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$5 million(百萬(wàn) ) ? Year 2 FCF = $10 million(百萬(wàn) ). 第二年的自由現(xiàn)金流量( FCF ) = $10 million(百萬(wàn) ) ? Year 3 FCF = $20 million(百萬(wàn) ) 第三年的自由現(xiàn)金流量( FCF ) = $20 million(百萬(wàn) ) ? FCF grows at constant rate of 6% after year 3. 第三年后,自由現(xiàn)金流量( FCF )以固定的比率 6%增長(zhǎng) (More…) ( 更多內(nèi)容 … ) ? The weighted average cost of capital, kc, is 10%. 加權(quán)平均資金成本 kc為 10% ? The pany has 10 million(百萬(wàn) ) shares of stock. 公司有一千萬(wàn)股股份 Horizon Value 水平價(jià)值 ? Free cash flows are forecast for three years in this example, so the forecast horizon is three years. 在本例中,預(yù)測(cè)了三年的自由現(xiàn)金流量,所以預(yù)測(cè)時(shí)間段為 3年 ? Growth in free cash flows is not constant during the forecast,so we can’t use the constant growth formula to find the value of operations at time 0. 在 3年的預(yù)測(cè)期中,自由現(xiàn)金流量的增長(zhǎng)不固定,所以我們無(wú)法使用固定增長(zhǎng)公式來(lái)計(jì)算時(shí)點(diǎn) 0時(shí)的營(yíng)業(yè)資產(chǎn)價(jià)值。 ? ?? ????????????1ttt01tttOpWACC1)g1(FCFWACC1FCFVConstant Growth Formula 固定增長(zhǎng)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(nèi)的數(shù)值小于 1,隨著 t值不斷變大,該數(shù)值越來(lái)越小。 Value of Operations 營(yíng)業(yè)價(jià)值 ??? ??1 )1(tttOpWA CCFCFV注: Vop為營(yíng)業(yè)價(jià)值 FCF為自由現(xiàn)金流量 WACC為加權(quán)平均資金成本 Nonoperating Assets 非營(yíng)業(yè)資產(chǎn) ? Marketable securities 有價(jià)證券 ? Ownership of noncontrolling interest in another pany 擁有另外一家公司的非控制性股權(quán) ? Value of nonoperating assets usually is very close to figure that is reported on balance sheets. 非營(yíng)業(yè)資產(chǎn)的價(jià)值通常與資產(chǎn)負(fù)債表上顯示的數(shù)據(jù)非常接近 Total Corporate Value 企業(yè)的總價(jià)值 ?Total corporate value is sum of: 企業(yè)的總價(jià)值包括: ?Value of operations 營(yíng)業(yè)資產(chǎn)的價(jià)值 ?Value of nonoperating assets 非營(yíng)業(yè)資產(chǎn)的價(jià)值 Claims on Corporate Value 對(duì)企業(yè)價(jià)值的要求權(quán) ? Debtholders have first claim. 債權(quán)人擁有第一位的要求權(quán) ? Preferred stockholders have the next claim. 優(yōu)先股股東擁有第二位的要求權(quán) ? Any remaining value belongs to stockholders. 剩余部分價(jià)值屬于普通股股東 Applying the Corporate Valuation Model 企業(yè)價(jià)值評(píng)估模型的應(yīng)用 ? Forecast the financial statements, as shown in Chapter 4. 預(yù)測(cè)財(cái)務(wù)報(bào)表,詳細(xì)內(nèi)容見(jiàn)第四章 ? Calculate the projected free cash flows. 計(jì)算預(yù)計(jì)的自由現(xiàn)金流量 ? Model can be applied to a pany that does not pay dividends, a privately held pany, or a division of a pany, since FCF can be calculated for each of these situations. 由于無(wú)論是不發(fā)放股利的企業(yè)、私人企業(yè)還是公司內(nèi)部的部門(mén)都可以計(jì)算自由現(xiàn)金流量,所以該模型同樣適用于這些情況。 ? They generate free cash flows. 他們會(huì)產(chǎn)生自由現(xiàn)金流量。CHAPTER 11 Corporate Valuation and ValueBased Management 第 11章 公司價(jià)值評(píng)估和基于價(jià)值的管理 ?Corporate Valuation 公司價(jià)值評(píng)估 ?ValueBased Management 基于價(jià)值的管理 ?Corporate Governance 公司治理 Corporate Valuation: List the two types of assets that a pany owns. 公司價(jià)值評(píng)估: 列出公司擁有的兩種資產(chǎn) ? Operating assets and nonoperating, assets 經(jīng)營(yíng)性資產(chǎn)與非經(jīng)營(yíng)性資產(chǎn) ? Financ