HBS_Luehrman_APV_BetterTool

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1、UsingAPV:ABetterToolforValuingOperationsbyTimothyA.LuehrmanHarvardBusinessReviewReprint97306HarvardBusinessReviewMAY-JUNE1997ReprintNumberMARCOIANSITIANDTECHNOLOGYINTEGRATION:97304JONATHANWESTTURNINGGREATRESEARCHINTOGREATPRODUCTSNORMANR.AUGUSTINERESHAPINGANINDUSTRY:97301LOCKHEE

2、DMARTIN’SSURVIVALSTORYDAVIDM.UPTONANDWHY(ANDHOW)TOTAKEAPLANTTOUR97310STEPHENE.MACADAMSTEPHENGOLDSMITHCANBUSINESSREALLYDOBUSINESSWITHGOVERNMENT?97303VIJAYVISHWANATHANDYOURBRAND’SBESTSTRATEGY97311JONATHANMARKTIMOTHYA.LUEHRMANWHAT’SITWORTH?AGENERALMANAGER’S97305GUIDETOVALUATIONTIM

3、OTHYA.LUEHRMANMANAGER’STOOLKITUSINGAPV:ABETTERTOOLFORVALUINGOPERATIONS97306BYRONREIMUSHBRCASESTUDYTHEINFORMATIONTECHNOLOGYSYSTEM97308THATCOULDN’TDELIVERJEFFREYE.GARTENWORLDVIEWTROUBLESAHEADINEMERGINGMARKETS97302BOWENH.MCCOYHBRCLASSICTHEPARABLEOFTHESADHU97307BRUCER.SCOTTBOOKSINR

4、EVIEWHOWDOECONOMIESGROW?97309MANAGER’STOOLKITToday’stechnologycanputadjustedpresentvalueintothearsenalofeverygeneralmanager.Ifyoulearnedvaluationtech-byTimothyA.Luehrmanmethodologiesdifferinthedetailsofniquesmorethanafewyearsago,theirexecution,mostparticularlyinchancesareyouare

5、dueforarefresh-howtheyaccountforthevaluecre-ercourse.Youwerecertainlytaughtatedordestroyedbyfinancialma-thatthebestpracticeforvaluingop-downtoapragmaticcomparisonofneuvers,asopposedtooperations.eratingassets–thatis,anexistingalternatives.Whatmightyouusein-APV’sapproachistoanaly

6、zefinan-business,factory,productline,orsteadofWACC?JustlikeWACC,cialmaneuversseparatelyandthenmarketposition–wastouseadis-APVisdesignedtovalueoperations,addtheirvaluetothatofthebusi-counted-cash-flow(DCF)methodol-orassets-in-place;thatis,anyexist-ness.(Seetheexhibit“APV:Theogy.

7、Thatisstilltrue.Butthepartic-ingassetthatwillgeneratefutureFundamentalIdea.”)WACC’sap-ularversionofDCFthathasbeencashflows.Thisisthemostbasicproachistoadjustthediscountrateacceptedasthestandardovertheandcommontypeofvaluationprob-(thecostofcapital)toreflectfinan-past20years–usin

8、gtheweighted-lemthatmanagersface.Whychoosecialenhancem