兹维博迪金融学第二版课件Chapter03市场价值和账面价值.ppt

Not all assets and liabilities are included, and others are understate and/or overstated Intangible assets such as patents may have some value included, but brand loyalty, technological know-how, or a highly trained loyal workforce will not be valued. Goodwill may be included, but soon loses its connection to market value because of accounting depreciation and market fluctuations Some contingent liabilities such as law-suits are not routinely disclosed, or only disclosed in the notes Accountants are beginning to mark-to-market the assets of pension funds Economist’s Measure of Net Income Net cash flow to shareholders plus change in market value of existing shareholders equity Accountants Measure of Net Income Revenue Less Expenses Less Taxes The above two measures would be equal if accountants marked all relevant assets and liabilities to market (they don’t!) Accounting versus Economic Measures of Income: Example GPC’s accounting net income was plus $23,400,000 in 2001 Assume the total market value of the stock fell from $200,000,000 to $187,000,000 from year 2000 to 2001. We saw earlier that the cash dividend to shareholders was $10,000,000. The economic income in year 2001 was minus $2,800,000 The Accounting and Economic measures of Income may differ substantially * *