金融经济学valuationandshareholdervalue(编辑修改稿)

金融经济学valuationandshareholdervalue(编辑修改稿)内容摘要：

residual claimants, maximizing their wealth they maximize everybody’s wealth 187。 What do you think?  According to books, it should be firm value • Firm as a “black box” argument 34  Economic Profit (Mckinsey and others) or Economic Value Added (Stern Stewart)  Definition: • EVA is the profit the pany generates over and above a pensation for all capital suppliers • EVA = Noplat Net economic depreciation Charge for the cost of capital Economic Profit / EVA 35 EVA  EBIT – Taxes = NOPLAT • (Net Operating Profit Less Adjusted Taxes)  The charge for the capital used is • WACC x capital employed  Idea: • An accounting measure that takes into account that capital suppliers ought to be pensated 36 EVA  EVA = NOPLAT – WACC x IC  It can be rewritten as: (ROIC – WACC) x IC  This is intuitive: • For the pany to make „economic profit‟ the return the pany makes has to exceed its cost of capital  EVA depends on the pany‟s value drivers 37 Profit Margin IC turnover SGamp。 A / Sales CGS / Sales etc. FA . NWC . Inv. . etc Rec. . ROIC x 38 EVA and FCF  ICt = PPEt + WCt  FCFt = NOPLATt – (ICt – ICt1)  And EVAt = NOPLATt – r x ICt1  Hence:  EVAt = FCFt + (g – r) x ICt1  EVA and NPV are equivalent as valuation measures though (to be seen in capital budgeting) 39 Problems with EVA Year 0 1 2 3 4 Cash flow 100 10 80 80 80 / depreciation 25 25 25 25 NOPLAT 35 55 55 55 Cost of capital (10% of IC) 10 7,5 5 2,5 EVA 45 47,5 50 52,5 40 Problems with EVA (cont.)  Does it really measure value creation? EXERCISE • Understand and analyze yearly creation of value: • Define it (start with the definition of value, define value creation) • Compare it to performance measures: ROE, ROIC, EVA • Draw conclusions 41 Other measures  (ROIC)  EPS  ROE  FCF  DCF / Real Options  CFROI 42 Compensation: Basic Principles  Dependent on what managers can control: • Variables must depend on management‟s actions  Independent of what they cannot control • Benchmarking  Free of kinks, if possible  Focus: • No multiple targets • If so, at least make them congruent (. no growth and margin targets) 43 Compensation: typical scheme  Base salary  Yearly bonus (accounting measures)  Long Term Scheme: marketbased measures such as: • (Performance) Options • Share ownership • Performance shares  Lately, strongly influenced by corporate governance codes and accounting issues 44 Example 45 46 Compensation schemes PRACTICE Present the pensation schemes of your pany’s management and ment on it (is it aligned with shareholder value? What objectives does it promote? How high or lowpowered is it? Do you want to pare to peers in the industry? etc The role of the CFO and the finance function 48 The CFO in the corporate structure CFO Treasury Tax Accounting Control Strategy Mamp。 A 49 CEO roles  Investment decisions  Financing and accounting decisions  Management decisions 50 Literature  Chapters 13 and 14 51 Valuation and Shareholder Value September 5, 2020 53 The Shareholder Value Approach Management Value Valuation Corporate Decisions Drivers Components Objective Value Growth Duration • Sales Growth • Op. Prof. Margin • Ine tax rate Discount Rate CFFO • Working Capital • Fixed Capital • Cost of Capital • Debt Capacity Financing Investment Operating Debt Creating Shareholder Value Shareholder Returns: • Dividends • Capital Gains 54 Equity = Discounted dividends  Why is the stock price (value) the discounted sum of the future cash flows (dividends)? . . .)1()(1)(221??0  rdErdEP55 Derivation The expected return on the stock is, by definition: Which, rearranged, gives: )(1)(1)( 110 rEPrEdEP0011 )()(PPPdErE )(1)( 110 rEPdEPAnd: 56 ...))(1()())(1()()(1)(...))(1())(1()()(1)()(1)(1)(332210222210221rEdErEdErEdEPrEPrEdErEdEPrEPrEdEPDerivation The same applies to P1, which can then be substitutied in P0, and so on recursively 57 Dividends vs Cash Flows . . .))(1( )())(1( )()(1 )( 332210  rE dErE dErEdEP...))(1( )())(1( )()(1 )( 332210  rEF C FErEF C FErEF C FEPIs equivalent to (remember this proposition?): 58 Free Cash Flow  Value = sum of discounted expected free cash flows  Definition: • FCFt is the cash flow received by all security holders of the firm together Cash flow to equity holders + cash flow to debt holders • Or: FCF is the cash flow generated by the firm‟s invested capital 59 Analysis of Free Cash Flows  Free Cash Flow = Cash Inflow – cash outflow  Cash Inflow = Sales x Operating Margin  Cash Outflow =  Fixed Assets + Working Capital + Taxes  Cash Flow to Equity = FCF – Payments to debtholders 60 A view from the balance sheet Assets Liabilities FA Equity STA Debt Cash STL Assets Liabilities FA Equity WC = STA STL Debt Cash Total Liabilities Total Assets Invested Capital 61 Example – Sbux, balance sheet BA LAN CE S HEET1999 2020 2020 2020 2020 2020Ca sh 66 71 113 100 201 299 Mark etable sec ur iti es 51 61 107 227 149 354 Inv entories 181 202 221 263 343。