Valuation, Fifth Edition: Measuring And Managing The Value Of Companies 9780470424650 pdf snb 115盘 kindle 在线 下载 pmlz mobi

　　The number one guide to corporate valuation is back and better

than ever

Thoroughly revised and expanded to reflect business conditions in

today's volatile global economy, Valuation, Fifth Edition continues

the tradition of its bestselling predecessors by providing

up-to-date insights and practical advice on how to create, manage,

and measure the value of an organization.

Along with all new case studies that illustrate how valuation

techniques and principles are applied in real-world situations,

this comprehensive guide has been updated to reflect new

developments in corporate finance, changes in accounting rules, and

an enhanced global perspective. Valuation, Fifth Edition is filled

with expert guidance that managers at all levels, investors, and

students can use to enhance their understanding of this important

discipline.

* Contains strategies for multi-business valuation and valuation

for corporate restructuring, mergers, and acquisitions

* Addresses how you can interpret the results of a valuation in

light of a company's competitive situation

* Also available: a book plus CD-ROM package (978-0-470-42469-8)

as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an

interactive valuation DCF model

Valuation, Fifth Edition stands alone in this field with its

reputation of quality and consistency. If you want to hone your

valuation skills today and improve them for years to come, look no

further than this book.

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　　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.

　　TIM KOLLER is a partner in McKinsey's New York office. Tim has

served clients in North America and Europe on corporate strategy

and issues concerning capital markets, M&A transactions, and

value-based management. He leads the firm's research activities in

valuation and capital markets issues. He received his MBA from the

University of Chicago.

　　MARC GOEDHART is an associate principal in McKinsey's Amsterdam

office. Marc has served clients across Europe on portfolio

restructuring, issues concerning capital markets, and M&A

transactions. He received a PhD in finance from Erasmus University

Rotterdam.

　　DAVID WESSELS is an adjunct professor of finance and director of

executive education at the Wharton School of the University of

Pennsylvania. Named by BusinessWeek as one of America's top

business school instructors, he teaches corporate valuation at the

MBA and Executive MBA levels. David received his PhD from the

University of California at Los Angeles.

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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...

媒体评论

　　Praise for previous editions

　　The #1 guide to corporate valuation is back . . . and better than

ever!

　　"The best valuation book just got better. This edition's greater

emphasis on what drives value and how to measure it will improve

the way practitioners conduct financial analysis and, ultimately,

make strategic decisions. It is required reading for all

executives."

　　—Professor Benjamin C. Esty, Harvard Business School, author of

Modern Project Finance: A Casebook

　　"The bible in its field. Anyone wanting to understand what drives

corporate value should read this latest edition."

　　—Dr. Raymund Breu, former chief financial officer, Novartis

AG

　　"Valuation gets to the heart of how to measure and manage value

in a company. Whether you are evaluating an acquisition,

restructuring a corporation, or formulating strategy, this book

will help you do it well."

　　—John A. Manzoni, Chief Executive Officer, Talisman Energy

Inc.

　　"A 'how-to' guide for corporate executives who want to get at the

unrealized shareholder values trapped in public companies."

　　—New York Times

书籍介绍

The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline. Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions Addresses how you can interpret the results of a valuation in light of a company's competitive situation Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.