公司價值評估與基於價值的管理研討(ppt 45頁)

公司價值評估與基於價值的管理研討目錄：
一、公司價值評估
二、基於價值的管理
三、公司治理

公司價值評估與基於價值的管理研討內容提要：
Assets-in-Place在用資產
Assets-in-place are tangible, such as buildings, machines, inventory.
在用資產是指有形資產，例如建築物、機器設備、存貨。
Usually they are expected to grow.
通常，在用資產會逐漸增加。
They generate free cash flows.
他們會產生自由現金流量。
The PV of their expected future free cash flows, discounted at the WACC, is the value of operations.
在用資產產生的預期自由現金流量，以加權平均資金成本為折現係數進行折現後的現值稱為營業價值。
Nonoperating Assets非營業資產
Marketable securities
有價證券
Ownership of non-controlling interest in another company
擁有另外一家公司的非控製性股權
Value of nonoperating assets usually is very close to figure that is reported on balance sheets.
非營業資產的價值通常與資產負債表上顯示的數據非常接近
Applying the Corporate Valuation Model企業價值評估模型的應用
Forecast the financial statements, as shown in Chapter 4.
預測財務報表，詳細內容見第四章
Calculate the projected free cash flows.
計算預計的自由現金流量
Model can be applied to a company that does not pay dividends, a privately held company, or a division of a company, since FCF can be calculated for each of these situations.
由於無論是不發放股利的企業、私人企業還是公司內部的部門都可以計算自由現金流量，所以該模型同樣適用於這些情況。

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