公司价值评估与基于价值的管理研讨.pptx

;Corporate Valuation: List the two types of assets that a company owns.公司价值评估：列出公司拥有的两种资产;Assets-in-Place在用资产;Value of Operations营业价值;Nonoperating Assets非营业资产;Total Corporate Value企业的总价值;Claims on Corporate Value对企业价值的要求权;Applying the Corporate Valuation Model企业价值评估模型的应用;Data for Valuation 评估数据;Value of Operations: Constant Growth营业资产价值：固定增长;Constant Growth Formula固定增长公式;Constant Growth Formula (Cont.)固定增长公式（续）;Find Value of Operations计算营业资产价值;Value of Equity权益价值;Value of Equity股东权益价值;Market Value Added (MVA)市场增加值（MVA）;Breakdown of Corporate Value企业价值分类;Expansion Plan: Nonconstant Growth扩张计划：非固定增长;The weighted average cost of capital, kc, is 10%. 加权平均资金成本kc为10% The company has 10 million(百万) shares of stock. 公司有一千万股股份;Horizon Value水平价值;Horizon Value (Cont.)水平价值（续）;Horizon Value Formula水平价值公式;Vop at 3;Find the price per share of common stock.计算普通股每股价格;Value-Based Management (VBM)基于价值的管理（VBM）;MVA and the Four Value Drivers MVA以及四种价值驱动因素;MVA for a Constant Growth Firm固定增长公司的市场增加值（MVA）;Insights from the Constant Growth Model对固定增长模型的理解;Insights (Cont.)理解（续）;Improvements in MVA due to the Value Drivers由于价值驱动因素而使市场增加价值得到的改善;The Impact of Growth销售增长的影响;The Impact of Growth (Cont.)销售增长的影响（续）;Expected Return on Invested Capital (EROIC)投入资金的期望收益;MVA in Terms of Expected ROIC用投入资金期望收益表达的市场增加价值（MVA）;The Impact of Growth on MVA销售增长对MVA的影响;What is the impact on MVA if growth goes from 5% to 6%? 如果销售增长率由5%变为6%，会对市场增加值MVA产生什么影响？; Expected ROIC and MVA 预计的投资收益和市场增加值 ;Analysis of Growth Strategies销售增长战略的分析;Two Primary Mechanisms of Corporate Governance公司治理的两个基本机制;Entrenched Management僵化管理;How are entrenched managers harmful to shareholders?难以触动的经理人员如何损害股东的利益？;Anti-Takeover Provisions反接管条款;Board of Directors董事会;Stock Options in Compensation Plans补偿计划中的股票期权;Stock Options (Cont.)股票期权（续）;即使道路坎坷不平，车轮也要前进；即使江河波涛汹涌，船只也航行。。五月-20五月-20Tuesday, May 12, 2020 世界会向那些有目标和远见的人让路。。22:41:3522:41:3522:415/12/2020 10:41:35 PM 差之毫厘，谬以千里。—宋·陆九渊。五月-2022:41:3522:4