[经济学]财务报表与证券定价佩因曼英文ppt

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1、CHAPTERFOURMcGraw-Hill/IrwinCopyright©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Chapter4CashAccounting,AccrualAccounting,andDiscountedCashFlowValuationWhatyouwilllearnfromthisChapterHowthedividenddiscountmodelworks(ordoesnotwork)WhatismeantbycashflowfromoperationsWhatismeantbyc

2、ashusedininvestingactivitiesWhatismeantbyfreecashflowHowdiscountedcashflowvaluationworksProblemsthatariseinapplyingcashflowvaluationWhyfreecashflowmaynotmeasurevalueaddedinoperationsWhyfreecashflowisaliquidationconceptHowdiscountedcashflowvaluationinvolvescashaccountingforoperatingactivi

3、tiesWhy“cashflowfromoperations”reportedinU.S.financialstatementsdoesnotmeasureoperatingcashflowscorrectlyWhy“cashflowsininvestingactivities”reportedinU.S.financialstatementsdoesnotmeasurecashinvestmentinoperationscorrectlyHowaccrualaccountingforoperationsdiffersfromcashaccountingforopera

4、tionsThedifferencebetweenearningsandcashflowfromoperationsThedifferencebetweenearningsandfreecashflowHowaccrualsandtheaccountingforinvestmentaffectthebalancesheetaswellastheincomestatementWhyanalystsforecastearningsratherthancashflowsHowavaluationmodelisamodelofaccountingforthefutureHowr

5、everseengineeringworksasananalysistoolWhata“simplevaluation”is4-3ValuationModels:GoingConcernsCF1CF2CF3CF4CF5AFirm123450d1d2d3d4d5DividendFlow123450TVTTdTEquityTheterminalvalue,TVTisthepricepayoff,PTwhentheshareissoldValuationissues:Theforecasttarget:dividends,cashflow,earnings?Thetimeho

6、rizon:T=5,10,?TheterminalvalueThediscountrate4-4TheDividendDiscountModel:TargetingDividendsDDM:Problems:Howfardoesoneproject?DoesprovideagoodestimateofVE0?(i)Dividendpolicycanbearbitraryandnotlinkedtovalueadded.(ii)Thefirmcanborrowtopaydividends;thisdoesnotcreatevalue(iii)Thinkofafirmtha

7、t“paysnodividends”ThedividendirrelevancyconceptThedividendconundrum:Equityvalueisbasedonfuturedividends,butforecastingdividendsoverfinitehorizonsdoesnotgiveanindicationofthisvalueConclusion:Focusoncreationofwealthratherthandistributionofwealth.4-5TerminalValuesfortheDDMA.