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内容简介:
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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作者介绍:
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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原文赏析:
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...
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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.
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