剩餘收益模型培訓課件(ppt 38頁)

主要內容
Chapter5
Chapter5 結構
本章重要專業英文詞彙
P/B ratio
剩餘收益模型(簡單)
Example:Valuing a One-Period Project (1)
Example:Valuing a One-Period Project (2)
Example:Valuing a Savings Account
The Normal Price-to-Book Ratio
Lessons from the Savings Account
Example: a Simple Model
剩餘收益模型（複雜）
Relation Between P/B Ratios and Subsequent RE(有問題)
Alternative Measure of Residual Earnings
剩餘收益模型的驅動因素Drivers of Residual Earnings
P/B, ROCE and Growth in Book Value
ROCE and P/B Ratios: S&P 500 Firms
Ingredients of the Model
Steps in Applying the Model
How the Residual Earnings Model Works
剩餘收益模型的應用------Equities Case 1: Zero RE after T
Case 1: Zero RE after T----Continuing Value
Case 2: Constant RE after T
Case 3: Growing RE after T
Case 3: Growing RE after T-----Continuing Value
Forecasting Target Prices
剩餘收益模型應用------Project
剩餘收益模型應用------Strategy Evaluation
Residual Earnings Model and DCF Approach（！！！）
剩餘收益模型的優點、缺點
剩餘收益模型對投資者的提醒：（1）Protection from Paying Too Much for Earnings Generated by Investment
剩餘收益模型對投資者的提醒：（2）Protection from Paying Too Much for Earnings Created by the Accounting: the Simple Example
剩餘收益模型對投資者的提醒：（3）Capturing Value Not on the Balance Sheet----for All Accounting Methods
剩餘收益模型對投資者的提醒：(4)Residual Earnings Are not Affected by Dividengds,Share Issues,or Share Repurchases
Summary

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