公司理财第6讲Lecture_5_股票定价(III)(资本成本以后再讲).doc

文档介绍：公司理财第6讲Lecture_5_股票定价(III)(资本成本以后再讲)
Lecture 5
股票价值评估(III)
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内容提要
自由现金流贴现法
EVA
对应章节:第17章
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Earnings and FCF
Based on earnings, this firm seems to be paying out more than it taks in3>.
HOwever, these results are misleading because earnings do not reveal the amount the firm has available for distribution to shareholders and debt holders. The real measure is Free Cash Flow.
Free Cash Flow (FCF) signals pany’s ability to pay debt, pay distributions, buy back stock and facilitate the growth of business-all important undertakings from an investor’s prespective.
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Free Cash Flow Valuation
自由现金流(Free Cash Flow):经营活动现金流量减去维持公司现有生产能力所需的资本支出额后,公司能够产生的额外现金流量。这部分现金流量是在不影响企业持续发展的前提下,可供分配给企业资本供应者的最大现金额。
Free cash flow to the firm (FCFF)(公司整体自由现金流): the cash flow available to pany’s supplier of capital (含股东和债权人)after all operating expenses (including taxes) have been paid and the operating investments have been made.
Free cash flow to equity (FCFE)(权益自由现金流): the cash flow available to pany’mon equity holders after all operating expenses , interests and principle payments have been paid and the operating investments have been made.
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Why Free Cash Flow is Important?
In the absence of decent free cash flow, companies are unable to sustain earnings growth. An insufficient FCF for earnings growth can force pany to boost its debt levels. pany