Business valuation is ‘an art not a science’. These are the words used by manyACCA 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’.

　　企业价值评估是”一门艺术而不是科学”.这是很多财务管理老师在介绍这个主题给准备考F9和P4的同学经常说的话。这句话表明当在评估一个公司的权益性资本的时候，这里有很多评估答案都可以被认为在合适的范围内合理的正确答案。确切的说这都是正确的，就像我喜欢说的那样，他们有着不同程度的正确性。

　　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

　　过去F9和P4 的历年真题都表明了企业价值评估在ACCA教学大纲的重要性。从2007年12月份开始，这个主题的问题考察就被包括在F9的主要知识点中。已经考过基本权益计价方法:

　　l 净资产

　　l 股息估值模型(或股利增长模型)

　　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的考纲中只要求比较简单容易的的去考察这些方法。这个在计算权益价值的概念是一样的。然而，技术和方法却是更复杂的。正如我上文所述，只是正确的程度是不一样的。

　　本文的主要目的是如何解决及解答P4中业务估值的问题。无论你选择哪种模式，你都可以从你的P4的教材书中获得更具体更深刻的理解。我的主要目的是教会你何如把这些知识成功的运用到你的考试中去。

　　EQUITY VALUATION – CATEGORISING THE METHODS

　　股票估值-方法分类

　　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计算P4中的权益股价，教科书更加详细的介绍了这些方法并且根据它们的特点选择不同的方式进行分类，我更偏向用关于股权估值的简单观点把方法分为两大类：

　　l 收购前

　　l 收购后

　　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)

　　在第一类中，这个问题要求学生确定了公司的股权价值。该企业如果是私营公司，就没有股票的市场价格存在，或者就算公司上市了，这个市场价格可能不适合相关的情况。适合这里的估值方法有：

　　l 净资产

　　l 股息估值模型(或股利增长模型)

　　l 使用P/E比率或收益率盈利模式

　　l 净资产+无形资产计算值(CIV)

　　l 自由现金流(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.

　　在我的观点中，过去P4真题问题中一般有明确的给出使股价上升的方法。然而，从2010年12月份开始，可以负责任的讲自由现金流考的次数明显多于其他的方法。

　　收购后的估值要求不同的思维方式和一系列的方法。在这里，学生需要确定确定收购后合并公司的价值。更重要的是，历年真题通常要求学生去确定收购公司及被收购公司的股东的盈利或者亏损的百分比。

　　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.

　　收购后的估值方法有：

　　l 自举-将买方的市盈率与两个企业的预期收益相结合。

　　l 结合两家公司收购前的价值并且附加到合并公司的公允价值中

　　l 自由现金流(FCF)-使用相关的折扣率得出合并公司自由现金流的现值。

　　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.

　　正如我上诉所述，准备P4的考试应包括利用足够的时间去学习和理解股权估值模型才能更好地把知识应用到考试中。