原作者:P4考官
MC翻译官:姚敏芝
译者注:
企业价值评估在F9和P4都是很重要的部分,在P4中的考察更加复杂。
Businessvaluationis‘anartnotascience’.ThesearethewordsusedbymanyACCAfinancialmanagementtutors(includingmyself)whenintroducingthistopictostudentspreparingforPapersF9orP4.Thewordsimplythatwhentryingtovaluetheequitycapitalofabusiness,thereisrangeofpossiblecorrectanswers,allofwhichcanbejustifiedasbeingthemostappropriate.Toacertainextentthisistruebut,asIliketoputit,‘therearedifferentdegreesofcorrectness’.
ReviewingthepastPaperF9andPaperP4examsdemonstratehowimportantbusinessvaluationiswithintheACCAfinancialmanagementsyllabuses.QuestionsonthistopichavebeenincludedinthemajorityofF9paperssinceDecember.Thequestionshavetestedthe‘basic’equityvaluationmethodsof:
netassets净资产
dividendvaluationmodel(ordividendgrowthmodel)股利估值模型(或股利增长模型)
earningsmodelusingP/Eratioorearningsyield盈利模型(市盈率或收益率)
企业价值评估是一门艺术而不是科学。在估计企业股权资本的时候,可以得出很多不同程度上的正确答案。回顾过去在F9和P4的考试中,企业价值评估这一部门在ACCA财务管理教学大纲中是很重要的部分。特别F9,从07年12月的考试开始就是考察的一个重点。这些问题主要考察了对以上三种基本权益估值模型的运用。
PaperP4ssyllabusbuildsonthosemethodstestedatthelowerlevelpaper.Theconceptisthesame–tofindthevalueofequity.However,thetechniquesandmethodsaremoresophisticated.AsIstatedabove,‘therearedifferentdegreesofcorrectness’.
TheprimarypurposeofthisarticleistodemonstratehowtotackleaPaperP4businessvaluationquestion.ThedetailedunderstandingofthistopicwillbegainedfromyourPaperP4studies,whichevermodeyouchoosetouse.Myaimistoshowyouhowtosuccessfullyapplythisknowledgeunderexamconditions.
P4对企业价值评估技术和方法的考察会更加复杂。本文的主要目的示范如何解决一道P4有关企业价值评估的问题。细节的知识点可以通过你们的学习模型的时候掌握,我的目标就是展示如何在考试条件下成功地应用这些知识。
Equityvaluation–categorisingthemethods
权益估值
Asstatedabove,therearemoremethodsandmodelsthatcanbeusedtofindanequitysharepriceatPaperP4.Theofficialtextbooksexplaintheseindetailandchoosedifferentwaysofcategorisingthemwithintheirmaterial.Iprefertotakeasimpleviewofequityvaluationbyallocatingthemethodsintotwomaincategories:
lPre-acquisition
lPost-acquisition
Underthefirstcategory,thequestionwillbeaskingthestudentstoascertainanequityvaluefora治疗白癜风最好的专科医院白颠疯图
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