MBA---公司价值评估和基于价值的管理
合集下载
相关主题
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
市场增加值=公司的总价值减去公司的全部帐面价值 Total book value of firm = book value of equity + book value of debt + book value of preferred stock 公司的全部帐面价值=权益的帐面价值+负债的帐面价值+优 先股的帐面价值
12 - 13
Find Value of Operations
计算营业资产价值
FCF0 (1 g ) VOp WACC g 20 (1 0.05) VOp 420 0.10 0.05
Copyright © 2002 Harcourt, Inc. All rights reserved.
All rights reserved.
Copyright © 2002 Harcourt, Inc.
12 - 18
Expansion Plan: Nonconstant Growth 扩张计划：非固定增长
Finance expansion by borrowing $40 million(百万) and halting dividends. 通过借入资金 $40 million(百万)以及停止支付股利实现财务扩张 Projected free cash flows (FCF): 预计的自由现金流量（ FCF ） Year 1 FCF = -$5 million(百万). 第一年的自由现金流量（ FCF ）= -$5 million(百万) Year 2 FCF = $10 million(百万). 第二年的自由现金流量（ FCF ）= $10 million(百万) Year 3 FCF = $20 million(百万)
12 - 1 CHAPTER 11 Corporate Valuation and Value-Based Management 第11章 公司价值评估和基于价值的管理
Corporate Valuation 公司价值评估 Value-Based Management 基于价值的管理 Corporate Governance 公司治理
在用资产是指有形资产，例如建筑物、机器设备、存货。 Usually they are expected to grow.
通常，在用资产会逐渐增加。
They generate free cash flows. 他们会产生自由现金流量。 The PV of their expected future free cash flows, discounted at the WACC, is the value of operations. 在用资产产生的预期自由现金流量，以加权平均资金成本为折现系数 进行折现后的现值称为营业价值。
12 - 11 Constant Growth Formula 固定增长公式
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.
12 - 14
Value of Equity 权益价值
Sources of Corporate Value 公司价值的来源
Value of operations = $420
营业资产价值= $420 Value of non-operating assets = $100 非营业资产价值= $100
计算预计的自由现金流量
Model can be applied to a company that does not pay dividends, a privately held company, or a division of a company, since FCF can be calculated for each of these situations. 由于无论是不发放股利的企业、私人企业还是公司内部的部 门都可以计算自由现金流量，所以该模型同样适用于这些 情况。
注意：括弧内的数值小于1，随着t值不断变大，该数值 越来越小。当t值无限大时，该数值趋近于0。
1 g VOp FCF0 1 WACC t 1
Copyright © 2002 Harcourt, Inc.
tHale Waihona Puke Baidu
All rights reserved.
12 - 12 Constant Growth Formula (Cont.) 固定增长公式（续）
MVA（市场增加值）= $520 - ($210 + $200 + $50)
= $60 million(百万)
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 17 Breakdown of Corporate Value 企业价值分类
Copyright © 2002 Harcourt, Inc.
All rights reserved.
12 - 4
Value of Operations
营业价值
VOp
t 1
FCFt t (1 WACC )
注：Vop为营业价值 FCF为自由现金流量 WACC为加权平均资金成本
Copyright © 2002 Harcourt, Inc.
Claims on Corporate Value
对企业价值的要求权 Value of Debt = $200 负债价值= $200 Value of Preferred Stock = $50 优先股价值= $50 Value of Equity = ? 权益价值=？
Copyright © 2002 Harcourt, Inc. All rights reserved.
All rights reserved.
12 - 5
Nonoperating Assets 非营业资产
Marketable securities
有价证券 Ownership of non-controlling interest in another company 拥有另外一家公司的非控制性股权 Value of nonoperating assets usually is very close to figure that is reported on balance sheets. 非营业资产的价值通常与资产负债表上显示的数据非常 接近
600 500 400 300 200 100 0 MVA Book equity 权益帐 面价值 Equity (Market) 权 益市场价值
Claims on Value 价值的要求权
Market vs. Book 市场价值与帐面 价值
Sources of Value 价值来源
Prefered stock 优先 股 Debt 负债 marketable security 有价证券 Value of operations
The summation can be replaced by a single formula:
上述累加公式可以用下面的简单公式代替：
FCF1 VOp WACC g FCF0 (1 g ) WACC g
Copyright © 2002 Harcourt, Inc. All rights reserved.
Suppose FCF grows at constant rate g.
假定自由现金流量以固定的比率 g 增长。
FCFt VOp t 1 t 1 WACC FCF0 (1 g ) t 1 t 1 WACC
t
Copyright © 2002 Harcourt, Inc. All rights reserved.
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 9
Data for Valuation 评估数据
FCF0 （上年自由现金流量）= $20 million(百万) WACC （加权平均资金成本）= 10% g （年股利增长率）= 5% Marketable securities （有价证券）= $100 million( 百万) Debt （负债）= $200 million(百万) Preferred stock（优先股） = $50 million(百万)
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 8 Applying the Corporate Valuation Model 企业价值评估模型的应用 Forecast the financial statements, as shown in Chapter 4. 预测财务报表，详细内容见第四章 Calculate the projected free cash flows.
= $520 - $200 - $50
= $270 million(百万)
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 16 Market Value Added (MVA) 市场增加值（MVA）
MVA = Total corporate value of firm minus total book value of firm
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 6
Total Corporate Value 企业的总价值
Total corporate value is sum of:
企业的总价值包括： Value of operations 营业资产的价值 Value of nonoperating assets 非营业资产的价值
Book value of equity （权益帐面价值）= $210 million(百万)
Copyright © 2002 Harcourt, Inc.
All rights reserved.
12 - 10 Value of Operations: Constant Growth 营业资产价值：固定增长
Financial, or nonoperating, assets
金融性资产，或非营业资产 Assets-in-place 在用资产
Copyright © 2002 Harcourt, Inc.
All rights reserved.
12 - 3
Assets-in-Place 在用资产
Assets-in-place are tangible, such as buildings, machines, inventory.
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 7
Claims on Corporate Value 对企业价值的要求权
Debtholders have first claim.
债权人拥有第一位的要求权 Preferred stockholders have the next claim. 优先股股东拥有第二位的要求权 Any remaining value belongs to stockholders. 剩余部分价值属于普通股股东
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 2 Corporate Valuation: List the two types of assets that a company owns. 公司价值评估： 列出公司拥有的两种资产 Operating assets and nonoperating, assets 经营性资产与非经营性资产
12 - 15
Value of Equity 股东权益价值
Total corporate value = VOp + Mkt. Sec.
企业总价值=营业资产价值（Vop）+ 有价证券
= $420 + $100= $520 million(百万)
Value of equity = Total - Debt - Pref. 股东权益价值=企业总价值 - 负债价值 - 优先股价值
12 - 13
Find Value of Operations
计算营业资产价值
FCF0 (1 g ) VOp WACC g 20 (1 0.05) VOp 420 0.10 0.05
Copyright © 2002 Harcourt, Inc. All rights reserved.
All rights reserved.
Copyright © 2002 Harcourt, Inc.
12 - 18
Expansion Plan: Nonconstant Growth 扩张计划：非固定增长
Finance expansion by borrowing $40 million(百万) and halting dividends. 通过借入资金 $40 million(百万)以及停止支付股利实现财务扩张 Projected free cash flows (FCF): 预计的自由现金流量（ FCF ） Year 1 FCF = -$5 million(百万). 第一年的自由现金流量（ FCF ）= -$5 million(百万) Year 2 FCF = $10 million(百万). 第二年的自由现金流量（ FCF ）= $10 million(百万) Year 3 FCF = $20 million(百万)
12 - 1 CHAPTER 11 Corporate Valuation and Value-Based Management 第11章 公司价值评估和基于价值的管理
Corporate Valuation 公司价值评估 Value-Based Management 基于价值的管理 Corporate Governance 公司治理
在用资产是指有形资产，例如建筑物、机器设备、存货。 Usually they are expected to grow.
通常，在用资产会逐渐增加。
They generate free cash flows. 他们会产生自由现金流量。 The PV of their expected future free cash flows, discounted at the WACC, is the value of operations. 在用资产产生的预期自由现金流量，以加权平均资金成本为折现系数 进行折现后的现值称为营业价值。
12 - 11 Constant Growth Formula 固定增长公式
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.
12 - 14
Value of Equity 权益价值
Sources of Corporate Value 公司价值的来源
Value of operations = $420
营业资产价值= $420 Value of non-operating assets = $100 非营业资产价值= $100
计算预计的自由现金流量
Model can be applied to a company that does not pay dividends, a privately held company, or a division of a company, since FCF can be calculated for each of these situations. 由于无论是不发放股利的企业、私人企业还是公司内部的部 门都可以计算自由现金流量，所以该模型同样适用于这些 情况。
注意：括弧内的数值小于1，随着t值不断变大，该数值 越来越小。当t值无限大时，该数值趋近于0。
1 g VOp FCF0 1 WACC t 1
Copyright © 2002 Harcourt, Inc.
tHale Waihona Puke Baidu
All rights reserved.
12 - 12 Constant Growth Formula (Cont.) 固定增长公式（续）
MVA（市场增加值）= $520 - ($210 + $200 + $50)
= $60 million(百万)
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 17 Breakdown of Corporate Value 企业价值分类
Copyright © 2002 Harcourt, Inc.
All rights reserved.
12 - 4
Value of Operations
营业价值
VOp
t 1
FCFt t (1 WACC )
注：Vop为营业价值 FCF为自由现金流量 WACC为加权平均资金成本
Copyright © 2002 Harcourt, Inc.
Claims on Corporate Value
对企业价值的要求权 Value of Debt = $200 负债价值= $200 Value of Preferred Stock = $50 优先股价值= $50 Value of Equity = ? 权益价值=？
Copyright © 2002 Harcourt, Inc. All rights reserved.
All rights reserved.
12 - 5
Nonoperating Assets 非营业资产
Marketable securities
有价证券 Ownership of non-controlling interest in another company 拥有另外一家公司的非控制性股权 Value of nonoperating assets usually is very close to figure that is reported on balance sheets. 非营业资产的价值通常与资产负债表上显示的数据非常 接近
600 500 400 300 200 100 0 MVA Book equity 权益帐 面价值 Equity (Market) 权 益市场价值
Claims on Value 价值的要求权
Market vs. Book 市场价值与帐面 价值
Sources of Value 价值来源
Prefered stock 优先 股 Debt 负债 marketable security 有价证券 Value of operations
The summation can be replaced by a single formula:
上述累加公式可以用下面的简单公式代替：
FCF1 VOp WACC g FCF0 (1 g ) WACC g
Copyright © 2002 Harcourt, Inc. All rights reserved.
Suppose FCF grows at constant rate g.
假定自由现金流量以固定的比率 g 增长。
FCFt VOp t 1 t 1 WACC FCF0 (1 g ) t 1 t 1 WACC
t
Copyright © 2002 Harcourt, Inc. All rights reserved.
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 9
Data for Valuation 评估数据
FCF0 （上年自由现金流量）= $20 million(百万) WACC （加权平均资金成本）= 10% g （年股利增长率）= 5% Marketable securities （有价证券）= $100 million( 百万) Debt （负债）= $200 million(百万) Preferred stock（优先股） = $50 million(百万)
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 8 Applying the Corporate Valuation Model 企业价值评估模型的应用 Forecast the financial statements, as shown in Chapter 4. 预测财务报表，详细内容见第四章 Calculate the projected free cash flows.
= $520 - $200 - $50
= $270 million(百万)
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 16 Market Value Added (MVA) 市场增加值（MVA）
MVA = Total corporate value of firm minus total book value of firm
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 6
Total Corporate Value 企业的总价值
Total corporate value is sum of:
企业的总价值包括： Value of operations 营业资产的价值 Value of nonoperating assets 非营业资产的价值
Book value of equity （权益帐面价值）= $210 million(百万)
Copyright © 2002 Harcourt, Inc.
All rights reserved.
12 - 10 Value of Operations: Constant Growth 营业资产价值：固定增长
Financial, or nonoperating, assets
金融性资产，或非营业资产 Assets-in-place 在用资产
Copyright © 2002 Harcourt, Inc.
All rights reserved.
12 - 3
Assets-in-Place 在用资产
Assets-in-place are tangible, such as buildings, machines, inventory.
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 7
Claims on Corporate Value 对企业价值的要求权
Debtholders have first claim.
债权人拥有第一位的要求权 Preferred stockholders have the next claim. 优先股股东拥有第二位的要求权 Any remaining value belongs to stockholders. 剩余部分价值属于普通股股东
Copyright © 2002 Harcourt, Inc. All rights reserved.
12 - 2 Corporate Valuation: List the two types of assets that a company owns. 公司价值评估： 列出公司拥有的两种资产 Operating assets and nonoperating, assets 经营性资产与非经营性资产
12 - 15
Value of Equity 股东权益价值
Total corporate value = VOp + Mkt. Sec.
企业总价值=营业资产价值（Vop）+ 有价证券
= $420 + $100= $520 million(百万)
Value of equity = Total - Debt - Pref. 股东权益价值=企业总价值 - 负债价值 - 优先股价值