1、12 - 1CHAPTER 11Corporate Valuation and Value-Based Management第11章 公司价值评估和基于价值的管理nCorporate Valuation 公司价值评估nValue-Based Management 基于价值的管理nCorporate Governance公司治理12 - 2Corporate Valuation: List the two types of assets that a company owns.公司价值评估：列出公司拥有的两种资产n Operating assets and nonoperating, asset
2、s经营性资产与非经营性资产n Financial, or nonoperating, assets 金融性资产，或非营业资产n Assets-in-place在用资产12 - 3Assets-in-Place在用资产n 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。n Usually they are expected to grow.通常，在用资产会逐渐增加。n They generate free cash flows.他们会产生自由现金流量。n T
3、he 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。12 - 4Value of Operations营业价值注：Vop为营业价值 FCF为自由现金流量 WACC为加权平均资金成本12 - 5Nonoperating Assets非营业资产n Marketable securities有价证券n Ownership of non-controlling inte
4、rest in another company拥有另外一家公司的非控制性股权n 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12 - 6Total Corporate Value企业的总价值nTotal corporate value is sum of:企业的总价值包括：lValue of operations营业资产的价值lValue of nonoperating assets非营业资产的价
5、值12 - 7Claims on Corporate Value对企业价值的要求权n Debtholders have first claim.债权人拥有第一位的要求权n Preferred stockholders have the next claim.优先股股东拥有第二位的要求权n Any remaining value belongs to stockholders.剩余部分价值属于普通股股东12 - 8Applying the Corporate Valuation Model企业价值评估模型的应用n Forecast the financial statements, as sho
6、wn in Chapter 4.预测财务报表，详细内容见第四章n Calculate the projected free cash flows.计算预计的自由现金流量n 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
7、以该模型同样适用于这些情况。12 - 9Data for Valuation 评估数据n FCF0 （上年自由现金流量）= $20 million(百万)n WACC （加权平均资金成本）= 10%n g （年股利增长率）= 5%n Marketable securities （有价证券）= $100 million(百万)n Debt （负债）= $200 million(百万)n Preferred stock（优先股） = $50 million(百万)n Book value of equity （权益帐面价值）= $210 million(百万)12 - 10Value of Ope
8、rations: Constant Growth营业资产价值：固定增长Suppose FCF grows at constant rate g.假定自由现金流量以固定的比率 g 增长。12 - 11Constant Growth Formula固定增长公式n Notice that the term in parentheses is less than one and gets smaller as t gets larger. As t gets very large, term approaches zero.注意：括弧内的数值小于1，随着t值不断变大，该数值越来越小。当t值无限大时，该
9、数值趋近于0。12 - 12Constant Growth Formula (Cont.)固定增长公式（续）n The summation can be replaced by a single formula:上述累加公式可以用下面的简单公式代替：12 - 13Find Value of Operations计算营业资产价值12 - 14Value of Equity权益价值n Sources of Corporate Value公司价值的来源l Value of operations = $420营业资产价值= $420l Value of non-operating assets = $
10、100非营业资产价值= $100n Claims on Corporate Value对企业价值的要求权l Value of Debt = $200负债价值= $200l Value of Preferred Stock = $50优先股价值= $50l Value of Equity = ?权益价值=？12 - 15Value of Equity股东权益价值Total corporate value = VOp + Mkt. Sec.企业总价值=营业资产价值（Vop）+ 有价证券= $420 + $100= $520 million(百万)Value of equity = Total -
11、Debt - Pref. 股东权益价值=企业总价值 - 负债价值 - 优先股价值 = $520 - $200 - $50 = $270 million(百万)12 - 16Market Value Added (MVA)市场增加值（MVA）n MVA = Total corporate value of firm minus total book value of firm市场增加值=公司的总价值减去公司的全部帐面价值n Total book value of firm = book value of equity + book value of debt + book value of pr
12、eferred stock公司的全部帐面价值=权益的帐面价值+负债的帐面价值+优先股的帐面价值n MVA（市场增加值）= $520 - ($210 + $200 + $50) = $60 million(百万)12 - 17Breakdown of Corporate Value企业价值分类12 - 18Expansion Plan: Nonconstant Growth扩张计划：非固定增长n Finance expansion by borrowing $40 million(百万) and halting dividends.通过借入资金 $40 million(百万)以及停止支付股利实现
13、财务扩张n Projected free cash flows (FCF):预计的自由现金流量（ FCF ）l Year 1 FCF = -$5 million(百万).第一年的自由现金流量（ FCF ）= -$5 million(百万)l Year 2 FCF = $10 million(百万).第二年的自由现金流量（ FCF ）= $10 million(百万)l Year 3 FCF = $20 million(百万)第三年的自由现金流量（ FCF ）= $20 million(百万)l FCF grows at constant rate of 6% after year 3.第三年后
14、，自由现金流量（ FCF ）以固定的比率6%增长(More)（更多内容）12 - 19n The weighted average cost of capital, kc, is 10%.加权平均资金成本kc为10%n The company has 10 million(百万) shares of stock.公司有一千万股股份12 - 20Horizon Value水平价值n Free cash flows are forecast for three years in this example, so the forecast horizon is three years.在本例中，预测
15、了三年的自由现金流量，所以预测时间段为3年n Growth in free cash flows is not constant during the forecast,so we cant use the constant growth formula to find the value of operations at time 0. 在3年的预测期中，自由现金流量的增长不固定，所以我们无法使用固定增长公式来计算时点0时的营业资产价值。12 - 21Horizon Value (Cont.)水平价值（续）n Growth is constant after the horizon (3 y
16、ears), so we can modify the constant growth formula to find the value of all free cash flows beyond the horizon, discounted back to the horizon. 在预测范围（3年）以后，增长率为固定值，所以我们可以对固定增长公式进行调整以计算预测时间段以外的所有自由现金流量价值，并折现到预测时间段以内。12 - 22Horizon Value Formula水平价值公式n Horizon value is also called terminal value, or
17、continuing value.水平价值也称为终点价值（终值），或持续经营价值。12 - 23Vop at 3Find the value of operations by discounting the free cash flows at the cost of capital.以资金成本为折现率将自由现金流量折现来计算营业资产价值0 -4.5458.26415.026398.1971234kc=10%416.942 = Vopg = 6%FCF= -5.0010.00 20.00 21.2$21.2. $530.100 06012 - 24Find the price per shar
18、e of common stock.计算普通股每股价格Value of equity （权益价值）=Value of operations（营业资产价值） - Value of debt（负债价值） = $416.94 - $40 = $376.94 million(百万).Price per share （每股价格）= $376.94 /10 = $37.69.12 - 25Value-Based Management (VBM)基于价值的管理（VBM）n VBM is the systematic application of the corporate valuation model t
19、o all corporate decisions and strategic initiatives.VBM是企业价值评估模型在所有企业决策和战略行动中的系统性应用n The objective of VBM is to increase Market Value Added (MVA)VBM的目标是增加市场增加值（MVA）12 - 26MVA and the Four Value Drivers MVA以及四种价值驱动因素n MVA is determined by four drivers:MVA主要由四种因素决定：l Sales growth销售增长率l Operating profi
20、tability (OP=NOPAT/Sales)营业获利能力（=税后净营业利润 /销售收入）l Capital requirements (CR=Operating capital / Sales)资金需要量（资金需要量=营业资本/销售收入）l Weighted average cost of capital加权平均资金成本12 - 27MVA for a Constant Growth Firm固定增长公司的市场增加值（MVA）12 - 28Insights from the Constant Growth Model对固定增长模型的理解n The first bracket is the
21、 MVA of a firm that gets to keep all of its sales revenues (i.e., its operating profit margin is 100%) and that never has to make additional investments in operating capital.第一个括弧指的是一个公司用于获得所有销售收益的市场增加值（MVA），（也就是，其营业利润率为100%），并且不需要投入额外的营业资本。12 - 29Insights (Cont.)理解（续）n The second bracket is the ope
22、rating profit (as a %) the firm gets to keep, less the return that investors require for having tied up their capital in the firm.第二个括弧指的是公司应得到的营业利润（以百分数表示）减去投资人要求的投资收益。12 - 30Improvements in MVA due to the Value Drivers由于价值驱动因素而使市场增加价值得到的改善n MVA will improve if:如果发生以下情况， MVA将得到改善lWACC is reduced加权平
23、均资金成本降低loperating profitability (OP) increases营业获利能力提高lthe capital requirement (CR) decreases资金需要量减少12 - 31The Impact of Growth销售增长的影响n The second term in brackets can be either positive or negative, depending on the relative size of profitability, capital requirements, and required return by invest
24、ors.括弧中第二个值既可能是正值，也可能是负值，这取决于营业获利能力、资金需要量和投资人要求的收益的相对大小。12 - 32The Impact of Growth (Cont.)销售增长的影响（续）n If the second term in brackets is negative, then growth decreases MVA. In other words, profits are not enough to offset the return on capital required by investors.如果括弧中第二个值是负值，那么销售增长将会降低市场增加价值（MVA
25、）。也就是说，利润不足以补偿投资人要求的投资收益。n If the second term in brackets is positive, then growth increases MVA.如果括弧中第二个值是正值，那么销售增长将提高市场增加价值（MVA）。12 - 33Expected Return on Invested Capital (EROIC)投入资金的期望收益n The expected return on invested capital is the NOPAT expected next period divided by the amount of capital t
26、hat is currently invested:投入资金的期望收益是指下一时期的期望税后净营业利润（NOPAT）除以本期投入资金的数量所得到的值。12 - 34MVA in Terms of Expected ROIC用投入资金期望收益表达的市场增加价值（MVA）If the spread between the expected return, EROICt, and the required return, WACC, is positive, then MVA is positive and growth makes MVA larger. The opposite is true
27、if the spread is negative.如果投入资金的期望收益与加权平均资金成本之间的差额为正，那么市场增加价值（MVA）也为正，销售增长就会提高市场增加价值（MVA）。如果差额为负，就会出现相反的结果。12 - 35The Impact of Growth on MVA销售增长对MVA的影响n A company has two divisions. Both have current sales of $1,000, current expected growth of 5%, and a WACC of 10%.某公司有两个部门，当期销售收入都是$1,000，当期预计增长率为
28、5%，加权平均资金成本为10%。n Division A has high profitability (OP=6%) but high capital requirements (CR=78%).A部门具有较高的获利能力（ 营业获利能力OP=6% ），但占用资金也较多（资金需要量CR比重= 78% ）n Division B has low profitability (OP=4%) but low capital requirements (CR=27%).B部门的获利能力较低（ 营业获利能力OP=4% ），但占用资金也较少（资金需要量CR比重= 27% ）12 - 36What is t
29、he impact on MVA if growth goes from 5% to 6%? 如果销售增长率由5%变为6%，会对市场增加值MVA产生什么影响？ Division A （A部门） Division B（B部门）OP 营业获利能力 6% 6% 4% 4%CR 资金需要量78%78%27%27%Growth 增长率5%6%5%6%MVA 市场增加值 (300.0)(360.0)300.0 385.0Note: MVA is calculated using the formula on slide 12-27.注： 市场增加值MVA的计算采用幻灯片12-27上的公式。12 - 37
30、Expected ROIC and MVA 预计的投资收益和市场增加值 Division A（A部门） Division B（B部门）Capital0 资金0$780$780$270$270Growth 增长率5%6%5%6%Sales1 销售收入1$1,050$1,060 $1,050$1,060NOPAT1税后净营业利润1$63$63.6$42$42.4EROIC0预计的投资收益08.1%8.2%15.6%15.7%MVA市场附加值 (300.0)(360.0)300.0 385.012 - 38Analysis of Growth Strategies销售增长战略的分析n The exp
31、ected ROIC of Division A is less than the WACC, so the division should postpone growth efforts until it improves EROIC by reducing capital requirements (e.g., reducing inventory) and/or improving profitability.A部门的预计投资收益要低于加权平均资金成本，所以该部门应推迟采取销售增长策略，等到其通过减少资金占用（例如减少存货）而改善预计投资收益，以及/或改善获利能力以后再采取相应行动。n
32、The expected ROIC of Division B is greater than the WACC, so the division should continue with its growth plans.B部门的预计投资收益要高于加权平均资金成本，所以该部门应续执行销售增长计划。12 - 39Two Primary Mechanisms of Corporate Governance公司治理的两个基本机制n “Stick”“大棒”l Provisions in the charter that affect takeovers.公司章程中影响接管的条款l Compositi
33、on of the board of directors.董事会的构成n “Carrot: Compensation plans.“胡萝卜”：补偿计划12 - 40Entrenched Management僵化管理n Occurs when there is little chance that poorly performing managers will be replaced.如果业绩不好的经理被替换的可能性很小，那么就会出现僵化管理。n Two causes:两个原因：l Anti-takeover provisions in the charter公司章程中的反接管条款l Weak
34、board of directors董事会软弱12 - 41How are entrenched managers harmful to shareholders?难以触动的经理人员如何损害股东的利益？n Management consumes perks:管理层享受额外待遇：l Lavish offices and corporate jets豪华的办公室和企业公务飞机l Excessively large staffs庞大、臃肿的员工队伍l Memberships at country clubs乡村俱乐部的成员资格n Management accepts projects (or acq
35、uisitions) to make firm larger, even if MVA goes down.管理层接受某些项目（或收购某些项目），使得公司规模越来越大，即使市场增加价值MVA越来越低。12 - 42Anti-Takeover Provisions反接管条款n Targeted share repurchases (i.e., greenmail)有目的的回购股票（例如绿色邮件）n Shareholder rights provisions (i.e., poison pills)股东权利条款（例如毒丸术）n Restricted voting rights plans限制投票权
36、计划12 - 43Board of Directors董事会n Weak boards have many insiders (i.e., those who also have another position in the company) compared with outsiders.在软弱的董事会中，企业内部人员（也就是同时在公司中拥有其他职务的那些人）的数量与企业外部人员的数量相比太多。n Interlocking boards are weaker (CEO of company A sits on board of company B, CEO of B sits on boa
37、rd of A).内部锁定董事（A公司的首席执行官同时任B公司的董事，而B公司的首席执行官也兼任A公司的董事）过多的董事会比较软弱。12 - 44Stock Options in Compensation Plans补偿计划中的股票期权n Gives owner of option the right to buy a share of the companys stock at a specified price (called the exercise price) even if the actual stock price is higher.给予期权拥有者以一定的价格（执行价格）购买
38、该公司股票的权利，即使该股票的实际市场价格高于执行价格。n Usually cant exercise the option for several years (called the vesting period).期权拥有者通常在几年内（称为授予期或等待期）不能行使该权利。12 - 45Stock Options (Cont.)股票期权（续）n Cant exercise the option after a certain number of years (called the expiration, or maturity, date).在约定时间（称为有效期或到期日）后不能行使该权利。
