英文标题：
《Valuation Models Applied to Value-Based Management. Application to the
Case of UK Companies with Problems》
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作者：
Marcel Ausloos
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最新提交年份：
2020
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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.
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中文摘要：
许多人仍然正确地怀疑会计数字是否会影响商业价值。基本问题是为什么？怎么做？我的目标是通过一些绩效衡量系统，促进在基于价值的管理框架下如何优化最合适的估值方法的客观选择。首先，我对估值方法进行了全面回顾。提出了三种估值方法：（i）自由现金流估值模型（FCFVM），（ii）剩余收益估值模型（REVM）和（iii）异常收益增长模型（AEGM）。我指出了优点和局限性。作为应用，研究结果的证据在三个研究案例中得到了说明：马莎百货的业务模式（规模和增长前景），最近有一个公开的估值问题，以及两家可比较的公司，特易购和塞恩斯伯里，这三家公司都被选为多重估值公司。为此，选择了两个价值驱动因素：环境/息税前利润（实体价值/息税前收益）和相应的环境/销售额。因此，通过基于数学经济学的模型计算的会计数字是否真的会影响商业价值的问题有一个答案：也许，是的。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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