tailieunhanh - Business Valuation and Taxes Procedure Law and Perspective phần 5

Rủi ro có thể được định nghĩa là mức độ chắc chắn (hoặc thiếu đó) đạt được kỳ vọng trong tương lai tại thời gian và số tiền dự kiến . Một trong những sản phẩm quan trọng nhất của phân tích báo cáo tài chính là cung cấp một cơ sở khách quan để đánh giá rủi ro liên quan đến nguy cơ ngành công nghiệp trung bình | 160 COMPARATIVE FINANCIAL STATEMENT ANALYSIS Assessment of Risk Risk can be defined as the degree of certainty or lack thereof of achieving future expectations at the times and in the amounts expected. One of the most important products of financial statement analysis is to provide an objective basis for assessment of risk relative to industry average risk and or risk of specific guideline companies. Risk analysis is of critical importance because other things being equal the higher the risk the lower the fair market value of the company. In the income approach the higher the risk the higher the market s required rate of expected return on investment. The market s required rate of return on investment is called the discount rate the rate at which projected cash flows are discounted back to a present fair market value. The discount rate represents the total expected rate of return on the value of the investment including both cash distributions and capital appreciation whether realized or unrealized. The higher the risk the higher the discount rate and thus the lower the value of the company or interest in the company see Chapter 14 . In the market approach risk is reflected in valuation multiples. The higher the risk the lower the valuation multiples and thus the lower the fair market value of the company or interest in the company see Chapter 15 . Risk also affects the discount for lack of marketability. Other things being equal the higher the risk the higher the discount for lack of marketability see Chapter 18 . Assessment of Growth Prospects Another purpose of financial statement analysis is to provide a basis for assessing the prospects for growth. The higher the company s prospective growth in net cash flows or earnings or some other measure of benefit to shareholders all else being equal the higher the present fair market value of the company. In the discounted cash flow method within the income approach growth is reflected directly in the projections. .

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