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• EVA: Economic Value Added • Value added to shareholders by management during a given year • To measure the effects of managerial actions • EVA = After-tax operating profit - After-tax cost of total capital
P0= D0(1+g)/(Ks-g) • P0 the expected price of the stock today • D0 dividend the stockholder
expects to receive today
• Ks required return rate • g expected growth rate
15
11
Original situation
8
0 0.5
1.0
1.5
2.0
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MBA基础培训
会计报表和财务管理
CAPM Model & SML(6)
Required Rate of Return (%)
kM = 18%
18 kM = 15%
15
8
After increase
in risk aversion SML2
Stock
Beta
America Online
2.10
Bally Entertainment
1.55
Microsoft Corp
1.20
General Electric
1.15
Procter & Gamble
1.05
Coca-Cola
1.00
Heinz
0.90
Empire District Electric 0.55
Net FA Total Assets
1997
7,282 632,160 1,287,360 1,926,802 1,202,950 263,160 939,790 2,866,592
1996
57,600 351,200 715,200 1,124,000 491,000 146,200 344,800 1,468,800
investors =(Shares outstanding)(Stock Price)
-Total common equity
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MBA基础培训
• MVA Example
MVA & EVA (2)
会计报表和财务管理
Coca-Cola in 1995
Market value of Equity:$69b
a portfolio consisting of all stocks
会计报表和财务管理
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MBA基础培训
CAPM Model & SML(2)
会计报表和财务管理
Beta(bi): • A measure of the extent to which the returns on a given
• Expense control • Asset utilization • Debt utilization
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MBA基础培训
Du Pont Equations
会计报表和财务管理
• ROA=Profit margin*Total assets turnover • ROE=ROA*Equity multiplier • ROE=(Profit margin)(Total asset turnover)(Equity multiplier)
Net cash provided by ops.
(519,936)
116,960 378,560 353,600
(280,960) (572,160)
(523,936)
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MBA基础培训
会计报表和财务管理
Statement of Cash Flows (1997)
L-T INVESTING ACTIVITIES Investment in fixed assets
会计报表和财务管理
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MBA基础培训
MVA & EVA (5)
会计报表和财务管理
• Security analysts: The stock prices track EVA far more closely than other factorsn
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MBA基础培训
CAPM Model & SML(1)
• CAPM Capital Asset Pricing Model • SML The Security Market Line • SML Equation Required return On Stock I= Risk-free rate + (Market risk premium)(Stock’s beta) OR Ki=KRF+(KM-KRF)bi Note: KM,required rate of return on
Total common equity:$8b MVA: $61b EPS: $8.63
GM in 1995 Market value of Equity: $69b Total common equity:$87b
MVA: $18b
EPS: $0.79
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MBA基础培训
MVA & EVA (3)
Total equity Total L&E
1997 524,160 720,000 489,600 1,733,760 1,000,000 460,000 (327,168) 132,832 2,866,592
1996 145,600 200,000 136,000 481,600 323,432 460,000 203,768 663,768 1,468,800
= EBIT (1-Corporate tax rate)- After-tax cost of total capital
Total capital includes:
Long-term debt,preferred stock, and common equity
会计报表和财务管理
SINOTRUST
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MBA基础培训
Statement of Cash Flow(1997)
会计报表和财务管理
OPERATING ACTIVITIES
Net income Add (sources of cash):
Depreciation Increase in Accts. Payable Increase in accruals Subtract (uses of cash): Increase in Accts.Receivable Increase in inventories
MBA基础培训
会计报表和财务管理
会计报表和财务管理(PPT 29 页)
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MBA基础培训
会计报表和财务管理
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MBA基础培训
会计报表和财务管理
Balance Sheet: Assets
Cash AR Inventories
Total CA Gross FA Less: Deprec.
(711,950)
FINANCING ACTIVITIES Increase in notes payable Increase in long-term debt Payment of cash dividends Net cash from financing
NET CHANGE IN CASH
=Net income/sales*sales/Total Assets*Total assets/Common equity
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MBA基础培训
The other key ratios
• P/E ratio = The market price of stock /EPS • EPS = Earnings/The shares outstanding • What is your idea?
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MBA基础培训
MVA & EVA (4)
EVA case study • CSX Corporation in 1988, stock price $28 • BU:Locomotive,containers,trailer,railcars • EVA approach lost $70M • Selling off, increasing volume • Till 1993, stock price $82.5
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680,000 116,960 6,524,960 (690,560) 176,000 (866,560) (346,624) (519,936)
1996
3,432,000 2,864,000
340,000
18,900 3,222,900
209,100
62,500 146,600
58,640 87,960
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MBA基础培训
会计报表和财务管理
Balance Sheet:Liabilities and Equity
Accts payable Notes payable Accruals
