{{sellerTotalView > 1 ? __("sellers", {number: sellerTotalView}) : __("seller", {number: sellerTotalView}) }}, {{numTotalView > 1 ? __("items", {number: numTotalView}) : __("item", {number: numTotalView}) }}
free FREE

Change Your Zip Code

Inventory information and delivery speeds may vary for different locations.

Location History

{{email ? __('Got it!') : __('Restock Alert')}}

We will notify you by email when the item back in stock.

Cancel
Yami

Jingdong book

财务模型与估值:投资银行和私募股权实践指南

{{buttonTypePin == 3 ? __("Scan to view more PinGo") : __("Scan to start")}}

财务模型与估值:投资银行和私募股权实践指南

{{__(":people-members", {'people': item.limit_people_count})}} {{ itemCurrency }}{{ item.valid_price }} {{ itemCurrency }}{{ item.invalid_price }} {{ itemDiscount }}
Ends in
{{ itemCurrency }}{{ item.valid_price }}
{{ itemCurrency }}{{ priceFormat(item.valid_price / item.bundle_specification) }}/{{ item.unit }}
{{ itemDiscount }}
{{ itemCurrency }}{{ item.valid_price }} {{ itemCurrency }}{{ priceFormat(item.valid_price / item.bundle_specification) }}/{{ item.unit }} {{ itemCurrency }}{{ item.invalid_price }} {{itemDiscount}}
{{ itemCurrency }}{{ item.valid_price }}
Sale ends in
Sale will starts after Sale ends in
{{ getSeckillDesc(item.seckill_data) }}
{{ __( "Pay with Gift Card to get sale price: :itemCurrency:price", { 'itemCurrency' : itemCurrency, 'price' : (item.giftcard_price ? priceFormat(item.giftcard_price) : '0.00') } ) }} ({{ itemCurrency }}{{ priceFormat(item.giftcard_price / item.bundle_specification) }}/{{ item.unit }}) Details
Best before

Currently unavailable.

We don't know when or if this item will be back in stock.

Unavailable in your area.
Sold Out

Details

Full product details
Editer Recommend

目标公司的真正价值是多少?公司的股票是被高估了还是低估了,如果当前的定价不合理,那么准确的价格应该是多少?读完后你会惊讶于本书对所有实操过程的细致讲解,使你在日常业务操作过程中有得心应手、手到擒来之感。

海报:

Content Description

《财务模型与估值 投资银行和私募股权实践指南》面向初学者以及有经验的专业人士,将帮助读者掌握大量高盛、JP摩根、美国大通银行以及美林美银所使用的分析工具与技术,逐步指导读者了解并完成基础分析及股票估值。《财务模型与估值》以独特的方法示范运用基础工具来评估股票投资的合理性。通过贯穿整本书的沃尔玛公司的案例,演示如何对一家公司的财务状况进行深入的分析,并利用可下载的Excel模型样板,全面讲解开发一个成熟财务模型的全过程。

Author Description

保罗·皮格纳塔罗先生,是纽约金融学院(NYSF)的创始人及CEO。他拥有超过13年在投资银行及私募股权公司从事公司并购、重组、资产剥离、资产收购以及债务与股权交易的相关工作经验,行业涉及石油、天然气、电力及公用事业、互联网与技术、房地产、军工、旅游、银行以及服务业。在NYSF,保罗·皮格纳塔罗先生继续投身于培训团队中,为大量的银行、公司的M&A团队以及亿万基金提供了生动的培训。在创业之前,皮格纳塔罗先生供职于THLeePutnamVentures,这是一家隶属于并购巨头ThomasH.LeePartners,且规模达10亿美元的私募股权公司。在那之前,皮格纳塔罗先生供职于摩根士丹利投行部。

Catalogue

关于注册估值分析师认证考试
第一部分财务报表分析与预测
第一章利润表
收入
销货成本
毛利润
营业费用
其他收益
EBITDA
折旧与摊销
EBIT
利息
EBT
所得税
净利润
非经常性项目
利润分配
净利润(披露的)
股份数
每股盈利(EPS)
沃尔玛公司的利润表
收入
获得EBITDA
剖析折旧
销货成本
毛利润
销售、管理及行政费用
其他收益
EBITDA
EBITDA之外
折旧与摊销
EBIT
利息
EBT
所得税
净利润
非经常性项目
净利润(非经常性项目之后)
利润分配
净利润(披露的)
股份数和EPS
利润表预测
收入
销货成本
营业费用
折旧与摊销
利息收益
所得税
非经常性项目
非控制性权益
股份数
每股收益
第二章现金流量表
经营活动现金流
收入
销货成本
营业费用
折旧
利息
所得税
投资活动现金流
融资活动现金流
财务报表勾稽关系示例
沃尔玛公司现金流量表
经营活动现金流
投资活动现金流
融资活动现金流
现金流量表预测
经营活动现金流
投资活动现金流
融资活动现金流
第三章折旧明细表
直线折旧法
加速折旧法
余额递减法
年限总和法
修正的成本加速回收系统(MACRS)
递延税
递延税资产
递延税负债
预测折旧费用
直线折旧
加速折旧
递延税
第四章营运资本
经营性营运资本
沃尔玛公司的经营性营运资本
应收账款
存货
预付费用
应付账款
应计负债
应计所得税
预测经营性营运资本
应收账款
存货
预付费用
应付账款
应计负债
应计所得税
营运资本与现金流量表
应收账款变动
存货
预付费用
应付账款变动
应计负债变动
应计所得税变动
第五章资产负债表
资产
流动资产
非流动资产
负债
流动负债
非流动负债
沃尔玛公司的资产负债表
流动资产
非流动资产
流动负债
非流动负债
股东权益
资产负债表预测
现金流量表驱动资产负债表vs.资产负债表驱动现金流量表
资产
负债
调平失衡的资产负债表
NYSF资产负债表平衡法
第六章债务明细表、循环引用与最终模型
债务明细表结构
对债务明细表建模
短期债务
强制发债/(偿债)与非强制发债/(偿债)
未来一年内到期的长期债务
未来一年内到期的融资租赁形成的债务责任
长期债务
融资租赁形成的长期债务责任
发债/偿债合计
利息支出合计
可用于偿还债务的现金
循环引用
循环引用的“#Value!”报错
自动还款
微动开关
完成模型
ⅩⅦ
ⅩⅧ
第二部分估值
第七章价值是什么
账面价值
市场价值
企业价值
乘数
三种核心的估值方法
可比公司分析
先例交易分析
现金流折现分析
第八章现金流折现分析
年中法则vs.年末法则
去杠杆的自由现金流
加权平均资本成本(WACC)
债务成本
股本成本
市场风险溢价
贝塔
含杠杆与去杠杆的贝塔
终值
乘数法
永续法
沃尔玛公司DCF分析
WACC
EBITDA法
永续法
第九章可比公司分析
过去12个月(LTM)法则
日历化
将Costco作为可比公司
Costco调整后的2012年年末数据
Costco公司调整后的LTM数据
Costco公司年度利润表
Costco公司季度利润表
反推第四季度
Costco公司年末与LTM调整
Costco公司预测
计算可比指标
第十章先例交易分析
识别先例交易
沃尔玛公司先例交易分析
第十一章结论
52周高点/低点
可比公司分析
先例交易
折现现金流
附录
附录A模型快速指南
附录B财务报表勾稽关系
附录CExcel快捷键
关于作者
关于配套网站
Introduction

市场是广阔且复杂的,不仅美国市场如此,全球市场亦如此。股票、债券、共同基金、衍生品、期权——是的,理论上可供选择的投资工具是无穷无尽的。并且,每个身在其中的人都想从中获利。然而,在过去的数年间,市场已经让我们见识了它的剧烈波动性。这使得很多投资者(以及他们的财富)灰飞烟灭,仅有少数投资者的财富出现盈余。很多市场的异常表现及波动都是相互关联的,在某种程度上取决于投资者,也就是你自己。另外,投资者在股票市场的定价过程中也扮演着重要的角色。投资者的反应有助于判断一家公司的首次公开募股(IPO)是否成功。是的,尽管市场的群体心理起着至关重要的作用,但是如果每日投资者能够借助适当的工具,更好地理解理性投资所隐含的基本原理,将能做出更加明智的决策,从而使得整个市场变得更加有效。
本书意在为投资者介绍一些基本工具,帮助他们判断一项股票投资是否理智,一只股票的价格是否被低估、高估或已被合理估价。这些基本工具被投资银行、私募股权公司以及华尔街分析师们所使用。我们将以沃尔玛公司为例,评估其当前财务状况,展望其未来业绩,估计目标股价,从而进一步评估投资该股票是否可行。更重要的是,向你介绍相关分析工具及概念,以便你自己做出理性的决策。我们会引领你逐步进入华尔街分析师的角色,让你亲身体会并了解如何利用工具进行建模和估值,从而自己进行分析。
本书为投资银行及私募股权公司的专业人士编写,可被用作进修教材或指导手册,也适用于那些想要进入投资银行以及私募股权领域的人们。无论你是在评估一项潜在投资还是一项业务的价值,本书所演示的分析工具均极具价值。
沃尔玛公司案例学习
我们对于沃尔玛公司的分析将贯穿本书。沃尔玛是美国一家跨国零售企业,主要经营大型连锁折扣店以及仓储式超市。根据《财富》杂志2012年的全球500强企业排名,该公司位列世界第三大上市公司。与此同时,沃尔玛还是世界上最大的私人雇主,它拥有超过200万名员工,并且是全球最大的零售公司。如果我们想要投资沃尔玛,该如何评估这项投资的可行性呢?为了确保能在股票投资中获利,我们需要了解沃尔玛公司的股价未来会有怎样的变化。显然,股价的波动在很大程度上基于公众舆论。然而,华尔街的分析师们会利用估值分析方法来帮助他们确定并预测一家公司的未来股价。
在2012年1月,我们通过分析发现,沃尔玛公司股价依然存在上涨空间。此后,该公司股价从57.39美元飙升至73.82美元。现在我们想要重新修正之前的分析,看看股价在未来又会有怎样的表现。这一次,我们将为您演示对于沃尔玛公司的完整分析过程,以便确定其股票的潜在价值。需要注意的是,本书撰写于2012年10月,因此所有分析都是基于当时的数据进行的。
估值分析基于三种方法:
1.可比公司分析
2.现金流折现分析
3.先例交易分析以上三种方法剖析沃尔玛公司的角度截然不同,且各有缺陷。尽管如此,人们还是普遍认为,综合使用三种方法有助于我们理解支撑当前股价的技术驱动因子。以沃尔玛公司为例,我们将利用上述三种方法,以及所有辅助方法,特别是华尔街分析师会用到的辅助方法展开分析。通过分析,我们将能解释沃尔玛公司的股票是否被高估、低估或已被合理定价。如果认为一家公司的股票被低估了,则可能意味着该股票价格低于预期。这时,我们可能会投资该公司,并期望其股价会在未来一段时间内上涨。如果认为一家公司的股票被高估了,则可能意味着该股票价格高于预期。在这种情况下,投资该公司则失去了意义,因为该公司股价可能在未来一段时间内出现下跌。我们假设在上述情况中,沃尔玛公司未发布出乎意料的公告,或者股票市场未出现异常活动。因为上述活动或公告会促使股价脱离技术分析所预计的价位。
主要是要注意,本书中演示的建模方法仅仅是一种观点。对于沃尔玛公司的分析以及得到的结论不能直接反映我的想法,而是出于操作演示的目的,仅仅基于极端变量受限的情况下得出的一种可能的结论。尽管还存在其他的可能性和分析路径,但这些并未在书中阐释,但我想这已经足够了。本书中的很多观点都具有争议性,我欢迎读者对此展开更深入的辩论。关键在于了解方法论,进而理解其背后的核心思想,以便找到适合的分析工具展开独立分析。
本书架构
本书分为两个部分:
1.财务报表分析及预测
2.估值
在第一部分中,我们将针对沃尔玛公司构建完整的财务模型。分析其历史业绩,并通过估值分析逐步对其未来业绩表现做出准确的预测。本部分的主要目的不仅仅在于了解如何对沃尔玛公司建模,同时还要掌握分析师们所使用的建模技术,并将这些技术应用于任意投资。
一旦我们对沃尔玛公司的过去以及未来业绩有了很好的理解,则本书第二部分将帮助我们利用之前介绍的方法,从估值的角度解读公司当前的财务状况。如果您无需构建完整的财务模型,则可直接参阅第二部分。
注意,在进行估值分析时,并非一定要构建完整的模型,但我们仍建议您这样做。估值的基础是公司业绩表现,因此在本书的案例中,为了内容的完整性,我们将使用第一部分所构建的公司模型来提取必要的摘要信息,并进行估值分析。不管怎样,严格意义上来说你也应该能够运用这些摘要信息。


Specifications

Brand Jingdong book
Brand Origin China

Disclaimer

Product packaging, specifications and price are subject to change without notice. All information about the products on our website is provided for information purposes only. Please always read labels, warnings and directions provided with the product before use.

View Full Terms of Use
Add to favorites
{{ $isZh ? coupon.coupon_name_sub : coupon.coupon_ename_sub | formatCurrency }}
{{__("Buy Directly")}} {{ itemCurrency }}{{ item.directly_price }}
Quantity
{{ quantity }}
{{ instockMsg }}
{{ limitText }}
{{buttonTypePin == 3 ? __("Scan to view more PinGo") : __("Scan to start")}}
Sold by JD@CHINA
Ship to
{{ __("Ship to United States only") }}
Free shipping over 69
Genuine guarantee

Added to Cart

Keep Shopping

More to Consider

{{ item.brand_name }}

{{ item.item_name }}

{{ item.currency }}{{ item.market_price }}

{{ item.currency }}{{ item.unit_price }}

{{ item.currency }}{{ item.unit_price }}

Coupons

{{ coupon.coupon_name_new | formatCurrency }}
Clip Clipped Over
{{ getCouponDescStr(coupon) }}
{{ coupon.use_time_desc }}
Expires soon {{ formatTime(coupon.use_end_time) }}

Share this item with friends

Cancel

Yami Gift Card

Get this exclusive deal when paying with gift card

Terms and Conditions

Gift card deals are special offers for selected products;

The gift card deals will automatically be activated if a customer uses gift card balance at check out and the balance is sufficient to pay for the total price of the shopping cart products with gift card deals;

You will not be able to activate the gift card deals if you choose other payment methods besides gift card. The products will be purchased at their normal prices;

If your account balance is not enough to pay for the products with gift card deals, you can choose to reload your gift card balance by clicking on the Reload button at either shopping cart page or check out page;

Products that have gift card deals can be recognized by a special symbol showing 'GC Deal';

For any additional questions or concerns, please contact our customer service;

Yamibuy reserves the right of final interpretation.

Sold by Yami

Service Guarantee

Yami Free Shipping over $49
Yami Easy Returns
Yami Ships from United States

Shipping

  • United States

    Standard Shipping is $5.99 (Excluding Alaska & Hawaii). Free on orders of $49 or more.

    Local Express is $5.99 (Available in Parts of CA, NJ, MA & PA). Free on orders of $49 or more.

    2-Day Express (Includes Alaska & Hawaii) starts at $19.99.

Return Policy

Yami is committed to provide our customers with a peace of mind when purchasing from us. Most items shipped from Yamibuy.com can be returned within 30 days of receipt of shipment (For Food, Beverages, Snacks, Dry Goods, Health supplements, Fresh Grocery and Perishables Goods, within 7 days of receipt of shipment due to damages or quality issues; To ensure that every customer receives safe and high-quality products, we do not provide refunds or returns for beauty products once they have been opened or used, except in the case of quality issues; Some products may have different policies or requirements associated with them, please see below for products under special categories, or contact Yami Customer Service for further assistance).
Thank you for your understanding and support.

Learn More

Sold by Yami

Terms and Conditions of Yami E-Gift Card

If you choose “Redeem automatically” as your delivery method, your gift card balance will be reload automatically after your order has been processed successfully;

If you choose “Send to Email”as your delivery method, the card number and CVV will be sent to the email address automatically;

Any user can use the card number and CVV to redeem the gift card, please keep your gift card information safely. If you have any trouble receiving email, please contact Yami customer service;

Yami gift card can be used to purchase both Yami owned or Marketplace products;

Yami gift card will never expire;

Yami gift card balance does not have to be used up at once;

All rights reserved by Yami.

Return Policy

Gift card that has already been consumed is non-refundable.

Sold by JD@CHINA

Service Guarantee

Yami Free Shipping over $49
Yami Easy Returns
Yami Ships from United States

Shipping

  • United States

    Standard Shipping is $5.99 (Excluding Alaska & Hawaii). Free on orders of $49 or more.

    Local Express is $5.99 (Available in Parts of CA, NJ, MA & PA). Free on orders of $49 or more.

    2-Day Express (Includes Alaska & Hawaii) starts at $19.99.

Return Policy

You may return product within 30 days upon receiving the product. Items returned must be new in it's original packing, including the original invoice for the purchase. Customer return product at their own expense.

Sold by JD@CHINA

Service Guarantee

Yami Cross-store Free Shipping over $69
Yami 30-days Return

Yami-China FC

Yami has a consolidation warehouse in China which collects multiple sellers’ packages and combines to one order. Our Yami consolidation warehouse will directly ship the packages to your door. Cross-store free shipping over $69.

Return Policy

You may return products within 30 days upon receiving the products. Sellers take responsibilities for any wrong shipment or missing items. Packing needs to be unopened for any other than quality issues return. We promise to pack carefully, but because goods are taking long journey to destinations, simple damages to packaging may occur. Any damages not causing internal goods quality problems are not allowed to return. If you open the package and any quality problem is found, please contact customer service within three days after receipt of goods.

Shipping Information

Yami Consolidation Service Shipping Fee $9.99(Free shipping over $69)

Sellers in China will ship their orders within 1-2 business days once the order is placed. Packages are sent to our consolidation warehouse in China and combined there. Our Yami consolidation warehouse will directly ship the packages to you via UPS. The average time for UPS to ship from China to the United States is about 10 working days and it can be traced using the tracking number. Due to the pandemic, the delivery time may be delayed by about 5 days. The package needs to be signed by the guest. If the receipt is not signed, the customer shall bear the risk of loss of the package.

Sold by JD@CHINA

Service Guarantee

Free shipping over 69
Genuine guarantee

Shipping

Yami Consolidated Shipping $9.99(Free shipping over $69)


Seller will ship the orders within 1-2 business days. The logistics time limit is expected to be 7-15 working days. In case of customs clearance, the delivery time will be extended by 3-7 days. The final receipt date is subject to the information of the postal company.

Yami Points information

All items are excluding from any promotion or points events on Yamibuy.com

Return Policy

You may return product within 30 days upon receiving the product. Items returned must be new in it's original packing, including the original invoice for the purchase. Customer return product at their own expense.

Yami

Download the Yami App

Back Top

Recommended for You

About the brand

Jingdong book

为您推荐

Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折

Reviews{{'('+ commentList.posts_count + ')'}}

Have your say. Be the first to help other guests.

Write a review
{{ totalRating }} Write a review
  • {{i}} star

    {{i}} stars

    {{ parseInt(commentRatingList[i]) }}%

Yami Yami
{{ comment.user_name }}

{{ showTranslate(comment) }}Show Less

{{ strLimit(comment,800) }}Show more

Show Original

{{ comment.content }}

Yami
Show All

{{ formatTime(comment.in_dtm) }} VERIFIED PURCHASE {{groupData}}

{{ comment.likes_count }} {{ comment.likes_count }} {{ comment.reply_count }} {{comment.in_user==uid ? __('Delete') : __('Report')}}
Yami Yami
{{ comment.user_name }}

{{ showTranslate(comment) }}Show Less

{{ strLimit(comment,800) }}Show more

Show Original

{{ comment.content }}

Yami
Show All

{{ formatTime(comment.in_dtm) }} VERIFIED PURCHASE {{groupData}}

{{ comment.likes_count }} {{ comment.likes_count }} {{ comment.reply_count }} {{comment.in_user==uid ? __('Delete') : __('Report')}}

No related comment~

Review

Yami Yami

{{ showTranslate(commentDetails) }}Show Less

{{ strLimit(commentDetails,800) }}Show more

Show Original

{{ commentDetails.content }}

Yami
Show All

{{ formatTime(commentDetails.in_dtm) }} VERIFIED PURCHASE {{groupData}}

{{ commentDetails.likes_count }} {{ commentDetails.likes_count }} {{ commentDetails.reply_count }} {{commentDetails.in_user==uid ? __('Delete') : __('Report')}}

Please write at least one word

Comments{{'(' + replyList.length + ')'}}

Yami Yami

{{ showTranslate(reply) }}Show Less

{{ strLimit(reply,800) }}Show more

Show Original

{{ reply.reply_content }}

{{ formatTime(reply.reply_in_dtm) }}

{{ reply.reply_likes_count }} {{ reply.reply_likes_count }} {{ reply.reply_reply_count }} {{reply.reply_in_user==uid ? __('Delete') : __('Report')}}

Please write at least one word

Cancel

That’s all the comments so far!

Write a review
How would you rate this item?

Please add your comment.

  • A nice nickname will make your comments more popular!
  • The nickname in your account will be changed to the same as here.
Thanks for your review
Our community rely on great reviews like yours to find the best of Asia.

Report

If you find this content inappropriate and think it should be removed from the Yami.com site, let us know please.

Cancel

Are you sure to delete your review?

Cancel

You’ve Recently Viewed

About the brand

Jingdong book