經濟,財務,統計學,數理科學與政治評論

Hello there:

 這裡要談的是如何運用FCFF與FCFE來評估企業的價值!!

 (1)One-stage (GGM-like) FCFF and FCFE valuation

   1.the value of firm = FCFFo * (1 + g)/(WACC - g)

    where

     WACC = MV(D)/V * r(D) * (1- tax rate) + MV(pref.)/V * r(pref.) + MV(E) * r(E)

    with

     V = MV(D) + MV(pref.) + MV(E)

    Then

     Equity = the value of firm - the value of debt - the value of preferred stock

   2.the value of equity = FCFEo * (1 + g)/(r(E) - g)

  <小結>

    1. Dividends, share repurchases and share issues have no effect on FCFF and FCFE !!

    2. Changes in leverage have only a mild effect on FCFE and no effect on FCFF !!!

 (2)Two-Stages FCFF and FCFE valuation

   Firm Value = Sum of (t= 1,2,3,.....,T, FCFF(t) in each period discounted at WACC) + [FCFF(T+1)/(WACC - g)]* 1/[(1+WACC)**T]

   Equity = Sum of (t= 1,2,3,.....,T, FCFE(t) in each period discounted at r(E)) + [FCFF(T+1)/(r(E) - g)]* 1/[(1+r(E))**T]

 (小結)值得注意的是當您很仔細的發現企業的nonoperating assets(cash, marketable securities, land held for investment等等)很多時,企業的價值必須為

      Value of firm = Value of operating assets + Value of non-operating assets

  特別值得注意的是那些marketable securities必須採用公平市價來評估!!