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Valuation-Measuring and Managing the Value of Companies 5th ed, McKinsey 0470424656.pdf

Valuation-Measuring and Managin…

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简介:本文档为《Valuation-Measuring and Managing the Value of Companies 5th ed, McKinsey 0470424656pdf》,可适用于经济金融领域,主题内容包含P:OTAXYZP:ABCaddJWBTMckinseyJune,:PrinterName:HamiltonP:OTAXYZP:ABCfmJWBTM符等。

P:OTAXYZP:ABCaddJWBTMckinseyJune,:PrinterName:HamiltonP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonVALUATIONMEASURINGANDMANAGINGTHEVALUEOFCOMPANIESiP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonFoundedin,JohnWileySonsistheoldestindependentpublishingcompanyintheUnitedStatesWithofficesinNorthAmerica,Europe,Australia,andAsia,Wileyisgloballycommittedtodevelopingandmarketingprintandelectronicproductsandservicesforourcustomers’professionalandpersonalknowledgeandunderstandingTheWileyFinanceseriescontainsbookswrittenspecificallyforfinanceandinvestmentprofessionalsaswellassophisticatedindividualinvestorsandtheirfinancialadvisorsBooktopicsrangefromportfoliomanagementtoecommerce,riskmanagement,financialengineering,valuation,andfinancialinstrumentanalysis,aswellasmuchmoreForalistofavailabletitles,pleasevisitourWebsiteatwwwWileyFinancecomiiP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonVALUATIONMEASURINGANDMANAGINGTHEVALUEOFCOMPANIESFIFTHEDITIONMcKinseyCompanyTimKollerMarcGoedhartDavidWesselsJOHNWILEYSONS,INCiiiP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonCopyrightC,,,,byMcKinseyCompanyAllrightsreservedPublishedbyJohnWileySons,Inc,Hoboken,NewJerseyPublishedsimultaneouslyinCanadaNopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermittedunderSectionoroftheUnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriatepercopyfeetotheCopyrightClearanceCenter,Inc,RosewoodDrive,Danvers,MA,(),fax(),orontheWebatwwwcopyrightcomRequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment,JohnWileySons,Inc,RiverStreet,Hoboken,NJ,(),fax(),oronlineathttp:wwwwileycomgopermissionsLimitofLiabilityDisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurposeNowarrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterialsTheadviceandstrategiescontainedhereinmaynotbesuitableforyoursituationYoushouldconsultwithaprofessionalwhereappropriateNeitherthepublishernorauthorshallbeliableforanylossofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental,consequential,orotherdamagesForgeneralinformationonourotherproductsandservicesorfortechnicalsupport,pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat(),outsidetheUnitedStatesat()orfax()WileyalsopublishesitsbooksinavarietyofelectronicformatsSomecontentthatappearsinprintmaynotbeavailableinelectronicbooksFormoreinformationaboutWileyproducts,visitourwebsiteatwwwwileycomClothedition:ISBNClotheditionwithDCFModelDownload:ISBNUniversityedition:ISBNWorkbook:ISBNDCFModelCDROM:ISBNDCFModelDownload:ISBNInstructor’sManual:ISBNPrintedintheUnitedStatesofAmericaivP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonContentsAbouttheAuthorsixPrefacexiAcknowledgmentsxvPartOneFoundationsofValueWhyValueValueFundamentalPrinciplesofValueCreationTheExpectationsTreadmillReturnonInvestedCapitalGrowthPartTwoCoreValuationTechniquesFrameworksforValuationReorganizingtheFinancialStatementsAnalyzingPerformanceandCompetitivePositionForecastingPerformanceEstimatingContinuingValueEstimatingtheCostofCapitalMovingfromEnterpriseValuetoValueperShareCalculatingandInterpretingResultsUsingMultiplestoTriangulateResultsvP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonviCONTENTSPartThreeIntrinsicValueandtheStockMarketMarketValueTracksReturnonInvestedCapitalandGrowthMarketsValueSubstance,NotFormEmotionsandMispricingintheMarketInvestorsandManagersinEfficientMarketsPartFourManagingforValueCorporatePortfolioStrategyPerformanceManagementMergersandAcquisitionsCreatingValuethroughDivestituresCapitalStructureInvestorCommunicationsPartFiveAdvancedValuationIssuesTaxesNonoperatingExpenses,OneTimeCharges,Reserves,andProvisionsLeases,Pensions,andOtherObligationsCapitalizedExpensesInflationForeignCurrencyCaseStudy:HeinekenPartSixSpecialSituationsValuingFlexibilityValuationinEmergingMarketsValuingHighGrowthCompaniesValuingCyclicalCompaniesValuingBanksAppendixAEconomicProfitandtheKeyValueDriverFormulaAppendixBDiscountedEconomicProfitEqualsDiscountedFreeCashFlowP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonCONTENTSviiAppendixCDerivationofFreeCashFlow,WeightedAverageCostofCapital,andAdjustedPresentValueAppendixDLeveringandUnleveringtheCostofEquityAppendixELeverageandthePricetoEarningsMultipleIndexP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonviiiP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonAbouttheAuthorsTheauthorsareallcurrentorformerconsultantsofMcKinseyCompany’scorporatefinancepracticeCollectivelytheyhavemorethanyearsofexperienceinconsultingandfinancialeducationMcKinseyCompanyisamanagementconsultingfirmthathelpsleadingcorporationsandorganizationsmakedistinctive,lasting,andsubstantialimprovementsintheirperformanceOverthepastsevendecades,thefirm’sprimaryobjectivehasremainedconstant:toserveasanorganization’smosttrustedexternaladvisoroncriticalissuesfacingseniormanagementWithconsultantsdeployedfromoverofficesinmorethancountries,McKinseyadvisescompaniesonstrategic,operational,organizational,financial,andtechnologicalissuesThefirmhasextensiveexperienceinallmajorindustrysectorsandprimaryfunctionalareas,aswellasindepthexpertiseinhighpriorityareasfortoday’sbusinessleadersTimKollerisapartnerinMcKinsey’sNewYorkofficeHeleadsthefirm’sCorporatePerformanceCenterandisamemberoftheleadershipgroupofthefirm’sglobalcorporatefinancepracticeInhisyearsinconsultingTimhasservedclientsgloballyoncorporatestrategyandcapitalmarkets,mergersandacquisitions(MA)transactions,andvaluebasedmanagementHeleadsthefirm’sresearchactivitiesinvaluationandcapitalmarketsHewasformerlywithSternStewartCompanyandwithMobilCorporationHereceivedhisMBAfromtheUniversityofChicagoMarcGoedhartisaseniorexpertinMcKinsey’sAmsterdamofficeandleadsthefirm’sCorporatePerformanceCenterinEuropeOverthepastyears,MarchasservedclientsacrossEuropeonportfoliorestructuring,capitalmarkets,ixP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonxABOUTTHEAUTHORSandMAtransactionsHetaughtfinanceasanassistantprofessoratErasmusUniversityinRotterdam,wherehealsoearnedaPhDinfinanceDavidWesselsisanadjunctprofessoroffinanceattheWhartonSchooloftheUniversityofPennsylvaniaNamedbyBusinessWeekasoneofAmerica’stopbusinessschoolinstructors,heteachescoursesoncorporatevaluationandprivateequityattheMBAandexecutiveMBAlevelsDavidisalsoadirectorinWharton’sexecutiveeducationgroup,servingontheexecutivedevelopmentfacultiesofseveralFortunecompaniesAformerconsultantwithMcKinsey,hereceivedhisPhDfromtheUniversityofCaliforniaatLosAngelesP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonPrefaceThefirsteditionofthisbookappearedin,andweareencouragedthatitcontinuestoattractreadersaroundtheworldWebelievethebookappealstoreaderseverywherebecausetheapproachitadvocatesisgroundedinuniversaleconomicprinciplesWhilewecontinuetoimprove,update,andexpandthetextasourexperiencegrowsandasbusinessandfinancecontinuetoevolve,thoseuniversalprinciplesdonotchangeTheyearssincethatfirsteditionhavebeenaremarkableperiodinbusinesshistory,andmanagersandinvestorscontinuetofaceopportunitiesandchallengesemergingfromitTheeventsoftheeconomiccrisisthatbeganin,aswellastheInternetboomanditsfalloutalmostadecadeearlier,havestrengthenedourconvictionthatthecoreprinciplesofvaluecreationaregeneraleconomicrulesthatcontinuetoapplyinallmarketcircumstancesThus,theextraordinarilyhighanticipatedprofitsrepresentedbystockpricesduringtheInternetbubblenevermaterialized,becausetherewasno“neweconomy”Similarly,theextraordinarilyhighprofitsseeninthefinancialsectorforthetwoyearsprecedingthestartofthefinancialcrisiswereoverstated,assubsequentlossesdemonstratedThelawsofcompetitionshouldhavealertedinvestorsthatthoseextraordinaryprofitscouldn’tlastandmightnotberealOverthepastyears,wehavealsoseenconfirmedthatforsomecompanies,someofthetime,thestockmarketmaynotbeareliableindicatorofvalueKnowingthatvaluesignalsfromthestockmarketmayoccasionallybeunreliablemakesusevenmorecertainthatmanagersneedatalltimestounderstandtheunderlying,intrinsicvalueoftheircompanyandhowitcancreatemorevalueInourview,clearthinkingaboutvaluationandskillinusingvaluationtoguidebusinessdecisionsareprerequisitesforcompanysuccessxiP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonxiiPREFACEWHYTHISBOOKNotallCEOs,businessmanagers,andfinancialmanagersdounderstandvalueingreatdepth,althoughtheyneedtounderstanditfullyiftheyaretodotheirjobswellandfulfilltheirresponsibilitiesThisbookoffersthemthenecessaryunderstanding,itspracticalintentreflectingitsoriginasahandbookforMcKinseyconsultantsWepublishitforthebenefitofcurrentandfuturemanagerswhowanttheircompaniestocreatevalue,andalsofortheirinvestorsItaimstodemystifythefieldofvaluationandtoclarifythelinkagesbetweenstrategyandfinanceSowhileitdrawsonleadingedgeacademicthinking,itisprimarilyahowtobookandonewehopethatyouwilluseagainandagainThisisnocoffeetabletome:Ifwehavedoneourjobwell,itwillsoonbefullofunderlinings,marginnotations,andhighlightingsThebook’smessagesaresimple:CompaniesthrivewhentheycreaterealeconomicvaluefortheirshareholdersCompaniescreatevaluebyinvestingcapitalatratesofreturnthatexceedtheircostofcapitalAndthesetwotruthsapplyacrosstimeandgeographyThebookexplainswhythesecoreprinciplesofvaluecreationaretrueandhowcompaniescanincreasevaluebyapplyingtheprinciplestodecisions,anddemonstratespracticalwaystoimplementtheprinciplesintheirdecisionmakingThetechnicalchaptersofthebookaimtoexplainstepbystephowtodovaluationwellWespelloutvaluationframeworksthatweuseinourconsultingwork,andweillustratethemwithdetailedcasestudiesthathighlightthepracticaljudgmentsinvolvedindevelopingandusingvaluationsJustasimportant,themanagementchaptersdiscusshowtousevaluationtomakegooddecisionsaboutcoursesofactionforacompanySpecifically,theywillhelpbusinessmanagersunderstandhowto:DecideamongalternativebusinessstrategiesbyestimatingthevalueofeachstrategicchoiceDevelopacorporateportfoliostrategy,basedonunderstandingwhichbusinessunitsacorporateparentisbestpositionedtoown,andwhichmightperformbetterundersomeoneelse’sownershipAssessmajortransactions,includingacquisitions,divestitures,andrestructuringsImproveacompany’sperformancemanagementsystemstoalignanorganization’svariouspartstocreatevalueCommunicateeffectivelywithinvestors,includingbothwhototalkandlistentoandhowDesignaneffectivecapitalstructuretosupportthecorporation’sstrategyandminimizetheriskoffinancialdistressP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonSTRUCTUREOFTHEBOOKxiiiSTRUCTUREOFTHEBOOKInthisfifthedition,wecontinuetoexpandthepracticalapplicationoffinancetorealbusinessproblems,reflectingtheeconomiceventsofthepastdecade,newdevelopmentsinacademicfinance,andtheauthors’ownexperiencesTheeditionisorganizedinsixparts,eachwithadistinctfocusPartOne,FoundationsofValue,providesanoverviewofvaluecreationWemakethecasethatmanagersshouldfocusonlongtermvaluecreationdespitethecapitalmarketturmoilofthepastseveralyearsWeexplainthetwocoreprinciplesofvaluecreation:first,theideathatreturnoncapitalandgrowthdrivecashflow,whichinturndrivesvalue,andsecond,theconservationofvalueprinciple,thatanythingthatdoesn’tincreasecashflowdoesn’tcreatevalue(unlessitreducesrisk)Wedevoteachaptereachtoreturnoninvestedcapitalandtogrowth,includingstrategicprinciplesandempiricalinsightsPartTwo,CoreValuationTechniques,isaselfcontainedhandbookforusingdiscountedcashflow(DCF)tovalueacompanyAreaderwilllearnhowtoanalyzehistoricalperformance,forecastfreecashflows,estimatetheappropriateopportunitycostofcapital,identifysourcesofvalue,andinterpretresultsWealsoshowhowtousemultiplesofcomparablecompaniestosupplementDCFvaluationsPartThree,IntrinsicValueandtheStockMarket,presentstheempiricalevidencethatsharepricesreflectthecoreprinciplesofvaluecreationandarenotinfluencedbyearningsmanagement,accountingresults,orinstitutionaltradingfactorssuchascrosslistingsItalsodescribestherarecircumstancesunderwhichsharepricesforindividualcompaniesor,veryoccasionally,themarketingeneralmaytemporarilyviolatethecoreprinciplesThefinalchapterexplainswhatmakesstockmarketsefficient,whichtypeofinvestorsultimatelydeterminethetradingrangeofacompany’sshareprice,andtheimplicationsoftheirinfluenceformanagersPartFour,ManagingforValue,appliesthevaluecreationprinciplestopracticaldecisionsthatmanagersfaceItexplainshowtodesignaportfolioofbusinesseshowtocreatevaluethroughmergers,acquisitions,anddivestitureshowtoconstructanappropriatecapitalstructureandhowcompaniescanimprovetheircommunicationswiththefinancialmarketsPartFive,AdvancedValuationIssues,explainshowtoanalyzeandincorporateinyourvaluationsuchcomplexissuesastaxes,pensions,reserves,inflation,andforeigncurrencyPartFivealsoincludesacomprehensivecasevaluingHeinekenNV,theDutchbrewer,illustratinghowtoapplyboththecoreandadvancedvaluationtechniquesPartSix,SpecialSituations,isdevotedtovaluationinmorecomplexcontextsWeexplorethechallengesofvaluinghighgrowthcompanies,companiesinemergingmarkets,cyclicalcompanies,andbanksInaddition,weshowhowP:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonxivPREFACEuncertaintyandflexibilityaffectvalue,andhowtoapplyoptionpricingtheoryanddecisiontreesinvaluationsWHAT’SNEWABOUTTHEFIFTHEDITIONMostofthecaseexamplesandempiricalanalyseshavebeenupdated,andwehavereflectedchangesinaccountingrulesWehaveenhancedtheglobalperspectiveinthebookwithextensiveexamplesanddatafromboththeUnitedStatesandEuropeTomakethebookeasiertonavigate,wehavebrokenuplongchaptersfromthepreviouseditionintoseveralshorterchapters,sothateachisamoremanageablesizeandthereadercanfindimportanttopicsfasterInaddition,wehavecreatedanewpartonadvancedvaluationissues,removingthesetopicsfromthesectiondedicatedtocoretechniquesThismakesthecoretechniquessectionshorterandeasiertoreadandalsoallowsusmorespacetodevotetoadvancedtopicsAnimportantadditiontothebookistheexpandeddiscussionofreturnoninvestedcapital(ROIC)andgrowthintwonewchaptersinPartOneThenewROICchaptershowsthelinkagesbetweendifferentlevelsofROICanddifferentbusinessstrategies,tohelpexecutivesassesswhethertheirstrategiescanleadtohighandsustainedreturnsoncapitalInthenewgrowthchapter,weshowthedifferenteffectsonvalueofdifferenttypesofgrowth,tohelpcompaniesprioritizegrowthinitiativesFinally,PartThreeisanentirelynewsectionthatdealswiththestockmarketAsinpasteditions,weshowthatstockmarketvaluesgenerallyreflectcompanies’fundamentaleconomicperformance:marketsarenotfooledbyaccountinggimmicksusedtoembellishresultsForthefifthedition,however,wehaveexpandedourdiscussionofthosemarketinefficienciesthatdooccurfromtimetotimeWealsopresentnewinsightsonhowtosegmentinvestorsintodifferenttypes,howthedifferenttypesofinvestorsaffectthemarket,andtheimplicationsofthissegmentationforexecutivesVALUATIONSPREADSHEETAnExcelspreadsheetvaluationmodelisavailableonaCDROMorviaWebdownloadThisvaluationmodelissimilartothemodelweuseinpracticePractitionerswillfindthemodeleasytouseinavarietyofsituations:mergersandacquisitions,valuingbusinessunitsforrestructuringorvaluebasedmanagement,ortestingtheimplicationsofmajorstrategicdecisionsonthevalueofyourcompanyWeacceptnoresponsibilityforanydecisionsbasedonyourinputstothemodelIfyouwouldliketopurchasethemodelonCDROM(ISBN),pleasecall(),orvisitwwwwileyvaluationcomtopurchasethemodelviaWebdownload(ISBN)P:OTAXYZP:ABCfmJWBTMckinseyJune,:PrinterName:HamiltonAcknowledgmentsNobookissolelytheeffortofitsauthorsThisbookiscertainlynoexception,especiallysinceitgrewoutofthecollectiveworkofMcKinsey’scorporatefinancepracticeandtheexperiencesofitsconsultantsthroughouttheworldMostimportant,wewouldliketothankTomCopelandandJackMurrin,twoofthecoauthorsonthefirstthreeeditionsofthis

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