预览加载中，请您耐心等待几秒...
1/10
2/10
3/10
4/10
5/10
6/10
7/10
8/10
9/10
10/10
亲，该文档总共49页，到这已经超出免费预览范围，如果喜欢就直接下载吧～
如果您无法下载资料，请参考说明：
1、部分资料下载需要金币，请确保您的账户上有足够的金币
2、已购买过的文档，再次下载不重复扣费
3、资料包下载后请先用软件解压，在使用对应软件打开
BCG’SVALUEMANAGEMENTFRAMEWORKANOVERVIEWFORMBASTUDENTSWHATGETSMEASUREDGETSDONETraditionalValuationTechniquesVersusBCG’sValuationFrameworkMANYASSETSFOLLOWTHESAMEUSEFULOUTPUTPATTERNASACAR...ISSUESWITHTRADITIONALRETURNMEASURES Yr1 Yr6 Yr12
NOPAT(1) 843 843 843
Bookcapital(2) 11,286 7,716 3,432
Costofcapital(3) x10% x10% x10%
Capitalcharge(4) 1,129 772 343
EVA(1-4) (286) 71 500
Cashflow(6) 1,557 1,557 1,557
Cashinvested(7) 12,000 12,000 12,000
Costofcapital(8) x10% x10% x10%
Capitalcharge(9) 1,200 1,200 1,200
Economicdep.(*)(10) 357 357 357
CVA(6-9-10) 0 0 0TrackingtheSample
of1970Companies
throughtimeTHEMARKETEXPECTSTHEPERFORMANCEOFMERCKTOFADE...(REGRESSTOWARDMEANPERFORMANCE)R2=0.13
N=750Onthe24groupsof25firms,Stewart
claimsa44%R2.Thishighercorrelation
relatestotheeliminationof300companies
insteadof31extremeoutliersandthe
groupingofcompaniesthatservesto
eliminatetheintra-groupvariance.APPROACHTOIMPLEMENTATIONWhatFullEffortMightLookLikeCOMPARISONOFCOSTOFCAPITALMEASUREMENTMETHODSSTUDIESUSINGMARKETDERIVEDMETHODSBCG/HOLTRESEARCHUSINGMARKETDERIVEDMETHODSbyRawleyThomasMARKETDERIVEDDISCOUNTRATEBCG’SMETHODFORDERIVINGINVESTORDISCOUNTRATES(WACC’s)DIFFERSFROMTRADTIONALCAPMMETHODS.WESTARTWITHASAMPLEANDAVALUATIONMODELTODERIVEAWACC.THENWESPLITTHEWACCINTOITSDEBTANDEQUITYCOMPONENTS.FROMTHEEQUITYRATE,WECALCULATETHERISKPREMIUMOVERGOVERNMENTBONDRATES.CFROI’SCORRELATEHIGHLYWITHTHEFUNDAMENTALSOFINFLATION,ANDCORPORATETAXES1996DISCOUNTRATESAMPLETOSMOOTHECONOMICCYCLES,BUTINCORPORATESTRUCTURALSHIFTS,BCG’SVALUATIONMODELASSUMESCURRENTCFROILEVELSFADETOWARDTHE5-YEARPASTMEDIANOFTHEDISCOUNTRATESAMPLEATA10%RATEBCG’SVALUATIONMODELANTICIPATESTHATTHEGROSSASSETGROWTHRATEOFALLCOMPANIESINTHEUSAFADETOWARDTHELONGTERMECONOMYAVERAGEPrice=DiscountedPresentValueofExpectedFutureNetCashFlowsCALCULATIONOFFUTURECASHFLOWSANDPRESENTVALUES1996DISCOUNTRATESAMPLEPASTRESOURCESCOMMITTED1996DISCOUNTRATESAMPLECALCULATIONOFASSETADDITIONS1996DISCOUNTRATESAMPLEBCGDECOMPOSESTHEWEIGHTEDAVERAGEREALCOSTSOFCAPITALINTOTHEIRDEBTANDEQU
内容提供者
