. , , , , . , , , , , , 3. , , ,
1 .
2 , , , 1996 . (R.W. Mills),
(/. D. DeBono), (U. D. DeBono), (. Print)
(D. Parker) 250
, 71%
29%
. The use of shareholder
value analysis in acquisition and divestment decisions by large UK companies,
Research Report for the Charted Institute of Management Accountants, 1996.
3 Stulz, Rene M. Globalization, corporate finance, and the cost of capital,./oMrwo/
of Applied Corporate Finance, Volume 12, Nov. 3, Fall 1999, p. 10.
, . , . 1975 1997 ., Ronald M. Schramm Henry N. Wong , , . 0,104 31 1.
( ), , . , , 2.
4.5. : (EVA3)
(EVA) , . EVA4 , , . , , (Alfred Marshall). , , ,
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1 Schramm, Ronald M. and Wong, Henry N., Measuring the cost of capital in an
international CAPM framework,,/ora/ of Applied Corporate Finance, Volume 12,
Nov. 3, Fall 1999, p. 68.
2 Pettit, Justin, Mack, Ferguson and Robert Gluck A method for estimating global
corporate capital costs: the case of BestioodsJournal of Applied Corporate Finance,
Volume 12, Nov. 3, Fall 1999, p. 90.
3 EVA Economic Value Added. . .
4 EVA Stem Stewart &
,
.
. 4.9. , EBIT EBIAT ( NOPAT)
, 1. , (ROCE2) , .
ROCE , (EBIAT), , , . 4.9 4.10 EBIAT .
1 De-jargoning EVA, by John Rutledge, Forbes, Oct. 25, 1993, p. 148.
2 ROCE Return on Capital Employed. . .
3 EBIAT NOPAT Net Operating Profit After Tax.
. 4.10.
. 4.11. EVA ( , )
ROCE>
=> EBIAT/ > WACC
=> 1> ( ) WACC
=> EBIAT [ WACC] >
=> EVA > 0.
,
, ( ) , .
EVA , , , , , .
EVA , , , ; - .
EVA , . - . .
4.11 EVA .
4.6. EVA :
, , , . , 1. . , , :
|
|
100
A/R 200 / 100
-
150 200
NFA 250 400
700 700
:
' Bertoneche, M. Share buy back: the European and Japanese experience, Harvard Business school, 9-298-134, p. 2.
200
500 400
=
= NFA + = = 250 + [200 + 150 - 100 ] = 500 .
, ROCE 12%, 10% 4%.
, WACC [(2/3 10%) + (1/3 4%)] = 8%.
ROCE- WACC = 12% - 8% = 4% => EVA = 500 0,04 = 20 1.
, , :
♦ =
+ EVA;
♦ = +
+ ;
♦ =
+ , .
1. 2%
EVA = 100 [0,02 - 0,08] = - 6 . :
EVA = 20 - 6 = 14 .
EVA 2 14 /0,08 = 175 .
, = 400 + 175 = 575 :
=> = 575 + 200 = 775 ; = 575 + 0 = 575 .
1 EBIAT 12% 500 , . . 60 => EVA = 60 - [500 0,08] = 20 .
2 , X (
), k X/k.
.
2. ,
100 , :
100
500 400
500 500
, WACC:
(4/5 10%) + (1/5 4%)] = 8,8%.
ROCE -WACC = 12% - 8,8% = 3,2%.
EVA = 500 3,2% =16 .
EVA , 16 / 0,088 = 181,8 .
= = 400 + 181,8 = 581,8 .
=> = 581,8 + 100 = 681,8 . = 581,8 + 0 = 581,8 .
3. , WACC, 10%, , (12%)
EVA = = 100 [0,10 - 0,08] = 2 .
WACC, .
, EVA :
20 + 2 = 22 .
EVA, , 22 / 0,08 = 275 .
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= = 400 + 275 = 675 ;
= 100 + 675 = 775 ; = 675 + 0 = 675 .
400 - 100 = 300 , :
200
500 300
500 500
, , WACC:
(3/5 10%) + (2/5 4%)] = 7,6%; ROCE - WACC = 12% - 7,6% = 4,4%.
EVA = 500 0,044% = 22 . EVA, 22 / 0,076 = 289,5 .
= = 300 + 289,5 = 589,5 .
= 200 + 589,5 = 789,5 . = 589,5 + 100 = 689,5 .
( ) . , WACC, 1.
, . , . . WACC , . , , .
1 . , .
5
:
, , , , .
, :
V=CF1/(1 + k) + CF2 / (1 + k)2 +... + CFn (1 + k) n, (1)
:
♦ F , (
), ;
♦ k (opportunity cost of
capital), . . ,
, ,
, (. 4);
♦ n .
5.1. (DCF1):
, .
, , , , , . . . , , , , .
DCF Discounted Cash Flow. . .
, 10000 10500 11000
|
|
, 180000
, 8% , ?
:
10 000, , 10 000 / (1 + 0,08) = 9259', 9259 (8%) 10 000.
10 500, ( , ), :
10 500/(1+0,08)2,..9002.
9002 8% , 10500 .
, . , , , , , , . (discounting). , .
, 11 000, ,
11 000/(1+0.08)3, .. 8732.
, , , 180 000 142 890 .
: 9259 + 9002 + 8732 + 142 890 = 169 883. , 169883
. . .
, 8%, . , 169 883 , , 8%. , , , 169 883, , , 8%.
, . , , , , ( , , . .) .
. , , . - ( !). , , , . , , , . DCFn , .