corporation in 1988, stock price $28 ? BU:Lootive,containers,trailer,railcars ? EVA approach lost $70M ? Selling off, increasing volume ? Till 1993, stock price $ SINOTRUST 15 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 MVA amp。 EVA (5) ? Security analysts: The stock prices track EVA far more closely than other factors such as EPS,ROE and Operating Margin SINOTRUST 16 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 CAPM Model amp。 SML(1) ? CAPM Capital Asset Pricing Model ? SML The Security Market Line ? SML Equation Required return On Stock I= Riskfree rate + (Market risk premium)(Stock’s beta) OR Ki=KRF+(KMKRF)bi Note: KM,required rate of return on a portfolio consisting of all stocks SINOTRUST 17 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 CAPM Model amp。 SML(2) Beta(bi): ? A measure of the extent to which the returns on a given stock move with the stock market. ? Beta is the theoretically correct measure of the stock’s riskness. SINOTRUST 18 Copyright169。2000 By Sinotrust Management Consulting MBA基礎培訓 會計報表和財務管理 CAPM Model amp。 SML(3) ? The beta of some stocks Stock Beta America Online Bally Entertainment Microsoft Corp General Electric Procter amp。 Gamble CocaCola Heinz Empire District Electric Source: Value Line, August 16,1996
教學課件相關推薦
鄂ICP備17016276號-1