评估大学版：公司评估的测定与管理/VALUATION UNIVERSITY EDITION, FOURTH EDITION pdf snb 115盘 kindle 在线 下载 pmlz mobi

Book De*ion: The University Edition of Valuation 4e offers students and professors up-to-date information on valuing companies. It contains all the revisions of the main edition, plus end of chapter questions for the needs of the classroom.

About the Author:The authors are all current or former consultants of McKinsey & Company’s corporate finance practice. Collectively they have more than 50 years of experience in consulting and financial education.

作者简介：

McKinsey & Company is a management-consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firm’s primary objective has remained constant: to serve as an organization’s most trusted external advisor on critical issues facing senior management. With consultants deployed from over 80 offices in more than 40 countries, McKinsey advises companies on strategic, operational, organizational, financial, and technological issues. The firm has extensive experience in all major industry sectors and primary functional areas, as well as in-depth expertise in high-priority areas for today’s business leaders.

Part One Foundations of Value

1 Why Maximize Value?

2 The Value Manager

3 Fundamental Principles of Value Creation

4 Do Fundamentals Really Drive the Stock Market?

Part Two Core Valuation Techniques

5 Frameworks for Valuation

6 Thinking about Return on Invested Capital and Growth

7 Analyzing Historical Performance

8 Forecasting Performance

9 Estimating Continuing Value

10 Estimating the Cost of Capital

11 Calculating and Interpreting Resu

12 Using Multiples for Valuation

Part Three Making Value Happen

13 Performance Measurement

14 Performance Management

15 Creating Value through Mergers and Acquisitions

16 Creating Value through Divestitures

17 Capital Structure

18 Investor Communications

Part Four Advanced Valuation Issues

19 Valuing Multibusiness Companies

20 Valuing Flexibility

21 Cross-Border Valuation

22 Valuation in Emerging Markets

23 Valuing High-Growth Companies

24 Valuing Cyclical Companies

25 Valuing Financial Institutions

Appendix A Economic Profit and the Key Value Driver Formula

Appendix B Discounted Economic Profit Equals Discounted Free Cash Flow

Appendix C Adjusted Present Value Equals Discounted Free Cash Flow

Appendix D Levering and Unlevering the Cost of Equity

Appendix E Leverage and the Price-Earnings Multiple

Index

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本章用实证研究结果来支持上述观点，即资本回报率、增长率和自有现金流决定了资本市场中的价值：1、较高回报和较高增长率的公司在股票市场上有较高的价值；2、对股票估值而言，市场主要关注长期而不是短期的经济基本面；3、股票市场完全有能力洞察会计信息背后的经济基本面；4、股票市场的市值能够正确反映背后的经济基本面；5、整个市场的价格偏离是短暂的

未达到短期每股收益目标本身并不会导致股价下跌。但是，许多情况下，投资者只能用短期数据来估测公司长期绩效。在这种情况下，他们会把最近的每股收益表现看做长期绩效下滑或管理层失去市场信任的象征，这样未达到目标就会降低公司的股价

市场在下列三种情况下不能反映经济基本面：1、非理性的投资者行为；2、不同投资者出现系统性行为模式；3、金融市场套利的限制性因素

A company’s value stems from its ability to earn a healthy return on invested capital (ROIC) and its ability to grow.

As we compare these measures, note that all of them apply this important principle: any measure of return on capital should be based on the amount invested, not the current market value of the company or its assets.

CFROI is more appropriate in businesses where investments are very lumpy. As two extreme examples, think of infrastructure projects or hydroelectric power plants. These require very substantial up-front investments that generate relatively stable cash flows without significant investments in maintenance or overhauling over many years or even decades. Although accounting conventions may require that the assets be depreciated, their net capital base has little bearing on the capacity to generate cash flows. ROIC often rises to levels that are unrelated to the project’s economic return (IRR), but CFROI will be much closer to the IRR because the operating cash flows are very stable.

In contrast, ROIC is likely to be a better estimate of the underlying IRR in businesses where investments occu...

书籍介绍

The University Edition of Valuation 4e offers students and professors up–to–date information on valuing companies. It contains all the revisions of the main edition, plus end of chapter questions for the needs of the classroom.