新x信-按小时收费的企业培训-会计报表和财务管理(编辑修改稿)

新x信-按小时收费的企业培训-会计报表和财务管理(编辑修改稿)内容摘要：

Consulting MBA基础培训 会计报表和财务管理 MVA amp。 EVA (3) • EVA: Economic Value Added • Value added to shareholders by management during a given year • To measure the effects of managerial actions • EVA = Aftertax operating profit Aftertax cost of total capital = EBIT (1Corporate tax rate) Aftertax cost of total capital Total capital includes: Longterm debt,preferred stock, and mon equity SINOTRUST 14 Copyright169。 2000 By Sinotrust Management Consulting MBA基础培训 会计报表和财务管理 MVA amp。 EVA (4) EVA case study • CSX Corporation in 1988, stock price $28 • BU:Lootive,containers,trailer,railcars • EVA approach lost $70M • Selling off, increasing volume • Till 1993, stock price $ SINOTRUST 15 Copyright169。 2000 By Sinotrust Management Consulting MBA基础培训 会计报表和财务管理 MVA amp。 EVA (5) • Security analysts: The stock prices track EVA far more closely than other factors such as EPS,ROE and Operating Margin SINOTRUST 16 Copyright169。 2000 By Sinotrust Management Consulting MBA基础培训 会计报表和财务管理 CAPM Model amp。 SML(1) • CAPM Capital Asset Pricing Model • SML The Security Market Line • SML Equation Required return On Stock I= Riskfree rate + (Market risk premium)(Stock’s beta) OR Ki=KRF+(KMKRF)bi Note: KM,required rate of return on a portfolio consisting of all stocks SINOTRUST 17 Copyright169。 2000 By Sinotrust Management Consulting MBA基础培训 会计报表和财务管理 CAPM Model amp。 SML(2) Beta(bi): • A measure of the extent to which the returns on a given stock move with the stock market. • Beta is the theoretically correct measure of the stock’s riskness. SINOTRUST 18 Copyright169。 2000 By Sinotrust Management Consulting MBA基础培训 会计报表和财务管理 CAPM Model amp。 SML(3) • The beta of some stocks Stock Beta America Online Bally Entertainment Microsoft Corp General Electric Procter amp。 Gamble CocaCola Heinz Empire District Electric Source: Value Line, August 16,1996。