剩余收益模型.pptx

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: SP 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。。8月-218月-21Thursday, August 19, 2021 10、人的志向通常和他们的能力成正比例。02:05:0902:05:0902:058/19/2021 2:05:09 AM 11、夫学须志也，才须学也，非学无以广才，非志无以成学。8月-2102:05:0902:05Aug-2119-Aug-21 12、越是无能的人，越喜欢挑剔别人的错儿。02:05:0902:05:0902:05Thursday, August 19, 2021 13、志不立，天下无可成之事。8月-218月-2102:05:0902:05:09August 19, 2021 14、古之立