关于上市公司股票估值的FCFF模型运用，求高手！~

目前自己正在对一直A股上市公司进行股票估值，自己用的是基本面分析，主要使用FCFF定价模型，从上市公司报表上看，有合并会计报表（consolidation method）和母公司会计报表（equity method）之分，那么我在估值的时候是应该用哪种会计报表呢？

我觉得理论上说，两种报表计算出来的公司股票价值应该是一致的，那么两种方法如何协调一致呢（reconciliation）？是不是根据合并会计报表的资产负债表的少数股东权益项进行修正呢？

求高手，提前感谢~

tks.......

consolidation method or equity method ?
I think accounting guys have done the job and the cash flow figures you need are shown on financial statements. No need to adjust for ac methods

kearuj 发表于 2012-12-19 16:00
consolidation method or equity method ?
I think accounting guys have done the job and the cash flow ...

恩，上市公司年报里面确实已经编纂了两类报表了，我的问题是：
1.到底应该用哪一类会计报表计算FCFF，进而得到股票价值？
2.我觉得理论上两类报表得到的股票价值应该是一样的，仅仅是感觉。。。我们如何将两类报表计算结果进行reconciliation？
BTW, thank you for your kind reply~

sorry, i dont quite understand the situation.... as i see,  the parent firm prepares its financial statements in accordance with % of Ownership, say eg. it owns 40%of the sub >> Equity Method ; 70 %>> Acquisition Method. This is just one set of Financial statemnts

you mentioned "A股上市公司" in your question ........ do u mean in China's Accounting principles, firms actually prepare more than ONE set ?! i am not sure about it

kearuj 发表于 2012-12-20 15:24
sorry, i dont quite understand the situation.... as i see,  the parent firm prepares its financial s ...

yes, Chinese public listed companies should prepare their financial statements in two complementary versions(consolidation method version and equity method version). But as an analyst interested in equity valuation, I cannot determine which one is better for the valuation.

Thanks.

sorry , i just have a look at 萬科 A and 神華A's Annual Report 2011, but only see  ONE  set of financial statements. Can you post the "in two complementary versions" ?

kearuj 发表于 2012-12-23 20:33
sorry , i just have a look at 萬科 A and 神華A's Annual Report 2011, but only see  ONE  set of finan ...

刚刚下载了万科2011年报，确实也有两套表啊。一套叫“合并***”（分别在第62，64,66,68,69页），一套叫“母公司***”（分别在第63,65,67，70,71页）。我就是想知道，是应该用“合并***”的报表数据来定价，还是“母公司***”的数据来定价。。。
我反正觉得挺复杂的，想了几天没头绪。。。

yes, there are 2 sets of statements :“合并***” and 母公司***”, but they are not what you mentioned about consolidation method and equity method.

And you can easily see that the firm just announces figures in “合并***” as its financial result.

In short, for our analysis on the listed part of 万科, just focus on合并*** and forget about 母公司***.

kearuj 发表于 2012-12-26 22:42
yes, there are 2 sets of statements :“合并***” and 母公司***”, but they are not what you mentione ...

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