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1、外文翻译ValuationforM&A:BuildingValueinPrivateCompaniesMaterialSource:http://books.google.com.hk/Author:ChrisM.Mellen,FrankC.EvansValuationapproachesandfundamentalsAccuratevaluationrequiresappropriateapplicationoftheavailableapproachestodeterminevalue,aclearunderstand
2、ingoftheexactinvestmentinabusinessthatisbeingsoldoracquired,andaclearmeasureofthereturnsthatcompanygenerates.Therefore,toenhanceprecisioninthevaluationprocess,thischapterintroducesthethreevaluationapproaches,theinvestedcapitalmodeltoquantifytheinvestmentinthebusin
3、esstobevalued,thenetcashflowtomostaccuratelymeasurethecompany’sreturntocapitalproviders,theadjustmentstothecompany’sfinancialstatementstomostaccuratelyportrayeconomicperformance,andthemathematicaltechniquestomanageinvestmentrisk.BusinessvaluationapproachesBusiness
4、esvaryinthenatureoftheiroperations,themarkerstheyserve,andtheassetstheyown.Forthisreason,thebodyofbusinessvaluationknowledgehasestablishedthreeprimaryapproachesbywhichbusinessesmaybeappraised,asillustratedinExhibit7.1.AccordingtotheInternationalGlossaryofBusinessV
5、aluationTerms,theincomeapproachis“ageneralwayofdeterminingavalueindicationofabusiness,businessownershipinterest,security,orintangibleassetusingoneormoremethodsthatconvertanticipatedbenefitsintoapresentsingleamount.Themarketapproachis“ageneralwayofdeterminingavalue
6、indicationofabusiness,businessownershipinterest,security,orintangibleassetbyusingoneormoremethodsthatcomparethesubjecttosimilar(‘guideline’)businesses,businessownershipinterests,securitiesorintangibleassetthathavebeensold.”Finally,theasset(orcost)approachis“agener
7、alwayofdeterminingavalueindicationofabusiness,businessownershipinterest,orsecuritybyusingoneormoremethodsbasedonthevalueoftheassetsofthatbusinessnetofliabilities.”EXHIBIT7.1BusinessValuationApproachesWithineachofthesethreeapproaches,thereareseveralmethods.Forexamp
8、le,withintheincomeapproach,therearethesingle-periodcapitalizationmethodandthemultiple-perioddiscountingmethod,amongothers.Thisisnotmeanttobeanexhaustive