剩余收益模型培训课件.pptxVIP

Chapter 5Accrual Accounting and Valuation: Pricing Book Values----Residual Earnings Model权责发生制与价值评估:账面价值定价--剩余收益模型Chapter5 公司在进行交易时，价格并非是账面价值。资产负债表中的资产和负债有的是公允价值，有的是历史成本，还有一些则被从资产负债表中删除。这就导致分析家们忽略了从资产负债表中删除的价值。分析家们会问：到底在账面价值的基础上增加多少才是固有的价值？每支股票在交易时基于账面价值的溢价到底是多少？本章提出的剩余收益模型解决了分析家们的困惑。Chapter5 结构P/B 简单模型剩余收益模型 复杂模型 Equities剩余收益模型的应用 Prijects Stategies剩余收益模型的优点、缺点剩余收益模型对投资者的提醒总结 本章重要专业英文词汇residual earnings or residual income: 剩余收益residual earnings model: 剩余收益模型premium:溢价price-to-book ratio(P/B):市净率rate of return on common equity(ROCE): 普通股本回报率terminal investment:终端投资going concern investment：持续投资withdrawl: 撤回；提款forecast horizon:预测期间fiscal years:会计年度share issue：发行股票earnings per share(EPS):每股收益dividends per share(DPS):每股股利discounted cash flow method(DCF):现金流量折现法continuing value（CV）: 持续价值P/B ratio P/B 公式： P/B与剩余收益、剩余收益模型的两个驱动因素都有密切的联系。同时，提醒投资者：Beware of paying too much for earnings!剩余收益模型(简单)1.什么是剩余收益？ 定义：Residual earnings is the earnings in excess of these required dollar earnings. 公式:2.剩余收益模型是什么？ 定义：A model that measures value added from forecasts of residual earnings is called the residual earnings model. 公式： value=Book value+Premium =Book value +present value of expected residual earnings.Example:Valuing a One-Period Project (1)Investment $400Required return 10%Revenue forecast $440Forecasted earnings $ 40 DCF Valuation: A rate of return of 10 percent on the investment of $400.Example:Valuing a One-Period Project (2)Investment $400Required return 10%Revenue forecast $448Earnings forecast $ 48A rate of return of 12 percent on the investment of $400.The project adds valueExample:Valuing a Savings AccountForecasts for a Savings Account with $100 invested at the end of 2000.Earning5% per year.Value = Book Value + Present Value of Residual Earnings = 100 + 0 = 100The Normal Price-to-Book RatioNormal P/B = 1.0(Price = Book Value)The Normal P/B firm earns an expected rate of return on its book value equal to the re