论文标题
估值模型适用于基于价值的管理。适用于有问题的英国公司
Valuation Models Applied to Value-Based Management. Application to the Case of UK Companies with Problems
论文作者
论文摘要
许多人仍然正确地怀疑会计数量是否会影响业务价值。基本问题为什么？以及如何？我旨在促进客观的选择，以通过某些绩效测量系统在基于价值的管理框架下优化最合适的评估方法。首先，我对估值方法进行了全面的评论。提出了三种估值方法，（i）自由现金流估值模型（FCFVM），（ii）剩余的收入估值模型（REVM）和（iii）异常收入增长模型（AEGM）。我指出的是优势和局限性。作为应用程序，在三个研究案例中说明了调查结果的证据：Marks＆Spencer的业务模式（规模和增长前景），这些估值问题和两家可比的公司Tesco和Sainsbury's，所有三个用于多个基于多重估值的公司。为此，选择了两个值驱动程序，即Env/EBIT（利息和税收之前的实体价值/收益）和相应的Env/Sales。因此，问题是否通过基于数学经济学的模型进行会计编号真正影响了业务价值：也许，是的。
Many still rightly wonder whether accounting numbers affect business value. Basic questions are why? and how? I aim at promoting an objective choice on how optimizing the most suitable valuation methods under a value-based management framework through some performance measurement systems. First, I present a comprehensive review of valuation methods. Three valuations methods, (i) Free Cash Flow Valuation Model (FCFVM), (ii) Residual Earning Valuation Model (REVM) and (iii) Abnormal Earning Growth Model (AEGM), are presented. I point out to advantages and limitations. As applications, the proofs of the findings are illustrated on three study cases: Marks & Spencer's business pattern (size and growth prospect), which had a recently advertised valuation problem, and two comparable companies, Tesco and Sainsbury's, all three chosen for multiple-based valuation. For the purpose, two value drivers are chosen, EnV/EBIT (entity value/earnings before interests and taxes) and the corresponding EnV/Sales. Thus, the question whether accounting numbers through models based on mathematical economics truly affect business value has an answer: Maybe, yes.
