The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multipli...The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.展开更多
Valuation is stated as monetary value belonging to firm assets （Verginis ＆ Taylor, 2004）. According to M. L. Rock, R. H. Rock, and Sikora （1994）, valuation is the answer of the following questions： What is the m...Valuation is stated as monetary value belonging to firm assets （Verginis ＆ Taylor, 2004）. According to M. L. Rock, R. H. Rock, and Sikora （1994）, valuation is the answer of the following questions： What is the maximum price that will be paid for the firm？ What are the risk areas？ What are the results of cash flows, profitability, and balance-sheet？ Chambers （2005, p. 5）, on the other hand, estimated a probable price that will be paid for the goods and service at a specific time. For the calculation of continuing value （CV）, Verginis and Taylor （2004） used discounted cash flows （DCF） method and Onal, Karadeniz, and Kandlr （2005） used economic profit method. Klrh （2005） suggested Continuous and Constant Growing Model （Gordon Model）, Value Driver Model, and Economic Profit Model. In this study, DCF which is suggested by Onal et al. （2005） and Verginis and Taylor （2004） is used for the aim of determining CV of the firm at issue. In this study, analyses are made by using the financial statement data of a tourism business whose shares are dealt in Istanbul Stock Exchange. In consequence of the calculations, CV of the examined firm is found to be 7,485,402 TL and firm value is found to be 15,195,366 TL.展开更多
为了应用USTER AFIS PRO 2纤维测试仪分析生条棉结CV值高的原因,稳定棉纱质量、降低生产成本,介绍了USTER AFIS PRO 2的功能模块及测试原理,结合生产实际,利用USTER AFIS PRO 2测试生条棉结CV值,并分析其影响因素。生产实践表明:生条棉...为了应用USTER AFIS PRO 2纤维测试仪分析生条棉结CV值高的原因,稳定棉纱质量、降低生产成本,介绍了USTER AFIS PRO 2的功能模块及测试原理,结合生产实际,利用USTER AFIS PRO 2测试生条棉结CV值,并分析其影响因素。生产实践表明:生条棉结CV值受抓棉均匀度的影响较大,同段生条定量内不匀达到一定程度会很大程度影响生条棉结。指出:USTER AFIS PRO 2可帮助纺织企业更加精确地了解半成品质量,及时找出生产异常。展开更多
文摘The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.
文摘Valuation is stated as monetary value belonging to firm assets （Verginis ＆ Taylor, 2004）. According to M. L. Rock, R. H. Rock, and Sikora （1994）, valuation is the answer of the following questions： What is the maximum price that will be paid for the firm？ What are the risk areas？ What are the results of cash flows, profitability, and balance-sheet？ Chambers （2005, p. 5）, on the other hand, estimated a probable price that will be paid for the goods and service at a specific time. For the calculation of continuing value （CV）, Verginis and Taylor （2004） used discounted cash flows （DCF） method and Onal, Karadeniz, and Kandlr （2005） used economic profit method. Klrh （2005） suggested Continuous and Constant Growing Model （Gordon Model）, Value Driver Model, and Economic Profit Model. In this study, DCF which is suggested by Onal et al. （2005） and Verginis and Taylor （2004） is used for the aim of determining CV of the firm at issue. In this study, analyses are made by using the financial statement data of a tourism business whose shares are dealt in Istanbul Stock Exchange. In consequence of the calculations, CV of the examined firm is found to be 7,485,402 TL and firm value is found to be 15,195,366 TL.
文摘为了应用USTER AFIS PRO 2纤维测试仪分析生条棉结CV值高的原因,稳定棉纱质量、降低生产成本,介绍了USTER AFIS PRO 2的功能模块及测试原理,结合生产实际,利用USTER AFIS PRO 2测试生条棉结CV值,并分析其影响因素。生产实践表明:生条棉结CV值受抓棉均匀度的影响较大,同段生条定量内不匀达到一定程度会很大程度影响生条棉结。指出:USTER AFIS PRO 2可帮助纺织企业更加精确地了解半成品质量,及时找出生产异常。
