文档介绍：第四讲风险投资项目的价值评估
价值评估体系的分类 市盈率法
价值评估中折现的基本原理 市净率法
价值评估中的自由现金流的估算 权变法
实体现金流折现法 风险投资法
经济附加值法 期权定价法
网络股价值评估
北京信息科技大学(北京信息工程学院)
RBG 企业成长研究中心经济贸易系
Center for Research on Business Growth
项目价值评估体系的分类
基于历史和现在基于未来和预测
财务价值评估体系投资价值评估体系
.市盈率法
.净资产法收益折现法
.市净率法.
.重置成本法实体现金流折现法
.权变法.
.现行市价法经济附加值法
.风险投资法.
.期权定价法
价值评估中折现的基本原理
自由现金流
实体现金流
经济附加值(EVA)
第第第
0 1 10
年年年
公司价值等于各
年折现值之和
项目自由现金流的估算
The statement of cash flows Cash flow in finance
Operations Cash flow of the firm
Net e Operating cash flow
+Depreciation EBIT
+Deferred taxes +Depreciation
Changes in assets and liabilities -current taxes
-Accounts receivable -Capital spending
-Inventories Acquisition of fixed assets
+Accounts payable -Sales of fixed assets
+Accrued expenses -change working capital
+Notes working capital this year
Other -Net working capital last year
Total cash flow from operations
Total
Investing activities
-Acquisition of fixed assets
+Sales of fixed assets Cash flow to investors in the firm
Total cash flow from investing activities Debt
Financing activities Interest
-Retirement of debt(including notes) +Retirement of debt
+Proceeds of long-term debt -Long-term debt financing
-Dividends Equity
-Repurchase if stock Dividends
+Proceeds from new stock issues +Repurchase of equity
Total cash flow from financing activities -New equity financing
Change in cash (on the balance sheet) Total
项目自由现金流的估算
财务预测(EBIT)
HistoryHistory statement statement
Projection ratios Rational assumption
Rational assumption Accounting equation
财
Revenue,Revenue, cost cost and and FutureFuture Balance Balance
expensesexpenses projection projection 务 sheetsheet
报 FutureFuture e e
表 statementstatement
Investment budgeting 预 FutureFuture CF CF
测 statementstatement
CapitalCapital Budgeting Net working working Capital Capital
BudgetingBudgeting