股票估值
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映企业的真正价值。
Liquidation value is what the company could net by selling its assets
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
7
A
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：
– 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
– 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
the U.S. are the New York
Exchange (NYSE) and NASDAQ
首次公开发行
增发
6
A
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）。
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。
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。
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
wk.baidu.com
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
8
A
总结三者的区别：
Book value records what a company has paid for its assets, less a
deduction 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
导出普通股的期望收益率
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
A
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
Chapter 6
Valuing stocks股票估值
1
A
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）
– Seasoned offering: sales of new shares by established firms
5
A
Large companies usually arrange for their stocks to be listed on a stock exchange, which allows investors to trade existing stocks among themselves
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
A
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
A
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.
Liquidation value is what the company could net by selling its assets
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
7
A
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：
– 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
– 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
the U.S. are the New York
Exchange (NYSE) and NASDAQ
首次公开发行
增发
6
A
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）。
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。
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。
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
wk.baidu.com
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
8
A
总结三者的区别：
Book value records what a company has paid for its assets, less a
deduction 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
导出普通股的期望收益率
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
A
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
Chapter 6
Valuing stocks股票估值
1
A
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）
– Seasoned offering: sales of new shares by established firms
5
A
Large companies usually arrange for their stocks to be listed on a stock exchange, which allows investors to trade existing stocks among themselves
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
A
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
A
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.