Valoración通过现金流贴现对公司进行估值:10种方法和7种理论)

IF 2.2 3区 经济学 Q2 BUSINESS, FINANCE
Pablo Fernández
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Los diez metodos proporcionan siempre el mismo valor. Este resultado es logico porque todos los metodos analizan la misma realidad bajo las mismas hipotesis; solo difieren en los flujos que toman como punto de partida para la valoracion. Tambien se muestran 7 teorias sobre el valor del ahorro de impuestos debido a los intereses (VTS) y su impacto en la valoracion. English Abstract: This paper is a summarized compendium of all the methods and theories on company valuation using discounted cash flows. 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The disagreements among the various theories of firm valuation arise from the calculation of the value of the tax shields (VTS). The paper shows and analyses 7 different theories on the calculation of the VTS: No-cost-of-leverage, Modigliani and Miller (1963), Myers (1974), 7 Miles and Ezzell (1980), Harris and Pringle (1985), Damodaran (1994), 7 and Practitioners method. 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引用次数: 5

摘要

摘要:本文总结了通过流量贴现对公司进行估值最常用的方法和理论。所描述的10种方法是:股票流折现到股票所需的盈利能力;自由现金流贴现到WACC;在税前扣除WACC的资本现金流;APV(调整现值);经业务风险调整的自由现金流,扣除资产所需的盈利能力;经业务风险调整的股票的现金流量,扣除资产所需的盈利能力;经济利润折现到股票所需的利润;EVA折扣到WACC;按无风险率折现的自由调整现金流,以及按无风险率折现的调整股票现金流。这十种方法总是给出相同的值。这个结果是合乎逻辑的,因为所有的方法都在相同的假设下分析相同的现实;它们只是在作为估值起点的流程上有所不同。本文还介绍了关于利息税收储蓄(VTS)价值及其对估值的影响的7种理论。English Abstract: This paper is a概括《all the方法和不同公司的再保险公司using discounted r10流动。它显示了十种贴现现金流估值方法:1)按要求的股权回报贴现的股权现金流;2)在WACC贴现的自由现金流;3)税前按WACC折现的资本现金流;4) APV(调整现值);5)企业风险调整后的自由现金流折算为所需的资产回报;6)企业风险调整后的股权现金流按要求的资产回报折现;7)按要求的股权回报折现的经济利润;8)在WACC打折的EVA;(九)按无风险率折算的无风险调整后的自由现金流;10)按要求的资产回报折算的无风险调整后的股权现金流。= =地理= =根据美国人口普查,这个县的总面积为,其中土地和(5.5%)水。这个结果是合乎逻辑的,因为所有的方法都在相同的假设下分析相同的现实;它们只在作为估值起点的现金流上有所不同。各种公司估值理论之间的分歧源于对税收盾(VTS)价值的计算。本文提出并分析了计算VTS的7种不同理论:Modigliani和Miller(1963)、Myers(1974)、7 Miles和Ezzell(1980)、Harris和Pringle(1985)、Damodaran(1994)、7和实践者方法。这篇论文根据这些理论列出了最重要的估值方程,并展示了当债务的市场价值不等于其账面价值时估值方程的变化。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Valoración de empresas por descuento de flujos: 10 métodos y 7 teorías (Valuing Companies by Cash Flow Discounting: 10 Methods and 7 Theories)
Spanish Abstract: Este documento es un compendio de los metodos y teorias mas utilizados para valorar de empresas por descuento de flujos. Los 10 metodos descritos son: flujos para las acciones descontados a la rentabilidad exigida a las acciones; free cash flow descontado al WACC; capital cash flows descontados al WACC antes de impuestos; APV (adjusted present value); free cash flows ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; cash flows para las acciones ajustados al riesgo del negocio descontados a la rentabilidad exigida a los activos; beneficio economico descontado a la rentabilidad exigida a las acciones; EVA descontado al WACC; free cash flows ajustados descontados a la tasa libre de riesgo, y cash flows para las acciones ajustados descontados a la tasa libre de riesgo. Los diez metodos proporcionan siempre el mismo valor. Este resultado es logico porque todos los metodos analizan la misma realidad bajo las mismas hipotesis; solo difieren en los flujos que toman como punto de partida para la valoracion. Tambien se muestran 7 teorias sobre el valor del ahorro de impuestos debido a los intereses (VTS) y su impacto en la valoracion. English Abstract: This paper is a summarized compendium of all the methods and theories on company valuation using discounted cash flows. It shows ten discounted cash flow valuation methods: 1) equity cash flows discounted at the required return to equity; 2) free cash flow discounted at the WACC; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required return to assets; 6) the business's risk-adjusted equity cash flows discounted at the required return to assets; 7) economic profit discounted at the required return to equity; 8) EVA discounted at the WACC; 9) the risk-free rate-adjusted free cash flows discounted at the risk-free rate; and 10) the risk-free rate-adjusted equity cash flows discounted at the required return to assets. All ten methods always provide the same value. This result is logical, as all the methods analyze the same reality under the same hypotheses; they differ only in the cash flows taken as the starting point for the valuation. The disagreements among the various theories of firm valuation arise from the calculation of the value of the tax shields (VTS). The paper shows and analyses 7 different theories on the calculation of the VTS: No-cost-of-leverage, Modigliani and Miller (1963), Myers (1974), 7 Miles and Ezzell (1980), Harris and Pringle (1985), Damodaran (1994), 7 and Practitioners method. The paper lists the most important valuation equations according to each of these theories, and also shows how the valuation equations change when the debt's market value is not equal to its book value.
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来源期刊
European Journal of Finance
European Journal of Finance BUSINESS, FINANCE-
CiteScore
5.40
自引率
8.00%
发文量
72
期刊介绍: The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.
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