应用于价值管理的估值模型。在UK公司问题案例中的应用
Valuation Models Applied to Value-Based Management. Application to the Case of UK Companies with Problems
摘要：
许多人仍然想知道会计数字是否会影响企业价值。基本问题是为什么？怎么做本文旨在通过一些绩效评估系统，在价值管理的框架下，对如何优化最合适的评估方法进行客观的选择。首先，我对估值方法进行了全面的回顾。三种估值方法，（i）自由现金流量估值模型（FCFVM），（ii）剩余盈利估值模型（REVM）和（iii）异常盈利增长模型（AEGM），提出。我指出了优点和局限性。作为应用程序，证据的研究结果说明了三个研究案例：玛莎百货的业务模式（规模和增长前景），这有一个最近公布的估值问题，和两个可比的公司，乐购和塞恩斯伯里的，所有三个选择的多重为基础的估值。为此，选择了两个价值驱动因素，EnV/EBIT（实体价值/息税前利润）和相应的EnV/销售额。因此，通过基于数理经济学的模型计算的会计数字是否真正影响商业价值的问题有一个答案：也许，是的。
英文摘要：
Many still rightly wonder whether accounting numbers affect business value. Basic questions are why? and how? I aim at promoting an objective choice on how optimizing the most suitable valuation methods under a value-based management framework through some performance measurement systems. First, I present a comprehensive review of valuation methods. Three valuations methods, (i) Free Cash Flow Valuation Model (FCFVM), (ii) Residual Earning Valuation Model (REVM) and (iii) Abnormal Earning Growth Model (AEGM), are presented. I point out to advantages and limitations. As applications, the proofs of the findings are illustrated on three study cases: Marks & Spencer's business pattern (size and growth prospect), which had a recently advertised valuation problem, and two comparable companies, Tesco and Sainsbury's, all three chosen for multiple-based valuation. For the purpose, two value drivers are chosen, EnV/EBIT (entity value/earnings before interests and taxes) and the corresponding EnV/Sales. Thus, the question whether accounting numbers through models based on mathematical economics truly affect business value has an answer: Maybe, yes.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
