Valuation in emerging markets.教程

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1、(078-085)Emergingvaluation9/25/002:43PMPage7878CORPORATEFINANCEValuationinemergingmarketsMimiJamesandTimothyM.KollerProceduresforestimatingacompany’sfuturecashflowsdiscountedataratethatreflectsriskarethesameeverywhere.Butinemergingmarkets,therisksaremuc

2、hgreater.stheeconomiesoftheworldglobalizeandcapitalbecomesmoreAmobile,valuationisgainingimportanceinemergingmarkets—forprivatization,jointventures,mergersandacquisitions,restructuring,andjustforthebasictaskofrunningbusinessestocreatevalue.Yetvaluation

3、ismuchmoredifficultintheseenvironmentsbecausebuyersandsellersfacegreaterrisksandobstaclesthantheydoindevelopedmarkets.Inrecentyears,nowherehavethoserisksandobstaclesbeenmoreseriousthanintheemergingmarketsofEastAsia.TheAsianfinancialcrisis,whichbeganinA

4、ugust1997,weakenedamassofcompaniesandbanksandledtoasurgeinM&Aactivity,givingvaluationpractitionersagoodchancetotesttheirskills.InIndonesia,Malaysia,thePhilippines,SouthKorea,andThailand—thehardest-hitAsianeconomies—cross-bordermajority-ownedM&Areached

5、anannualaveragevalueof$12billioninboth1998and1999,1comparedwith$1billionannuallyfrom1994to1996.1AsianDevelopmentOutlook2000,AsianDevelopmentBankandOxfordUniversityPress,p.32.TheauthorsacknowledgethecontributionsofCuongDo,KeikoHonda,TakeshiIshiga,Jean-

6、MarcPoullet,andDuncanWoodstothisarticle.MimiJamesisanalumnusofMcKinsey’sNewYorkoffice,whereTimKollerisaprincipal.Copyright©2000McKinsey&Company.Allrightsreserved.ThisarticleisadaptedfromTomCopeland,TimKoller,andJackMurrin,Valuation:MeasuringandManagin

7、gtheValueofCompanies,thirdedition,NewYork:JohnWiley&Sons,2000,availableatwww.wileyvaluation.com.特此声明：本智库提供文章仅供学习交流，非商业用途！文件分享人：CEO智库中国最专业的企业管理、资本运作与金融管理知识管理平台，向成长企业高管、CEO、金融界人士提供高端财经、资本市场、投行、管理、战略等知识性文档和最新资讯。CEO智库由协纵国际企业港有限公司发起，CEO足迹遍布香港、澳洲、美国、英国等国家和地

8、区。•作为资本和管理领域的知识管理平台，提供进驻企业展示商业模式、产品和服务的平台和渠道•拥有企业在跨地域跨地点运营时非常有用的内部信息管理和内控管理平台，而这平台对客户全部免费开放•社区和论坛提供客户与资本与管理专家对接，是帮助客户获得决策辅助建议的平台•组群和论坛具备CRM、IR、知识管理、MIS管理功能，是客户强有力的成长助手协纵国际企业港是中国首家柔性办公和企业成长连锁基地。母公司盛富资本为亚洲投行，提供跨境商业地产资产管理解决方案，下辖私募股权投资、房地产基金、资本筹集、