公司價值評估和基于價值的管理-文庫吧資料
2024-10-25 11:25本頁面
【正文】 ???????????)g1(CRW AC COP12 32 The 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）。 ????????gW A C C)g1(S al e s t12 29 Insights (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(yīng)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。 12 22 Horizon Value Formula 水平價值公式 ? Horizon value is also called terminal value, or continuing value. 水平價值也稱為終點價值（終值），或持續(xù)經(jīng)營價值。 ????????????1tt0OpW A C C1g1F C FV12 12 Constant 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： ? ?? ?gW A CC)g1(F CFgW A CCF CFV01Op?????12 13 Find Value of Operations 計算營業(yè)資產(chǎn)價值 ? ?? ?420)(20VgW A C C)g1(F C FVOp0Op???????12 14 Value of Equity 權(quán)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(quán) ? 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(quán)益價值 =？ 12 15 Value of Equity 股東權(quán)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(quán)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 ) 12 16 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(quán)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 ) 12 17 Breakdown of Corporate Value 企業(yè)價值分類 0100200300400500600Sources ofValue 價值來源Claims on Value價值的要求權(quán)Market vs. Book市場價值與帳面價值M VAB o o k e q u i ty 權(quán)益帳面價值Eq u i ty (M a r k e t) 權(quán)益市場價值Pr e fe r e d s to c k 優(yōu)先股D e b t 負債m a r k e ta b l e s e c u r i ty有價證券Va l u e o f o p e r a ti o n s12 18 Expansion Plan: Nonconstant Growth 擴張計劃：非固定增長 ? Finance expansion by borrowing $40 million(百萬 ) and halting dividends. 通過借入資金 $40 million(百萬 )以及停止支付股利實現(xiàn)財務(wù)擴張 ? Projected free cash flows (FCF): 預(yù)計的自由現(xiàn)金流量（ F
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