Corporate Valuation and Value-Based Management必看课件资料.ppt

CHAPTER 12Corporate Valuation and Value-Based Management Corporate Valuation Value-Based Management Corporate Governance Corporate Valuation: List the two types of assets that a company owns. Assets-in-place Financial, or nonoperating, assets Assets-in-Place Assets-in-place are tangible, such as buildings, machines, inventory. Usually they are expected to grow. They generate free cash flows. The PV of their expected future free cash flows, discounted at the WACC, is the value of operations. Value of Operations Nonoperating Assets Marketable securities Ownership of non-controlling interest