贴现现金流估值框架外文翻译.docVIP

外文翻译 原文 Investment Valuation Tools and Techniques for Determining the Value of any Asset Material Source: Author: Damodaran In much of this book, we have taken on the role of a passive investor valuing going concerns. In this chapter, we switch roles and look at valuation from the perspective of those who can make a difference in the way a company is run and hence its value. Our focus is therefore on how actions taken by managers and owners can change the value of a firm. We will use the discounted cash flow framework that we have developed in earlier parts of the book to explore the requirements for an action to be value creating and then go on to examine the different ways in which a firm can create value. In the process, we will also examine the role that marketing decisions, production decisions, and strategic decisions have in value creation. Value Creating and Value Neutral Actions The value of a firm is the present value of the expected cash flows from both assets in place and future growth, discounted at the cost of capital. For an action to create value, it has to do one or more of the following. 1. increase the cash flows generated by existing investments 2. increase the expected growth rate in earnings 3. increase the length of the high growth period 4. reduce the cost of capital that is applied to discount the cash flows Conversely, an action that does not affect cash flows, the expected growth rate, the length of the high growth period or the cost of capital cannot affect value. While this might seem obvious, a number of value-neutral actions taken by firms receive disproportionate attention from both managers and analysts. Consider four examples. Stock dividends and stock splits change the number of units of equity in a firm but do not affect cash flows, growth or value. These actions can have price effects, though, because they alter investors’ perceptions of the future of the company. Accounting changes in inventory valuation and depr