英语论文网

留学生硕士论文 英国论文 日语论文 澳洲论文 Turnitin剽窃检测 英语论文发表 留学中国 欧美文学特区 论文寄售中心 论文翻译中心

Bussiness ManagementMBAstrategyHuman ResourceMarketingHospitalityE-commerceInternational Tradingproject managementmedia managementLogisticsFinanceAccountingadvertisingLawBusiness LawEducationEconomicsBusiness Reportbusiness planresearch proposal

英语论文题目英语教学英语论文商务英语英语论文格式商务英语翻译广告英语商务英语商务英语教学英语翻译论文英美文学英语语言学文化交流中西方文化差异英语论文范文英语论文开题报告初中英语教学英语论文文献综述英语论文参考文献

ResumeRecommendation LetterMotivation LetterPSapplication letterMBA essayBusiness Letteradmission letter Offer letter

澳大利亚论文英国论文加拿大论文芬兰论文瑞典论文澳洲论文新西兰论文法国论文香港论文挪威论文美国论文泰国论文马来西亚论文台湾论文新加坡论文荷兰论文南非论文西班牙论文爱尔兰论文

小学英语教学初中英语教学英语语法高中英语教学大学英语教学听力口语英语阅读英语词汇学英语素质教育英语教育毕业英语教学法

英语论文开题报告英语毕业论文写作指导英语论文写作笔记handbook英语论文提纲英语论文参考文献英语论文文献综述Research Proposal代写留学论文代写留学作业代写Essay论文英语摘要英语论文任务书英语论文格式专业名词turnitin抄袭检查

temcet听力雅思考试托福考试GMATGRE职称英语理工卫生职称英语综合职称英语职称英语

经贸英语论文题目旅游英语论文题目大学英语论文题目中学英语论文题目小学英语论文题目英语文学论文题目英语教学论文题目英语语言学论文题目委婉语论文题目商务英语论文题目最新英语论文题目英语翻译论文题目英语跨文化论文题目

日本文学日本语言学商务日语日本历史日本经济怎样写日语论文日语论文写作格式日语教学日本社会文化日语开题报告日语论文选题

职称英语理工完形填空历年试题模拟试题补全短文概括大意词汇指导阅读理解例题习题卫生职称英语词汇指导完形填空概括大意历年试题阅读理解补全短文模拟试题例题习题综合职称英语完形填空历年试题模拟试题例题习题词汇指导阅读理解补全短文概括大意

商务英语翻译论文广告英语商务英语商务英语教学

无忧论文网

联系方式

Topic 2 - Equity valuation and financial statement information: an introduction

论文作者:英语论文论文属性:报告 Report登出时间:2010-04-20编辑:lixiaona点击率:6272

论文字数:2341论文编号:org201004200927253937语种:英语论文 English地区:英格兰价格:免费论文

关键词:

SMM111: International Financial Reporting and Analysis

Topic 2 - Equity valuation and financial statement information: an introduction

Prof Colin Clubb

There is an extra example at the end which deals with the effect of growth.  You may want to work through this during the reading week! 


Topic 2 outline

Explain the equivalence of the DVM and the AEVM

Use DVM and AEVM to value a simple firm

Show the equivalence of the FCFVM and AOPVM 由英语论文网www.51lunwen.org整理提供 and their equivalence to DVM and AEVM using example of simple firm

Consider the implications for the importance of financial statement information to investors

1. Using the DVM and AEVM for equity valuation

Some variable definitions to get us started

Pt is total equity value at date t

       is the discount rate or ‘cost of equity’

Dt+i is expected net dividends for the firm at date t+i

NPt+i is expected net profit period ending at date  t+i

BVEt+i is expected book value of equity at date t+i
Deriving the AEM from the DVM
Dividend valuation model:

Assuming that the ‘clean surplus relation’ holds:
 
 dividends can be written as:

Deriving the AEVM (continued)
Define abnormal earnings at date t+I as follows:
 
 which implies that:

Replacing dividends with earnings less the change in the book value of equity and then replacing earnings with abnormal earnings plus opening book value of equity gives the AEVM:
 
Value drivers in the AEVM
We can write the AEVM as follows:

  where ROEt+1 denotes expected ‘return on equity’ during period t+1 and is equal to
Value drivers in the AEVM (continued)
Value drivers identified by the AEVM are therefore:
Excess of ROE over the cost of equity
Growth in the book value of equity

According to the AEVM, the market value premium over book value will be positive (ie: the price-to-book ratio will be greater than one) if and only if the present value of future residual earnings is positive
Valu-Co plc Part 1: Equivalence of DVM and AEVM
Slides 9-11 show the following for Valu-Co plc:
Reported balance sheet at end of 2009 and forecasted balance sheets for 2010, 2011, and 2012
Forecasted income statement, dividend payout, 由英语论文网www.51lunwen.org整理提供 ROE, and growth information for 2010, 2011, and 2012
Valuations based on DVM and AEVM assuming that

Reported balance sheet for 2009 and forecasted balance sheets for 2010, 2011, 2012
Forecasted income statement, dividend payout, ROE, and growth information for 2010, 2011, and 2012
Valuations based on DVM and AEVM
DVM valuation is as follows:

AEVM valuation is as follows:

2. Using the FCFVM and AOPVM for equity valuation
Free cash flow valuation model (FCFVM) and abnormal operating profit  valuation model (AOPVM) provide a valuation of the business as a whole (ie: net debt + equity)
According to FCFVM, value of a business is the present value of future expected free cash flows (cash flow from operations less investment) discounted at the cost of capital for operations
According to AOPVM, value of business is book value of net operating assets plus the present value of future expected abnormal operating profits

If the value of the business is denoted A, the intrinsic value论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

共 1/3 页首页上一页123下一页尾页

英国英国 澳大利亚澳大利亚 美国美国 加拿大加拿大 新西兰新西兰 新加坡新加坡 香港香港 日本日本 韩国韩国 法国法国 德国德国 爱尔兰爱尔兰 瑞士瑞士 荷兰荷兰 俄罗斯俄罗斯 西班牙西班牙 马来西亚马来西亚 南非南非

   Europe (24-hours)
   EN:13917206902
   china (24-hours)
   CN:13917206902
在线客服团队
    全天候24小时在线客服
      QQ:949925041 
  

微信公众订阅号