贴现现金流估值框架【外文翻译】

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1、外文翻译原文InvestmentValuationToolsandTechniquesforDeterminingtheValueofanyAssetMaterialSource:www.docin.comAuthor:DamodaranInmuchofthisbook,wehavetakenontheroleofapassiveinvestorvaluinggoingconcerns.Inthischapter,weswitchrolesandlookatvaluationfromtheperspectiveofthosewhocanmakeadifferenceinthew

2、ayacompanyisrunandhenceitsvalue.Ourfocusisthereforeonhowactionstakenbymanagersandownerscanchangethevalueofafirm.Wewillusethediscountedcashflowframeworkthatwehavedevelopedinearlierpartsofthebooktoexploretherequirementsforanactiontobevaluecreatingandthengoontoexaminethedifferentwaysinwhichafir

3、mcancreatevalue.Intheprocess,wewillalsoexaminetherolethatmarketingdecisions,productiondecisions,andstrategicdecisionshaveinvaluecreation.ValueCreatingandValueNeutralActionsThevalueofafirmisthepresentvalueoftheexpectedcashflowsfrombothassetsinplaceandfuturegrowth,discountedatthecostofcapital.

4、Foranactiontocreatevalue,ithastodooneormoreofthefollowing.1.increasethecashflowsgeneratedbyexistinginvestments2.increasetheexpectedgrowthrateinearnings3.increasethelengthofthehighgrowthperiod4.reducethecostofcapitalthatisappliedtodiscountthecashflowsConversely,anactionthatdoesnotaffectcashfl

5、ows,theexpectedgrowthrate,thelengthofthehighgrowthperiodorthecostofcapitalcannotaffectvalue.Whilethismightseemobvious,anumberofvalue-neutralactionstakenbyfirmsreceivedisproportionateattentionfrombothmanagersandanalysts.Considerfourexamples.Stockdividendsandstocksplitschangethenumberofunitsof

6、equityinafirmbutdonotaffectcashflows,growthorvalue.Theseactionscanhavepriceeffects,7though,becausetheyalterinvestors’perceptionsofthefutureofthecompany.Accountingchangesininventoryvaluationanddepreciationmethodsthatarerestrictedtothereportingstatementsanddonotaffecttaxcalculationshavenoeffec

7、toncashflows,growthorvalue.Inrecentyears,firmshavespentanincreasingamountoftimeonthemanagementandsmoothingofearningsandseemtobelievethatthereisavaluepayoffindoingthis.Whenmakingacquisitions,firmsoftentrytostructurethedealsinsuchawaythattheycanpoolt