公司价值评估与基于价值的管理研讨(ppt 45页)

公司价值评估与基于价值的管理研讨目录：
一、公司价值评估
二、基于价值的管理
三、公司治理

 

公司价值评估与基于价值的管理研讨内容提要：
Assets-in-Place在用资产
Assets-in-place are tangible, such as buildings, machines, inventory.
在用资产是指有形资产，例如建筑物、机器设备、存货。
Usually they are expected to grow.
通常，在用资产会逐渐增加。
They generate free cash flows.
他们会产生自由现金流量。
The PV of their expected future free cash flows, discounted at the WACC, is the value of operations.
在用资产产生的预期自由现金流量，以加权平均资金成本为折现系数进行折现后的现值称为营业价值。
Nonoperating Assets非营业资产
Marketable securities
有价证券
Ownership of non-controlling interest in another company
拥有另外一家公司的非控制性股权
Value of nonoperating assets usually is very close to figure that is reported on balance sheets.
非营业资产的价值通常与资产负债表上显示的数据非常接近
Applying the Corporate Valuation Model企业价值评估模型的应用
Forecast the financial statements, as shown in Chapter 4.
预测财务报表，详细内容见第四章
Calculate the projected free cash flows.
计算预计的自由现金流量
Model can be applied to a company that does not pay dividends, a privately held company, or a division of a company, since FCF can be calculated for each of these situations.
由于无论是不发放股利的企业、私人企业还是公司内部的部门都可以计算自由现金流量，所以该模型同样适用于这些情况。

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