并购估价：民营企业的建设价值外文翻译.docVIP

外文翻译 Valuation for MA: Building Value in Private Companies Material Source: .hk/ Author: Chris M. Mellen, Frank C. Evans Valuation approaches and fundamentals Accurate valuation requires appropriate application of the available approaches to determine value, a clear understanding of the exact investment in a business that is being sold or acquired, and a clear measure of the returns that company generates. Therefore, to enhance precision in the valuation process, this chapter introduces the three valuation approaches, the invested capital model to quantify the investment in the business to be valued, the net cash flow to most accurately measure the company’s return to capital providers, the adjustments to the company’s financial statements to most accurately portray economic performance, and the mathematical techniques to manage investment risk. Business valuation approaches Businesses vary in the nature of their operations, the markers they serve, and the assets they own. For this reason, the body of business valuation knowledge has established three primary approaches by which businesses may be appraised, as illustrated in Exhibit 7.1. According to the International Glossary of Business Valuation Terms, the income approach is “a general way of determining a value indication of a business, business ownership interest, security, or intangible asset using one or more methods that convert anticipated benefits into a present single amount. The market approach is “a general way of determining a value indication of a business, business ownership interest, security, or intangible asset by using one or more methods that compare the subject to similar (‘guideline’) businesses, business ownership interests, securities or intangible asset that have been sold.” Finally, the asset (or cost) approach is “a general way of determining a value indication of a business, business ownership interest, or security by using one or more methods based on the value of the assets of that bus