《公司价值管理（双语)》课程教学大纲 一、课程基本信息 课程代码：18030193 课程名称：公司价值管理（双语） 英文名称：Measuring and Managing the Value of Companies 课程类别：专业课 时：48 学 分分：3 适用对象：资产评估专业 老核方式：老查 先修课程：资产评估概论、财务管理、中级财务会计学、税法 二、课程简介 This course deals with the valuation and management of the levered firm.Asignificant part of the course will be devoted to leaming the technique of discounted cash flow valuation of a company which is financed with a variety of financial instruments,primarily common stocks and long term debt.Students will leamn about the techniques of forecasting future cash flows based on fundamental analysis,macro-economic analysis,and industry characteristics. The course will also examine the valuation of corporate leases,and operating tax.The technique of Economic Value Added (EVA)will be examined 三、课程性质与教学目的 课程性质：资产评估专业本科生的专业选修课程，采用中英双语教学方式。 教学目的：The purpose of this course is to provide an overview of the critical methods and tools used to estimate the fundamental value of an enterprise.The primary learning objectives for this class are to(1)understand the fundamental drivers of value and managerial implication.(2)gain exposure to different types of valuation techniques and how they are used by financial managers.There will be a focus onequity valuation,and to a lesser extent touch on concepts relevant to other asset classes.(3)understand the capital structure decisions related and strategic objectives of the levered company 专业课程思政教育融入是培养中国特色社会主义事业合格建设者和可靠接班人， 落实立德树人根本任务的重要渠道，是进行社会主义核心价值观教育、帮助大学生树 立正确世界观人生观价值观的重要方式。在公司价值管理课程思政教学实践中，充分 考虑本科生的知识结构、理论水平和应用能力要求，按照教有部颁布的《高等学校课 程思政建设指导纲要》，从诚信品质、职业道德、责任意识、敬业精神、社会责任等方 1
1 《公司价值管理（双语）》课程教学大纲 一、课程基本信息 课程代码：18030193 课程名称：公司价值管理（双语） 英文名称：Measuring and Managing the Value of Companies 课程类别：专业课 学 时：48 学 分：3 适用对象：资产评估专业 考核方式：考查 先修课程：资产评估概论、财务管理、中级财务会计学、税法Ⅰ 二、课程简介 This course deals with the valuation and management of the levered firm. A significant part of the course will be devoted to learning the technique of discounted cash flow valuation of a company which is financed with a variety of financial instruments, primarily common stocks and long term debt. Students will learn about the techniques of forecasting future cash flows based on fundamental analysis, macro-economic analysis, and industry characteristics. The course will also examine the valuation of corporate leases, and operating tax. The technique of Economic Value Added (EVA) will be examined. 三、课程性质与教学目的 课程性质：资产评估专业本科生的专业选修课程，采用中英双语教学方式。 教学目的：The purpose of this course is to provide an overview of the critical methods and tools used to estimate the fundamental value of an enterprise. The primary learning objectives for this class are to (1) understand the fundamental drivers of value and managerial implication. (2) gain exposure to different types of valuation techniques and how they are used by financial managers. There will be a focus on equity valuation, and to a lesser extent, touch on concepts relevant to other asset classes. (3) understand the capital structure decisions related to equity valuation and strategic objectives of the levered company. 专业课程思政教育融入是培养中国特色社会主义事业合格建设者和可靠接班人， 落实立德树人根本任务的重要渠道，是进行社会主义核心价值观教育、帮助大学生树 立正确世界观人生观价值观的重要方式。在公司价值管理课程思政教学实践中，充分 考虑本科生的知识结构、理论水平和应用能力要求，按照教育部颁布的《高等学校课 程思政建设指导纲要》，从诚信品质、职业道德、责任意识、敬业精神、社会责任等方
面，将公司价值管理理论知识与思想政治教育相结合，着重培育学生经世济民、诚信 服务、德法兼修的职业素养。在授课方式上，坚持与时俱进，开拓视野，激发学生的 学习兴趣，培养多元能力，树立诚信意识，并能够正确处理利益诱感与职业道德之间 的冲突，守住道德底线，做德才兼备的优秀人才。 四、教学内容及要求 Chapter 2 Fundamental Principles of Value Creation (一)目的与要求 Understand that value is driven by expected cash flows discounted at a cost of capital. Cash flow,in tum,is driven by expected returns on invested capital and revenue growth. Companies create value only when ROIC exceeds their cost of capital Further,higher-ROIC companies should typically prioritize growth over further improving ROIC,as growth is a more powerful value driver for them.In contrast,lower-ROIC companies should prioritize improving ROIC.as it is a stronger value driver. 通过公司价值创造基本原理的讲解，融入“法治、诚信”社会主义核心价值观， 帮助学生树立诚信评估意识。 (二)教学内容 Section I THE RELATIONSHIPOF GROWTH,ROIC,AND CASH FLOW 1.主要内容 Tale of Two Companies:Same Earnings,Different Cash Flows Value Ine.:DCF Valuation Value,Inc.:Lower Initial Cash Flow at Higher Growth Rate Translating Growth and ROIC into Value 2.基本概念和知识点 ●Growth=ROIC×Investment Rate ●Cash Flow=Earnings×(I-Investment Rate) Balancing ROICAnd Growth To Create Value ●Real-Vorld Examples 3.问题与应用（能力要求） How does retum on invested capital(ROIC)affect a company's cash flow? Explain the relationship between ROIC,growth,and cash flow. Under what circumstances does growth destroy value? Section 2 MANAGERIAL IMPLICATIONS 1.主要内容 2
2 面，将公司价值管理理论知识与思想政治教育相结合，着重培育学生经世济民、诚信 服务、德法兼修的职业素养。在授课方式上，坚持与时俱进，开拓视野，激发学生的 学习兴趣，培养多元能力，树立诚信意识，并能够正确处理利益诱惑与职业道德之间 的冲突，守住道德底线，做德才兼备的优秀人才。 四、教学内容及要求 Chapter 2 Fundamental Principles of Value Creation （一）目的与要求 Understand that value is driven by expected cash flows discounted at a cost of capital. Cash flow, in turn, is driven by expected returns on invested capital and revenue growth. Companies create value only when ROIC exceeds their cost of capital. Further, higher-ROIC companies should typically prioritize growth over further improving ROIC, as growth is a more powerful value driver for them. In contrast, lower-ROIC companies should prioritize improving ROIC, as it is a stronger value driver. 通过公司价值创造基本原理的讲解，融入“法治、诚信”社会主义核心价值观， 帮助学生树立诚信评估意识。 （二）教学内容 Section 1 THE RELATIONSHIP OF GROWTH, ROIC, AND CASH FLOW 1. 主要内容 ⚫ Tale of Two Companies: Same Earnings, Different Cash Flows ⚫ Value Inc.: DCF Valuation ⚫ Value, Inc.: Lower Initial Cash Flow at Higher Growth Rate ⚫ Translating Growth and ROIC into Value 2. 基本概念和知识点 ⚫ Growth = ROIC × Investment Rate ⚫ Cash Flow = Earnings × (1 − Investment Rate) ⚫ Balancing ROIC And Growth To Create Value ⚫ Real-World Examples 3. 问题与应用（能力要求） ⚫ How does return on invested capital (ROIC) affect a company’s cash flow? ⚫ Explain the relationship between ROIC, growth, and cash flow. ⚫ Under what circumstances does growth destroy value? Section 2 MANAGERIAL IMPLICATIONS 1. 主要内容
Increasing Value:Impact of Higher Growth and ROIC Value Creation by Type of Growth Impact of Growth and ROIC on High-and Low-ROIC Companies 2.基本概念和知识点 ●ROIC ●Type of Growth Strategic Decision Making 3.问题与应用（能力要求） Which type of business,a software company or an electric utility,would benefit more from improving ROIC than from increasing growth?Why? Section 3 ECONOMIC PROFITCOMBINES ROIC AND SIZE 1.主要内容 ●Economic Profit ●Invested Capital 2.基本概念和知识点 Economic Profit=Invested Capital x(ROIC-Cost of Capital) Value =Starting Invested Capital +PV of Projected Economic Profit 3.问题与应用（能力要求） What is the Economic Profit? Section 4 THE MATH OF VALUE CREATION 1.主要内容 Some Terminology about Valuation ●Invested Capita Key Value Driver Formula ●Common Multiples ·结合“法治、诚信”社会主义核心价值观分析核心价值驱动公式中各要素的判断 理念与思路。 2.基本概念和知识点 ·NOPLAT ●Invested Capital ●Net Investment ●Free cash flow(FCF) ROIC 3
3 ⚫ Increasing Value: Impact of Higher Growth and ROIC ⚫ Value Creation by Type of Growth ⚫ Impact of Growth and ROIC on High- and Low-ROIC Companies 2. 基本概念和知识点 ⚫ ROIC ⚫ Type of Growth ⚫ Strategic Decision Making 3. 问题与应用（能力要求） ⚫ Which type of business, a software company or an electric utility, would benefit more from improving ROIC than from increasing growth? Why? Section 3 ECONOMIC PROFIT COMBINES ROIC AND SIZE 1. 主要内容 ⚫ Economic Profit ⚫ Invested Capital 2. 基本概念和知识点 ⚫ Economic Profit = Invested Capital × (ROIC − Cost of Capital) ⚫ Value = Starting Invested Capital + PV of Projected Economic Profit 3. 问题与应用（能力要求） ⚫ What is the Economic Profit? Section 4 THE MATH OF VALUE CREATION 1. 主要内容 ⚫ Some Terminology about Valuation ⚫ Invested Capital ⚫ Key Value Driver Formula ⚫ Common Multiples ⚫ 结合“法治、诚信”社会主义核心价值观分析核心价值驱动公式中各要素的判断 理念与思路。 2. 基本概念和知识点 ⚫ NOPLAT ⚫ Invested Capital ⚫ Net Investment ⚫ Free cash flow (FCF) ⚫ ROIC
●R ·WACC ●Growth 3.问题与应用（能力要求） How to explain the key value driver formula? (三)思若与实 1.If value is based on discounted cash flows,why should a company or investor analyze growth and ROIC? 2.结合“法治”和“诚信”这两方面的社会主义核心价值观，思考如何避免“价值创 造与评估”沦为“数字游戏”。 (四)数学方法与手段 Lecture,Multimedia Teaching,and Class Discussion. Chapter 6 Return on Invested Capital (一)目的与要求 There are many lessons to leamn about returns on invested capital.First,these returns are driven by competitive advantages that enable companies to realize price premiums,cost and capital efficiencies.or some combination of these.Second,industry structure is an important but not an exclusive determinant of ROIC.Certain industries are more likely to eam either high.medium.or low returns.but there is still significant variation in the rates of return for individual companies within each industry.Third,and most important,if a company finds a formula or strategy that eams an attractive ROIC.there is a good chance it can sustain that attractive retumn over time and through changing economic,industry,and company conditions-especially in the case of industries that enjoy relatively long product life cycles Unfortunately,the converse is also true:if a company eams a low ROIC,that is likely to persist as well (二)教学内容 Section 1 WHAT DRIVES ROIC 1.主要内容 Understand how strategy,competitive advantage.and retum on invested capital are linked. The importance of industry structure to ROIC Competitive behavior 4
4 ⚫ IR ⚫ WACC ⚫ Growth 3. 问题与应用（能力要求） ⚫ How to explain the Key Value Driver Formula? （三）思考与实践 1. If value is based on discounted cash flows, why should a company or investor analyze growth and ROIC? 2. 结合“法治”和“诚信”这两方面的社会主义核心价值观，思考如何避免“价值创 造与评估”沦为“数字游戏”。 （四）教学方法与手段 Lecture, Multimedia Teaching, and Class Discussion. Chapter 6 Return on Invested Capital （一）目的与要求 There are many lessons to learn about returns on invested capital. First, these returns are driven by competitive advantages that enable companies to realize price premiums, cost and capital efficiencies, or some combination of these. Second, industry structure is an important but not an exclusive determinant of ROIC. Certain industries are more likely to earn either high, medium, or low returns, but there is still significant variation in the rates of return for individual companies within each industry. Third, and most important, if a company finds a formula or strategy that earns an attractive ROIC, there is a good chance it can sustain that attractive return over time and through changing economic, industry, and company conditions—especially in the case of industries that enjoy relatively long product life cycles. Unfortunately, the converse is also true: if a company earns a low ROIC, that is likely to persist as well. （二）教学内容 Section 1 WHAT DRIVES ROIC 1. 主要内容 ⚫ Understand how strategy, competitive advantage, and return on invested capital are linked. ⚫ The importance of industry structure to ROIC ⚫ Competitive behavior
2.基本概念和知识点 Representation of ROIC Structure-conduct-performance (SCP)framework ●Industry structure Competitive Strategy by Michael Porter Company Profitability:Industry Matters Section 2 COMPETITIVEADVANTAGE 1.主要内容 Sources of Competitive Advantage Price Premium Advantages Cost and Capital Efficiency Advantages 2.基本概念和知识点 Innovative products ●Quality ●Brand ●Customer lock-inm Rational price discipline Innovative business method Unique resources ● Economies of scale Scalable product or process 3.问题与应用（能力要求） How to analyze the Competitive Advantage of a company? Section 3 SUSTAINABILITY OF RETURN ON INVESTED CAPITAL 1.主要内容 Length of Product Life Cycle Persistence of Competitive Advantage Potential for Product Renewal 2.基本概念和知识点 ●Product Life Cycle Competitive Advantage ●Product Renewal 3.问题与应用（能力要求） How to analyze the sustainability of ROIC? 5
5 2. 基本概念和知识点 ⚫ Representation of ROIC ⚫ Structure-conduct-performance (SCP) framework ⚫ Industry structure ⚫ Competitive Strategy by Michael Porter ⚫ Company Profitability: Industry Matters Section 2 COMPETITIVE ADVANTAGE 1. 主要内容 ⚫ Sources of Competitive Advantage ⚫ Price Premium Advantages ⚫ Cost and Capital Efficiency Advantages 2. 基本概念和知识点 ⚫ Innovative products ⚫ Quality ⚫ Brand ⚫ Customer lock-in ⚫ Rational price discipline ⚫ Innovative business method ⚫ Unique resources ⚫ Economies of scale ⚫ Scalable product or process 3. 问题与应用（能力要求） ⚫ How to analyze the Competitive Advantage of a company? Section 3 SUSTAINABILITY OF RETURN ON INVESTED CAPITAL 1. 主要内容 ⚫ Length of Product Life Cycle ⚫ Persistence of Competitive Advantage ⚫ Potential for Product Renewal 2. 基本概念和知识点 ⚫ Product Life Cycle ⚫ Competitive Advantage ⚫ Product Renewal 3. 问题与应用（能力要求） ⚫ How to analyze the sustainability of ROIC?
Section 4 AN EMPIRICALANALYSIS OF RETURNS ON INVESTED CAPITAL 1.主要内容 ●ROICTrends ●ROIC by Industry ●Stability of ROIC Effect of Acquisitions on ROIC 2.基本概念和知识点 ROIC of U.S.-Based Nonfinancial Companies,1963-2013 ●Distribution of ROIC Variation in ROIC within Industries,1995-2013 o Persistence of Industry ROICs ROIC Decay Analysis:Nonfinancial Companies ROIC Transition Probability ROIC with and without Goodwill,1963-2013 3.问题与应用（能力要求） Why do companies operating within the pharmaceutical and biotechnology industries typically sustain higher ROICs than firms in the technology,hardware,and equipment industries? Discuss potential explanations for the widening of the distribution of ROICs across all companies over recent decades (三)思考与实践 1.From a value-creation perspective.is it more important for a company to know where to compete or how to compete?That is,is it more important to play in the right markets or to be the best player in your current markets? 2.Identify and discuss real examples of companies with a competitive advantage based on customer lock-in as opposed to product innovation.Which do you expect to sustain a high ROIC for a longer time? (四)教学方法与手段 Lecture,Multimedia Teaching,and Class Discussion. Chapter 7 Growth (一)目的与要求 6
6 Section 4 AN EMPIRICAL ANALYSIS OF RETURNS ON INVESTED CAPITAL 1. 主要内容 ⚫ ROIC Trends ⚫ ROIC by Industry ⚫ Stability of ROIC ⚫ Effect of Acquisitions on ROIC 2. 基本概念和知识点 ⚫ ROIC of U.S.-Based Nonfinancial Companies, 1963–2013 ⚫ Distribution of ROIC ⚫ Variation in ROIC within Industries, 1995–2013 ⚫ Persistence of Industry ROICs ⚫ ROIC Decay Analysis: Nonfinancial Companies ⚫ ROIC Transition Probability ⚫ ROIC with and without Goodwill, 1963–2013 3. 问题与应用（能力要求） ⚫ Why do companies operating within the pharmaceutical and biotechnology industries typically sustain higher ROICs than firms in the technology, hardware, and equipment industries? ⚫ Discuss potential explanations for the widening of the distribution of ROICs across all companies over recent decades. （三）思考与实践 1. From a value-creation perspective, is it more important for a company to know where to compete or how to compete? That is, is it more important to play in the right markets or to be the best player in your current markets? 2. Identify and discuss real examples of companies with a competitive advantage based on customer lock-in as opposed to product innovation. Which do you expect to sustain a high ROIC for a longer time? （四）教学方法与手段 Lecture, Multimedia Teaching, and Class Discussion. Chapter 7 Growth （一）目的与要求
To maximize value for their shareholders,companies should understand what drives growth and what makes it value-creating.Long-term revenue growth for large companies is largely driven by the growth of the markets in which they operate.Although gains in market share contribute to revenues in the short term,these are far less important for long-term growth.Revenue growth is not all that matters for creating value:the value created per dollar of additional revenues is the crucial point Sustaining high growth is no less a challenge than initiating it (二)教学内容 Section 1 DRIVERS OF REVENUE GROWTH 1.主要内容 Disaggregate revenue growth into its three main components Variation in Revenue Growth by Industry Understand markets in the fine-grained way and the differences in companies'revenue growth 2.基本概念和知识点 ●Portfolio momentum Market share performanc Mergers and acquisitions Analyze market growth at the level of individual product and geographical segments 3.问题与应用（能力要求） Discuss the three generic sources of a company's growth,their relative importance for its growth,and what this means for a company's strategy. section 2 growthAnd VALUE CREATION 1.主要内容 Value of Major Types of Growth and Rationale Relationship between growth and value creation 2.基本概念和知识点 。Types of Growth ●Value Creatior 3.问题与应用（能力要求） Why could growth through a series ofbolt-on acquisitions create more value than growth through a single large acquisition? Identify and discuss an example where growth in market share through a price war created long-term value for a company. 7
7 To maximize value for their shareholders, companies should understand what drives growth and what makes it value-creating. Long-term revenue growth for large companies is largely driven by the growth of the markets in which they operate. Although gains in market share contribute to revenues in the short term, these are far less important for long-term growth. Revenue growth is not all that matters for creating value; the value created per dollar of additional revenues is the crucial point. Sustaining high growth is no less a challenge than initiating it. （二）教学内容 Section 1 DRIVERS OF REVENUE GROWTH 1. 主要内容 ⚫ Disaggregate revenue growth into its three main components ⚫ Variation in Revenue Growth by Industry ⚫ Understand markets in the fine-grained way and the differences in companies’ revenue growth 2. 基本概念和知识点 ⚫ Portfolio momentum ⚫ Market share performance ⚫ Mergers and acquisitions ⚫ Analyze market growth at the level of individual product and geographical segments 3. 问题与应用（能力要求） ⚫ Discuss the three generic sources of a company’s growth, their relative importance for its growth, and what this means for a company’s strategy. Section 2 GROWTH AND VALUE CREATION 1. 主要内容 ⚫ Value of Major Types of Growth and Rationale ⚫ Relationship between growth and value creation 2. 基本概念和知识点 ⚫ Types of Growth ⚫ Value Creation 3. 问题与应用（能力要求） ⚫ Why could growth through a series of bolt-on acquisitions create more value than growth through a single large acquisition? ⚫ Identify and discuss an example where growth in market share through a price war created long-term value for a company
Section 3 WHY SUSTAINING GROWTH IS HARD 1.主要内容 Sustaining growth is difficult because most product markets have natural life cycles. The Challenge of Sustaining High Growth 2.基本概念和知识点 Variation in Growth over Product Life Cycle Wal-Mart and eBay:Growth Trajectories 3问颗与应用（能力要求） Why do fast-growing companies typically fail to sustain their high growth rates? Section 4 EMPIRICALANALYSIS OF CORPORATE GROWTH 1.主要内容 ●Growth Trends Growth across Industries ●Sustaining growth 2.基本概念和知识点 Long-Term Revenue Growth for Nonfinancial Companies,1965-2013 Distribution of Growth Rates Volatile Growth by Industry Revenue Growth Decay Analysis Revenue Growth Transition Probability 3.问题与应用（能力要求） Why do company growth rates typically converge much more quickly toward the average rate across all companies than their rates of ROIC,given that both ultimately depend on the underlying product life cycles? Discuss why the ranking of industries by growth varies more over time than their ranking by ROIC (三)思考与实践 1.For which type of company is additional growth likely to create more value:a high-ROIC company in a mature market or a low-ROICcompany in a fast-growing market?Give reasons for your answer. 2.If growth from gaining market share through product promotion and pricing rarely creates much value,why do most consumer goods companies put so much effort into it? 8
8 Section 3 WHY SUSTAINING GROWTH IS HARD 1. 主要内容 ⚫ Sustaining growth is difficult because most product markets have natural life cycles. ⚫ The Challenge of Sustaining High Growth 2. 基本概念和知识点 ⚫ Variation in Growth over Product Life Cycle ⚫ Wal-Mart and eBay: Growth Trajectories 3. 问题与应用（能力要求） ⚫ Why do fast-growing companies typically fail to sustain their high growth rates? Section 4 EMPIRICAL ANALYSIS OF CORPORATE GROWTH 1. 主要内容 ⚫ Growth Trends ⚫ Growth across Industries ⚫ Sustaining Growth 2. 基本概念和知识点 ⚫ Long-Term Revenue Growth for Nonfinancial Companies, 1965–2013 ⚫ Distribution of Growth Rates ⚫ Volatile Growth by Industry ⚫ Revenue Growth Decay Analysis ⚫ Revenue Growth Transition Probability 3. 问题与应用（能力要求） ⚫ Why do company growth rates typically converge much more quickly toward the average rate across all companies than their rates of ROIC, given that both ultimately depend on the underlying product life cycles? ⚫ Discuss why the ranking of industries by growth varies more over time than their ranking by ROIC. （三）思考与实践 1. For which type of company is additional growth likely to create more value: a high-ROIC company in a mature market or a low-ROIC company in a fast-growing market? Give reasons for your answer. 2. If growth from gaining market share through product promotion and pricing rarely creates much value, why do most consumer goods companies put so much effort into it?
(四)教学方法与手段 Lecture,Multimedia Teaching,and Class Discussion Chapter 8 Frameworks for Valuation (一)目的与要求 Understand the most common DCF valuation models,with particular focus on the enterprise DCF model and the economic-profit model.Understand some specific models such as APV model,Capital cash flow model,Equity cash flow model.Each model has its own rationale,and each has an important place in corporate valuation. (二)教学内容 Section 1 ENTERPRISE DISCOUNTED CASH FLOW MODEL 1.主要内容 Four-part process of using enterprise DCF model ●Valuing Operations Identifying and Valuing Nonoperating Assets Identifying and Valuing Debt and Other Nonequity Claims ●Valuing Equity 2.基本概念和知识点 Enterprise Valuation ofa Single-Business Company Enterprise Valuation ofa Multi-business Company Enterprise DCF Valuation Historical ROIC Analysis Free Cash Flow Calculation and Projection ●Continuing Value ·WACC ●Nonoperating Assets ●Nonequity Claims ●Equity 3.问题与应用（能力要求） How to use Enterprise DCFmodel to estimate equity value? Section 2 ECONOMIC-PROFIT-BASED VALUATION MODELS 1.主要内容 ●Economic Profit
9 （四）教学方法与手段 Lecture, Multimedia Teaching, and Class Discussion. Chapter 8 Frameworks for Valuation （一）目的与要求 Understand the most common DCF valuation models, with particular focus on the enterprise DCF model and the economic-profit model. Understand some specific models such as APV model, Capital cash flow model, Equity cash flow model. Each model has its own rationale, and each has an important place in corporate valuation. （二）教学内容 Section 1 ENTERPRISE DISCOUNTED CASH FLOW MODEL 1. 主要内容 ⚫ Four-part process of using enterprise DCF model ⚫ Valuing Operations ⚫ Identifying and Valuing Nonoperating Assets ⚫ Identifying and Valuing Debt and Other Nonequity Claims ⚫ Valuing Equity 2. 基本概念和知识点 ⚫ Enterprise Valuation of a Single-Business Company ⚫ Enterprise Valuation of a Multi-business Company ⚫ Enterprise DCF Valuation ⚫ Historical ROIC Analysis ⚫ Free Cash Flow Calculation and Projection ⚫ Continuing Value ⚫ WACC ⚫ Nonoperating Assets ⚫ Nonequity Claims ⚫ Equity 3. 问题与应用（能力要求） ⚫ How to use Enterprise DCF model to estimate equity value? Section 2 ECONOMIC-PROFIT-BASED VALUATION MODELS 1. 主要内容 ⚫ Economic Profit
Valuation Using Economic Profit 2.基本概念和知识点 Economic Profit Invested Capital x(ROIC-WACC) Economic Profit =NOPLAT-(Invested Capital x WACC) o Economic-Profit-Based valuation Models The benefits ofeconomic profit 3.问题与应用（能力要求） How to use economic-profit-based valuation model to estimate enterprise value? Section s adjusted presentvAlue mODel 1.主要内容 ●Value of operations Adjusted Present Value Capital structure effects Valuation Using Adjusted Present Value 2.基本概念和知识点 ●All-equity financed ●Tax shields Franco Modigliani and Merton Miller Theory Unlevered Cost of Equity ●Debt-to-value ratio 3.问题与应用（能力要求》 Why do we need to use APV model? Section 4 CAPITAL CASH FLOW MODEL 1.主要内容 Valuation Using Capital cash flow 2.基本概念和知识点 ●Capital cash flow 3.问题与应用（能力要求） How to value a company by capital cash flow model? Section 5 cash-flow-to-eoulty vAlUATION MODEL 1.主要内容 ●Valuation Using CFE 2.基本概念和知识点 10
10 ⚫ Valuation Using Economic Profit 2. 基本概念和知识点 ⚫ Economic Profit = Invested Capital × (ROIC − WACC) ⚫ Economic Profit = NOPLAT − (Invested Capital × WACC) ⚫ Economic-Profit-Based Valuation Models ⚫ The benefits of economic profit 3. 问题与应用（能力要求） ⚫ How to use economic-profit-based valuation model to estimate enterprise value? Section 3 ADJUSTED PRESENT VALUE MODEL 1. 主要内容 ⚫ Value of operations ⚫ Adjusted Present Value ⚫ Capital structure effects ⚫ Valuation Using Adjusted Present Value 2. 基本概念和知识点 ⚫ All-equity financed ⚫ Tax shields ⚫ Franco Modigliani and Merton Miller Theory ⚫ Unlevered Cost of Equity ⚫ Debt-to-value ratio 3. 问题与应用（能力要求） ⚫ Why do we need to use APV model? Section 4 CAPITAL CASH FLOW MODEL 1. 主要内容 ⚫ Valuation Using Capital cash flow 2. 基本概念和知识点 ⚫ Capital cash flow 3. 问题与应用（能力要求） ⚫ How to value a company by capital cash flow model? Section 5 CASH-FLOW-TO-EQUITY VALUATION MODEL 1. 主要内容 ⚫ Valuation Using CFE 2. 基本概念和知识点