《剩余收益模型》PPT课件.ppt

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1、Chapter5AccrualAccountingandValuation:PricingBookValues----ResidualEarningsModel权责发生制与价值评估:账面价值定价--剩余收益模型Chapter5公司在进行交易时，价格并非是账面价值。资产负债表中的资产和负债有的是公允价值，有的是历史成本，还有一些则被从资产负债表中删除。这就导致分析家们忽略了从资产负债表中删除的价值。分析家们会问：到底在账面价值的基础上增加多少才是固有的价值？每支股票在交易时基于账面价值的溢价到底是多少？本章提出的剩余收益模型解决了分析家们的困惑。Chapter5结构

2、P/B简单模型剩余收益模型复杂模型Equities剩余收益模型的应用PrijectsStategies剩余收益模型的优点、缺点剩余收益模型对投资者的提醒总结本章重要专业英文词汇residualearningsorresidualincome:剩余收益residualearningsmodel:剩余收益模型premium:溢价price-to-bookratio(P/B):市净率rateofreturnoncommonequity(ROCE):普通股本回报率terminalinvestment:终端投资goingconcerninvestment：持续投资withd

3、rawl:撤回；提款forecasthorizon:预测期间fiscalyears:会计年度shareissue：发行股票earningspershare(EPS):每股收益dividendspershare(DPS):每股股利discountedcashflowmethod(DCF):现金流量折现法continuingvalue（CV）:持续价值P/BratioP/B公式：P/B与剩余收益、剩余收益模型的两个驱动因素都有密切的联系。同时，提醒投资者：Bewareofpayingtoomuchforearnings!剩余收益模型(简单)1.什么是剩余收益？定义：R

4、esidualearningsistheearningsinexcessoftheserequireddollarearnings.公式:2.剩余收益模型是什么？定义：Amodelthatmeasuresvalueaddedfromforecastsofresidualearningsiscalledtheresidualearningsmodel.公式：value=Bookvalue+Premium=Bookvalue+presentvalueofexpectedresidualearnings.Example:ValuingaOne-PeriodProject

5、(1)Investment$400Requiredreturn10%Revenueforecast$440Forecastedearnings$40DCFValuation:Arateofreturnof10percentontheinvestmentof$400.Example:ValuingaOne-PeriodProject(2)Investment$400Requiredreturn10%Revenueforecast$448Earningsforecast$48Arateofreturnof12percentontheinvestmentof$400.T

6、heprojectaddsvalueExample:ValuingaSavingsAccountForecastsforaSavingsAccountwith$100investedattheendof2000.Earning5%peryear.Value=BookValue+PresentValueofResidualEarnings=100+0=100TheNormalPrice-to-BookRatioNormalP/B=1.0(Price=BookValue)TheNormalP/Bfirmearnsanexpectedrateofreturnonitsb

7、ookvalueequaltotherequiredreturnTheNormalP/Bfirmearnsexpectedresidualearningsofzero.LessonsfromtheSavingsAccount从储蓄账户这个例子得到一些准则，这些准则在将要介绍的模型中也是适用的。Anassetisworthapremiumordiscounttoitsbookvalueonlyifthebookvalueisexpectedtoearnnon-zeroresidualearnings.Residualearningstechniquesrecogni

8、zetha