Business valuation is ‘an art not a science’. These are the words used by many ACCA financial management tutors (including myself) when introducing this topic to students preparing for Papers F9 or P4. The words imply that when trying to value the equity capital of a business, there is range of possible correct answers, all of which can be justified as being the most appropriate. To a certain extent this is true but, as I like to put it, ‘there are different degrees of correctness’.
　　企業(yè)價(jià)值評(píng)估是”一門藝術(shù)而不是科學(xué)”.這是很多財(cái)務(wù)管理老師在介紹這個(gè)主題給準(zhǔn)備考F9和P4的同學(xué)經(jīng)常說的話。這句話表明當(dāng)在評(píng)估一個(gè)公司的權(quán)益性資本的時(shí)候，這里有很多評(píng)估答案都可以被認(rèn)為在合適的范圍內(nèi)合理的正確答案。確切的說這都是正確的，就像我喜歡說的那樣，他們有著不同程度的正確性。
　　Reviewing the past Paper F9 and Paper P4 exams demonstrate how important business valuation is within the ACCA financial management syllabuses. Questions on this topic have been included in the majority of F9 papers since December 2007. The questions have tested the ‘basic’ equity valuation methods of:
　　· net assets
　　· dividend valuation model (or dividend growth model)
　　· earnings model using P/E ratio or earnings yield
　　過去F9和P4 的歷年真題都表明了企業(yè)價(jià)值評(píng)估在ACCA教學(xué)大綱的重要性。從2007年12月份開始，這個(gè)主題的問題考察就被包括在F9的主要知識(shí)點(diǎn)中。已經(jīng)考過基本權(quán)益計(jì)價(jià)方法:
　　l 凈資產(chǎn)
　　l 股息估值模型（或股利增長(zhǎng)模型）
　　l 使用P/E比率或收益率盈利模式
　　Paper P4's syllabus builds on those methods tested at the lower level paper. The concept is the same – to find the value of equity. However, the techniques and methods are more sophisticated. As I stated above, ‘there are different degrees of correctness’.
　　The primary purpose of this article is to demonstrate how to tackle a Paper P4 business valuation question. The detailed understanding of this topic will be gained from your Paper P4 studies, whichever mode you choose to use. My aim is to show you how to successfully apply this knowledge under exam conditions.
　　P4的考綱中只要求比較簡(jiǎn)單容易的的去考察這些方法。這個(gè)在計(jì)算權(quán)益價(jià)值的概念是一樣的。然而，技術(shù)和方法卻是更復(fù)雜的。正如我上文所述，只是正確的程度是不一樣的。
　　本文的主要目的是如何解決及解答P4中業(yè)務(wù)估值的問題。無論你選擇哪種模式，你都可以從你的P4的教材書中獲得更具體更深刻的理解。我的主要目的是教會(huì)你何如把這些知識(shí)成功的運(yùn)用到你的考試中去。
　　EQUITY VALUATION – CATEGORISING THE METHODS
　　股票估值-方法分類
　　As stated above, there are more methods and models that can be used to find an equity share price at Paper P4. The official textbooks explain these in detail and choose different ways of categorising them within their material. I prefer to take a simple view of equity valuation by allocating the methods into two main categories:
　　· Pre-acquisition
　　· Post-acquisition
　　如上所述，有很多的方法和模型可以用于計(jì)算P4中的權(quán)益股價(jià)，教科書更加詳細(xì)的介紹了這些方法并且根據(jù)它們的特點(diǎn)選擇不同的方式進(jìn)行分類，我更偏向用關(guān)于股權(quán)估值的簡(jiǎn)單觀點(diǎn)把方法分為兩大類：
　　l 收購前
　　l 收購后
　　Under the first category, the question will be asking the students to ascertain an equity value for a company. The entity may be a private company and, hence, no stock market price exists or that even if the company is listed, the market price may not be appropriate for the relevant situation. The valuation methods appropriate here are:
　　· net assets
　　· dividend valuation model (or dividend growth model)
　　· earnings model using P/E ratio or earnings yield
　　· net assets + calculated intangible value (CIV)
　　· free cash flows (FCF)
　　在*9類中，這個(gè)問題要求學(xué)生確定了公司的股權(quán)價(jià)值。該企業(yè)如果是私營(yíng)公司，就沒有股票的市場(chǎng)價(jià)格存在，或者就算公司上市了，這個(gè)市場(chǎng)價(jià)格可能不適合相關(guān)的情況。適合這里的估值方法有：
　　l 凈資產(chǎn)
　　l 股息估值模型（或股利增長(zhǎng)模型）
　　l 使用P/E比率或收益率盈利模式
　　l 凈資產(chǎn)+無形資產(chǎn)計(jì)算值（CIV）
　　l 自由現(xiàn)金流(FCF)
　　Past Paper P4 questions have, in my view, clearly indicated which method should be used to arrive at the share price. However, it is fair to say that the free cash flow model has been tested more than any other method, especially since December 2010.
　　Post-acquisition valuation requires a different mindset and series of methods. Here, students will need to ascertain the value of the combined companies after acquisition. More importantly, past exam requirements have requested students to ascertain the percentage gain or loss to both groups of shareholders – those of both the buying and selling companies.
　　在我的觀點(diǎn)中，過去P4真題問題中一般有明確的給出使股價(jià)上升的方法。然而，從2010年12月份開始，可以負(fù)責(zé)任的講自由現(xiàn)金流考的次數(shù)明顯多于其他的方法。
　　收購后的估值要求不同的思維方式和一系列的方法。在這里，學(xué)生需要確定確定收購后合并公司的價(jià)值。更重要的是，歷年真題通常要求學(xué)生去確定收購公司及被收購公司的股東的盈利或者虧損的百分比。
　　The post-acquisition valuation methods are:
　　· bootstrapping – applying the price earnings ratio of the buyer to the combined expected earnings of the two entities
　　· combining the pre-acquisition values of the two companies and appending these with the fair value of the synergies
　　· free cash flows (FCF) – present value of the combined companies FCF using the relevant discount rate.
　　收購后的估值方法有：
　　l 自舉-將買方的市盈率與兩個(gè)企業(yè)的預(yù)期收益相結(jié)合。
　　l 結(jié)合兩家公司收購前的價(jià)值并且附加到合并公司的公允價(jià)值中
　　l 自由現(xiàn)金流（FCF）-使用相關(guān)的折扣率得出合并公司自由現(xiàn)金流的現(xiàn)值。
　　As I have stated above, your Paper P4 preparation should include ample time to study and understand the equity valuation methods above, allowing you to apply your knowledge successfully in the exam room.
　　正如我上訴所述，準(zhǔn)備P4的考試應(yīng)包括利用足夠的時(shí)間去學(xué)習(xí)和理解股權(quán)估值模型才能更好地把知識(shí)應(yīng)用到考試中。