兹维博迪金融学第二版课件07.ppt

* * * * * * * * * * * * * * * * * * * * * * * Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Stock Evaluation using P/Es The price-over-earnings ratios of similar companies are determined Based on these, an estimate is made of the p/e ratio of the non-priced firm The earnings of the firm are multiplied by this p/e ratio to obtain an evaluation Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Stock Evaluation using P/Es The accuracy of this method depends on the appropriateness of the exemplar firms Future profitability, accounting methods, leverage, technology, and a host of other factors, will affect the exemplars’ p/e ratios Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Valuation Model Refinement You are a security analyst for an asset You have developed a valuation model you believe is superior to valuation models used by other traders 假定高级模型属私人专利，it may be difficult to exploit it Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * Valuation Model Refinement When a market is driven by a valuation model, using a superior model may lead to inferior trading performance 用“高级”模型创造的套利策略的效果，有时要差于那些用标准模型创造的策略 用高级私人专利模型，对什么时候用你需要很讲究 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * P/E Ratio and Small Businesses You already have enough theoretical knowledge to price a small business correctly using NPV Traditionally, small businesses were priced using P/Es (sub-optimal model) This leads to price aberrations from which you can still benefit (use NPV) Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 7.9 Accounting Measures of Value 股东权益不是企业市值的准确表示 资产和负债不是以市值计价 使资产负债表“盯市”是解决办法之一 无形资产没有完整记录在账本里 企业是一个持续经营的过程，而不只是一些实物资产和负债 Copyright ? 2009 Pearson Education, Inc. ?Publishing as Prentice Hall * 7.10 How Information is reflected in Security Prices Sometimes a stock price will rise sharply with the release of information An important