Equity Valuation and Analysis

股票估值與分析

Broad Learning Objectives

總體學(xué)習(xí)目標(biāo)

The features of equity shares and markets should be well understood. The valuation techniques that are employed in equity markets receive a strong emphasis with coverage of dividend discount models, the free cash flow model, ratio based valuation models and other model types, such as economic value added; a strong and in depth knowledge of these techniques should be developed. The topic syllabus concludes with a consideration of equity market equilibrium and its practical applications.

熟知股票和股票市場(chǎng)的特征。特別強(qiáng)調(diào)在股票市場(chǎng)中應(yīng)用的估值技術(shù)，包括股息折現(xiàn)模型、自由現(xiàn)金流模型、基于比率的估值模型和其他相關(guān)模型，如經(jīng)濟(jì)增加值等?？忌鷳?yīng)加深對(duì)這些估值技術(shù)的理解。本章大綱還涉及到股票市場(chǎng)均衡及其實(shí)際應(yīng)用的內(nèi)容。

1   Equity Market and Structure

1  股票市場(chǎng)及其構(gòu)成

1.1   Equity markets

1.1.1   Stock indices

1.1.2   Uses of stock indices

1.1.3   Number of stocks in an index

1.1.4   Index calculation method

1.1  股票市場(chǎng)

1.1.1  股票指數(shù)

1.1.2  股票指數(shù)的使用

1.1.3  股票指數(shù)的樣本股數(shù)量

1.1.4  股票指數(shù)的計(jì)算方法

1.2   Listing on a stock exchange

1.2  在證券交易所上市

1.3   Rights of shareholders

1.3  股東權(quán)利

1.4   Reporting requirements

1.4  報(bào)告要求

2   Valuation Methods

2  估值方法

2.1   History

2.1  歷史

2.2   Main valuation methods

2.2.1   Substantive or asset values

2.2.2   Relative evaluations: comparing ratios (earnings per share, price/book ratio, price/cash flow ratio, price/sales ratio, enterprise value ratios)

2.2.3   Specific case of start-up and cyclical companies

2.2.4   Returns or cash flow discounting

2.2  主要的估值方法

2.2.1  實(shí)體資產(chǎn)價(jià)值

2.2.2  相對(duì)價(jià)值度量：比較比率（市盈率、市凈率、價(jià)格/現(xiàn)金流比率、價(jià)格/銷售收入比率、公司價(jià)值比率）

2.2.3  新興企業(yè)和周期性企業(yè)的具體案例

2.2.4  回報(bào)或現(xiàn)金流貼現(xiàn)

2.3   DCF in practical detail

2.3.1   Long-term growth

2.3.2   Cost of capital

2.3.3   Structure of liabilities

2.3  貼現(xiàn)現(xiàn)金流的實(shí)務(wù)應(yīng)用

2.3.1  長(zhǎng)期增長(zhǎng)

2.3.2  資本成本

2.3.3  負(fù)債結(jié)構(gòu)

3   Equity Market Equilibrium

3  股票市場(chǎng)均衡

3.1   Fair value

3.1  公允價(jià)值

3.2   Long-term equilibrium

3.2  長(zhǎng)期均衡

3.3   Short-term equilibrium

3.3.1   Justification for the short term

3.3.2   The rise of short-termism

3.3  短期均衡

3.3.1  短期的理由

3.3.2  短期主義的興起

4   Practical Application: Equity Market Equilibrium

4  實(shí)際應(yīng)用：股票市場(chǎng)均衡

4.1   Short-term processing of information

4.1  信息的短期處理

4.2   Short-term valuation methods

4.2  短期估值方法

4.3   Calculating market equilibrium in the short term 

4.3  短期市場(chǎng)均衡的計(jì)算