资产评估（附CD） VALUATION, FOURTH EDITION 下载 pdf 百度网盘 epub 免费 2025 电子书 mobi 在线

At the crossroads of corporate strategy and finance lies valuation. And in today's economy— whether you're a seasoned manager or a budding business professional—it's essential to excel at measuring, managing, and maximizing shareholder and company value. Valuation,with its companion CD-ROM, will show you how to do just that and much more.

Hailed by financial professionals worldwide as the single best guide of its kind, Valuation, Fourth Edition with CD-ROM combines the dynamic flexibility of Excel spreadsheets with the depth and breadth of a classic text. Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fourth Edition with CD-ROM continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all-new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect the events of the Internet bubble and its effect on stock markets, new developments in academic finance, changes in accounting rules (both U. S. and IFRS), and an enhanced global perspective.

Valuation, Fourth Edition with CD-ROM is filled with expert guidance as well as a valuation model developed by McKinsey's own finance practice. With the companion CD-ROM as your guide, you can even conduct your own valuation analysis of companies.

This package contains a solid framework that managers at all levels, investors, and students have come to trust. With it, you'll receive an executive education on:

Analyzing historical performance, including reorgan-izing a company's financial statements to reflect economic rather than accounting performance

Forecasting performance, with emphasis on not just the mechanics of forecasting but also how to think about a company's future economics

Estimating the cost of capital with practical tips that aren't found in textbooks

Interpreting the results of a valuation in light of a company's competitive situation

Linking a company's valuation multiples to the core drivers of its performance

Valuation, Fourth Edition with CD-ROM remains true to its roots with an extensive discussion on the complexity of measuring corporate performance to assess historical financial results properly and to gain insight into a company's ability to create value in the future (its corporate "health"). A complementary chapter advises managers how to run companies to create long-term value, and a new chapter explores ways to improve communication with financial markets.

Valuation, Fourth Edition with CD-ROM stands alone in this field with its reputation of quality and consistency. The author team of Tim Koller, Marc Goedhart, and David Wessels has taken the latest insights from their experiences working with global companies and created one of the most engaging and insightful guides to valuation. If you want to hone your valuation skills today and improve them for years to come, look no further than the Fourth Edition of Valuation with CD-ROM.

作者简介：McKINSEY & COMPANY is a management consulting firm that helps leading corporations and organizations make distinctive, lasting, and substantial improvements in their performance. Over the past seven decades, the firm's primary objective has remained constant: to serve as an organization's most trusted external advisor on critical issues facing senior management. With consultants deployed from over eighty offices in more than forty countries, McKinsey advises companies on strategic, operational, organizational, financial, and technological issues. The firm has extensive experience in all major industry sectors and primary functional areas, as well as in-depth expertise in high-priority areas for today's business leaders.

Part One: Foundations of Value

1 Why Maximize Value?

2 The Value Manager

3 Fundamental Principles of Value Creation

4 Do Fundamentals Really Drive the Stock Market?

Part Two: Core Valuation Techniques

5 Frameworks for Valuation

6 Thinking about Return on Invested Capital and Growth

7 Analyzing Historical Performance

8 Forecasting Performance

9 Estimating Continuing Value

10 Estimating the Cost of Capital

11 Calculating and Interpreting Results

12 Using Multiples for Valuation

Part Three: Making Value Happen

13 Performance Measurement

14 Performance Management

15 Creating Value through Mergers and Acquisitions

16 Creating Value through Divestitures

17 Capital Structure

18 Investor Communications

Part Four: Advanced Valuation Issues

19 Valuing Multibusiness Companies

20 Valuing Flexibility

21 Cross-Border Valuation

22 Valuation in Emerging Markets

23 Valuing High-Growth Companies

24 Valuing Cyclical Companies

25 Valuing Financial Institutions

Appendix A: Economic Profit and the Key Value Driver Formula

Appendix B: Discounted Economic Profit Equals Discounted Free Cash Flow

Appendix C: Adjusted Present Value Equals Discounted Free Cash Flow

Appendix D: Levering and Unlevering the Cost of Equity

Appendix E: Leverage and the Price-Earnings Multiple

Index

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书籍介绍

The number 1 guide to corporate valuation is back ...and better than ever! 'The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives' - Professor Benjamin C. Esty, Harvard Business School author of "Modern Project Finance: A Casebook". 'The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition' - Dr. Raymund Breu, Chief Financial Officer, Novartis AG. '"Valuation" gets to the heart of how to measure and manage value in a company. Whether you are evaluating an acquisition, restructuring a corporation, or formulating strategy, this book will help you do it well' - John A. Manzoni, Chief Executive Refining and Marketing, BP plc. Praise for the first edition: 'A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies' - "The New York Times". 'The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation' - "Financial Times".