tailieunhanh - Tài liệu về A Basic Guide for VALUING a Company phần 3

Nếu tôi đã học được một vô cùng cần thiết, nó là thận trọng trong việc gán giá trị vô hình và trong suốt toàn bộ quá trình. Sẽ luôn có hàng tệp lý thuyết và ngọn lửa của cuộc thảo luận, bởi vì công thức khoa học phát triển cho giá trị vô hình có thể làm không quá "nỗ lực" để đo các hình thức nghệ thuật của doanh nghiệp của con người. | 52 Valuation Techniques Adjusted Book Value Method This method recognizes the fair market value of assets. Assets Balance Sheet Cost Fair Market Value Cash 1 000 1 000 Inventory 4 000 4 000 Acct. Rec. 5 000 5 000 Equipment 57 000 60 000 TOTAL ASSETS 67 000 70 000 Total Liabilities 7 000 7 000 Business Book Value 60 000 Adjusted Book Value at 10 16 01 63 000 Hybrid Method Before one can complete this method which considers the fair market value of assets plus cash flow and market investment principles both earnings and market investments must be considered. The ways to establish applicable earnings multipliers can vary all over the lot. The following is just one approach that offers some logic in the process of constructing multipliers. 1 High amount of dollars in assets and low-risk business venture 2 Medium amount of dollars in assets and medium-risk business venture 3 Low amount of dollars in assets and high-risk business venture 1 2 3 Yield on Risk-Free Investments Such as Government Bondsa often 6 -9 Risk Premium on Nonmanagerial Investments corporate bonds utility stocks Risk Premium on Personal Management Capitalization Rateb Earnings Multipliers 5 aThese rates are stated purely as examples. Actual rates to be used vary with prevailing economic times and can be composed through the assistance of expert investment advisers if need be. bCapitalization rates can be turned into simpler-to-use multiples by dividing the rate into 100 100 divided by 20 equals 5 for example . Hybrid Method 53 This particular version of a hybrid method tends to place 40 of business value in book values. Given these sample data and recalling our 75 000 earnings condition we could value our hypothetical business as follows. However before we finalize the assignment we need to reconcile the gray area in the preceding 1-2-3 asset risk elements. Assets are low but risk seems low to medium except for the high risk presented by an