Chapter 2 Corporate Valuation.pptVIP

* * * (1)Capital Asset Pricing Model (2)Q Model Corporate Value ＝Q×Asset replacement cost 3.Market Value Method * * * 4.Option Pricing Model * * * 1.Different evaluation methods can make corporate valuation results different 2.Many subjective factors affect valuation result 3.Avoid one valuation method’s one-sidedness Choice of Valuation Methods * * * 4.Weighted average values evaluated by different methods 5.Detailedly examine target corporation, consider all kinds of risky factors,then determine true corporate value * * * Necessity of value-based management Main Features of value-based management Ways to realize value-based financial management Corporate Value-based Management * * * 1.Corporate value is the starting point and core of modern financial management theory 2.Corporate value-added is the basic goal of financial management 3.Value-based financial management is the ideal model of modern corporations Necessity of value-based management * * * 1.Future value is the core of value-based management 2.Value-based management pays close attention to cash flow management 3.Human value realization is the essence of value-based management Main Features of Value-based Management * * * 4.Capital operation should be combined with merchandise operation 5.Value-based financial decision is the premise of corporate value-based management 6.Corporate value-based management is integrative and comprehensive management to maximize stakeholders’ interests * * * 1.Adhere to corporate value maximization goal,formulate value maximization strategies 2.From the viewpoints of value-added driving forces, decide on value-added ratios, such as long-term and short-term ratios,financial and non-financial ratios, main operation and concurrent operation goals Ways to realize value-based financial management * * * 3.Formulate value-based budgets, determine steps to realize those value-added ratios in future, combine value idea with every act. * * * 4.Value-based accounting syste