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【正文】 of earning quality, page 434 ?Earning Persistence ?Earning Power – two consideration, page 435 ?Forecasting Cash Flows – indirect methods, page 436 39 現(xiàn)金流 Cash Flows 折現(xiàn)率變化對現(xiàn)金流的影響 ?使用資本成本作為折現(xiàn)所有新投資的準繩，雙重問題，940頁 敏感性分析 所得稅的影響 ?所得稅在決策過程中的影響 Impact of Changing Discount Rates ?The use of cost of capital as yardstick to discount cash flow on all new investment, two problems, page 436 Sensitivity Analysis Impact of Ine Taxes ?Impact of Ine Taxes in the Decision Process 40 現(xiàn)金流 Cash Flows 使用股利折現(xiàn)模型 ?現(xiàn)金流的度量 ?預(yù)期持有期間 ?預(yù)計股利模式 Use of the Dividend Discount Model ?Measure of cash flow ?Expected holding period ?Pattern of expected dividents 41 現(xiàn)金流 Cash Flows ?基本股利折現(xiàn)模型 – 942頁 ?固定股利增長率下的股利折現(xiàn)模型 – 942頁 ?戈登模型的關(guān)鍵要點 – 圖表 2D27， 943頁 ?Basic Dividend discount Model – page 439 ?The Constant Growth Dividend Discount Model – page 439 ?Gordon Model Key Points – figure 2D27, page 440 42 估值模型 Valuation Models 市盈率 ?在相對估值中一個分析師 – 944頁 ?市盈率 = 每股市價 /EPS Pricing Earning Ratio ?In relative valuation an analyst will – page 441 ?Price Earning Ratio = market price per share/EPS 43 估值模型 Valuation Models 市盈率 ?追溯 PE = 每股市場價格 /過去 12個月的 EPS ?預(yù)測市盈率 = 每股市場價值 /預(yù)測 EPS ?使用 P/E的優(yōu)點和缺點 945 Pricing Earning Ratio ?Trailing P/E Ratio = market price per share/EPS over previous 12 months ?Leading P/E ratio = market price per share/forecasted EPS over the next months, for example, page 442 ?The advantages and disadvantage of using P/E ratio – page 442 44 市帳率 ?P/B = 每股市場價格 /每股賬面價值，案例， 946頁 ?使用 P/B的優(yōu)點和缺點 – 946頁 Market to Book Ratio ?P/B ratio = market price per share/book value per share, for example, page 443 ?Advantage and disadvantage of using P/B ratio – page 443 估值模型 Valuation Models 45 市銷率 ?P/S = 每股市場價格 /每股收入 – 947頁 ?使用 P/S的優(yōu)點和缺點 – 947頁 盈余倍數(shù) ?常用指標 – 947頁 ?應(yīng)用盈余倍數(shù)法的四個步驟 – 947頁 ?Price Sales Ratio ?Pricetosales ratio = share price/revenue per share, page 444 ?Advantage and disadvantage of using P/S ratio, page 444 Earning Multiples ?The mon measure – page 445 ?Four steps in applying the earning multiple method – page 445 估值模型 Valuation Models 46 收入倍數(shù) 其他商業(yè)估價方法 ?商業(yè)類型 ?實物期權(quán) – 以下的階段， 949頁 Revenue Multiples Other Business Valuation Problems ?Business types ?Real options – following stages, page 446 估值模型 Valuation Model
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