股票估值ppt课件

the U.S. are the New York
Exchange (NYSE) and NASDAQ
首次公开发行
增发
6
7.2 市场价值、账面价值与清算价值 P151-P152
Book value: net worth of the firm according to the balance sheet 账面价值：资产在资产负债表上的价值，即公司的净资产值，等于 总资产与负债之差（参见TABLE 7.1）。 Liquidation value: net proceeds that could be realized by selling the firm’s assets and paying off its creditors 清算价值：全部资产的变现收入清偿全部负债后的余额
5
Large companies usually arrange for their stocks to be listed on a stock exchange, which allows investors to trade existing stocks among themselves
股票市场
– Secondary market: market in which previously issued securities are traded among investors
二级市场：已发行证券通过交易实 现流通转让的场所
一级市场or 初级市场
二级市场
– The two principal stock markets in
Valuing common stocks普通股估价
Simplifying the dividend discount model简化股利贴现 模型
Growth stocks and income stocks增长型股票和收益
3
股票
7.1 股票与股票市场-P.148
Firms issue shares of common stock to the public when they need to raise money. 当公司需要筹集资金时会选择发行股票。
4. Interpret price-earnings ratios说明市盈率（为什么 分析人员和企业本身会关注市盈率呢）
2
Content主要内容
Stocks and the stock market股票与股票市场
Book values, liquidation values, and market values 账面价值、清算价值与市场价值
– Common stock: ownership shares in a publicly held corporation
普通股：在公司的经营管理和盈利及财产的分配上享有普通权利的股份。
– 普通股的两大特点：
– 有限责任limited liability – 剩余追索权residual claim
7
Market value is not the same as book value or liquidation value. Market value treats the firm as a going concern。市场价值与账面价值 和清算价值不同，它假定企业是持续经营的：
1.extra earning power.企业有产生超额收益的 能力，也就是说资产的实际价值可以高于账面 价值。
4
股票市场
Sales of new stock by the firm are said to occur in the primary market. There are two types of primary market issues: IPO and seasoned offerings. – Primary market: market for the sale of new securities by corporations初级市场：公司发行证 券的市场 – Initial public offering (IPO): fist offering of stock to the general public – Seasoned offering: sales of new shares by established firms
Chapter 6
Valuing stocks股票估值
1
Objectives学习目标
1. Understand the stock trading reports in the financial pages of the newspaper看懂报纸上的金 融板块的股票交易信息（了解股票如何发行）
映企业的真正价值。
Liquidation value is what the company could net by selling its assets and repaying its debts. It does not capture the value of a successful going concern.清算价值是指公司全部资产变现收入清偿全部负债后的净值，并没有
2. Calculate the present value of a stock given forecasts of future dividends and future stock price 给定预期股息和终值计算股票的现值
3. Use stock valuation formulas to infer the expected rate of return on a common stock用股票估价公式 导出普通股的期望收益率
2.intangible assets.无形资产并未计入到资产 负债表中，但其价值却体现在股票价格中。
3.value of future investment.如果投资者认为 企业有较好的发展前景，他们则会愿意支付更 高的价格去获得股票。
8
总结三者的区别：
Book value records what a company has paid for its assets, less awk.baidu.comdeduction for depreciation. It does not capture the true value of a business.账面价值反映的是公司为购买资产支付的价格减去折旧后的余额，并没有反