剩余收益模型[精品].pptx

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Chapter 5;Chapter5 ;Chapter5 结构;本章重要专业英文词汇;P/B ratio;剩余收益模型(简单);Example:Valuing a One-Period Project (1);Example:Valuing a One-Period Project (2);Example:Valuing a Savings Account;The Normal Price-to-Book Ratio;Lessons from the Savings Account;Example: a Simple Model;剩余收益模型(复杂); We calculate the intrinsic premium over book value, ,as the present value of forecasted residual income.This premium is the missing value in the balance sheet. P/B与RE的关系(见下表) High P/B firms pay high RE,on average,while low P/B firms pay low RE. ;Relation Between P/B Ratios and Subsequent RE(有问题);Alternative Measure of Residual Earnings;剩余收益模型的驱动因素Drivers of Residual Earnings;P/B, ROCE and Growth in Book Value;ROCE and P/B Ratios: S&P 500 Firms;Ingredients of the Model;Steps in Applying the Model;How the Residual Earnings Model Works ; 剩余收益模型的应用------Equities Case 1: Zero RE after T ; Case 1: Zero RE after T----Continuing Value ;Case 2: Constant RE after T; RE is forecasted to be constant in perpetuity at the horizon So ;Case 3: Growing RE after T; Case 3: Growing RE after T-----Continuing Value;Forecasting Target Prices;剩余收益模型应用------Project ;剩余收益模型应用------Strategy Evaluation;Residual Earnings Model and DCF Approach (!!!); 剩余收益模型的优点、缺点 ;剩余收益模型对投资者的提醒: (1)Protection from Paying Too Much for Earnings Generated by Investment;剩余收益模型对投资者的提醒: (2)Protection from Paying Too Much for Earnings Created by the Accounting: the Simple Example;剩余收益模型对投资者的提醒: (3)Capturing Value Not on the Balance Sheet----for All Accounting Methods;剩余收益模型对投资者的提醒: (4)Residual Earnings Are not Affected by Dividengds,Share Issues,or Share Repurchases;Summary;9、青少年是一个美好而又是一去不可再得的时期,是将来一切光明和幸福的开端。。5月-205月-20Wednesday, May 27, 2020 10、人的志向通常和他们的能力成正比例。11:54:3411:54:3411:545/27/2020 11:54:34 AM 11、夫学须志也,才须学也,非学无以广才,非志无以成学。5月-2011:54:3411:54May-2027-May-20 12、越是无能的人,越喜欢挑剔别人的错儿。11:54:3411:54:3411:54Wednesday, May 27, 2020 13、志不立,天下无可成之事。5月-205月-2011:54:3411:54:34May 27, 2020 14、古之立大事者,不

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