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1、,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,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 Financial, or nonoperating, assets 金融性资产，或非营业资产 Assets-i
2、n-place 在用资产,Assets-in-Place在用资产,Assets-in-place are tangible, such as buildings, machines, inventory. 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 th
3、e 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。,Value of Operations营业价值,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,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 c
4、lose 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,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,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 Preferr
5、ed 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,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. 计算预计的自由现金流量 Model can be
6、 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。,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
7、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) Book value of equity （权益帐面价值）= $210 million(百万),Value of Operations: Constant Growth营业资产价值：固定增长,Suppose FCF grows at constant rate g. 假定自由现金流量以固定的比率 g 增长。,Constant Growth Form
8、ula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. 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。,Constant Growth Formula (Cont.)固定增长公式（续）,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：
9、,Find Value of Operations计算营业资产价值,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 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 E
10、quity = ? 权益价值=？,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 = $520 - $200 - $50 = $270 million(百万),Market Value Added (MVA)市场增加值（MVA）,MVA = Total corporate va
11、lue of firm minus total book value of firm 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 MVA（市场增加值）= $520 - ($210 + $200 + $50) = $60 million(百万),Breakdown of Corporate Value企业价值分类,Expan
12、sion 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
13、流量（ FCF ）= $10 million(百万) Year 3 FCF = $20 million(百万) 第三年的自由现金流量（ FCF ）= $20 million(百万) FCF grows at constant rate of 6% after year 3. 第三年后，自由现金流量（ FCF ）以固定的比率6%增长,(More)（更多内容）,The weighted average cost of capital, kc, is 10%. 加权平均资金成本kc为10% The company has 10 million(百万) shares of stock. 公司有一千万股
14、股份,Horizon Value水平价值,Free cash flows are forecast for three years in this example, so the forecast horizon is three years. 在本例中，预测了三年的自由现金流量，所以预测时间段为3年 Growth in free cash flows is not constant during the forecast,so we cant use the constant growth formula to find the value of operations at time 0.
15、在3年的预测期中，自由现金流量的增长不固定，所以我们无法使用固定增长公式来计算时点0时的营业资产价值。,Horizon Value (Cont.)水平价值（续）,Growth is constant after the horizon (3 years), so we can modify the constant growth formula to find the value of all free cash flows beyond the horizon, discounted back to the horizon. 在预测范围（3年）以后，增长率为固定值，所以我们可以对固定增长公式
16、进行调整以计算预测时间段以外的所有自由现金流量价值，并折现到预测时间段以内。,Horizon Value Formula水平价值公式,Horizon value is also called terminal value, or continuing value. 水平价值也称为终点价值（终值），或持续经营价值。,Vop at 3,Find the value of operations by discounting the free cash flows at the cost of capital. 以资金成本为折现率将自由现金流量折现来计算营业资产价值,0,-4.545,8.264,15.026,398.197,1,2,3,4,kc=10%,416.942 = Vop,g = 6%,FCF= -5.0010.00 20.00 21.2,$21.2,.,.,$530.,10,0,06,0,Find the price per share of common stock.计算普通股每股价格,Value of equity （权益价值） =Value of operations（营业资
