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직수입양서 Valuation: Measuring and Managing the Value of Companies, University Edition
Paperback, 8th Edition
McKinsey & Company Inc
Wiley 2025.05.20.
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책소개

목차

About the Authors ix



Preface xi

Acknowledgments xv

Part One Foundations of Value

1 Why Value Value? 3

Review Questions 13

2 Finance in a Nutshell 15

Review Questions 24

3 Fundamental Principles of Value Creation 25

Review Questions 51

4 Risk and the Opportunity Cost of Capital 53

Review Questions 67

5 The Alchemy of Stock Market Performance 69

Review Questions 83

6 The Stock Market and Economic Fundamentals 85

Review Questions 104

7 The Stock Market Is Smarter Than You Think 105

Review Questions 124

8 Return on Invested Capital 127

Review Questions 157

9 Growth 159

Review Questions 180

Part Two Core Valuation Techniques

10 Frameworks for Valuation 183

Review Questions 212

11 Reorganizing the Financial Statements 215

Review Questions 249

12 Analyzing Performance 251

Review Questions 270

13 Forecasting Performance 273

Review Questions 300

14 Estimating Continuing Value 303

Review Questions 323

15 Estimating the Cost of Capital 325

Review Questions 355

16 Moving from Enterprise Value to Value per Share 357

Review Questions 378

17 Analyzing the Results 381

Review Questions 391

18 Using Multiples 393

Review Questions 413

19 Valuation by Parts 415

Review Questions 434

Part Three Advanced Valuation Techniques

20 Taxes 439

Review Questions 454

21 Nonoperating Items, Provisions, and Reserves 457

Review Questions 472

22 Leases 473

Review Questions 488

23 Retirement Obligations 491

Review Questions 501

24 Measuring Performance in Capital-Light Businesses 503

Review Questions 518

25 CFROI and Other Ways to Measure Return on Capital 519

Review Questions 529

26 Inflation 531

Review Questions 550

27 Cross-Border Valuation 551

Review Questions 569

Part Four Managing for Value

28 Corporate Portfolio Strategy 573

Review Questions 593

29 Strategic Management: Analytics 595

Review Questions 616

30 Strategic Management: Governance, Processes, and Decision Making 617

Review Questions 633

31 Mergers and Acquisitions 635

Review Questions 663

32 Divestitures 665

Review Questions 681

33 Digital Initiatives and Companies 683

Review Questions 702

34 Sustainability 703

Review Questions 720

35 Capital Structure, Dividends, and Share Repurchases 721

Review Questions 752

36 Investor Communications 753

Review Questions 777

Part Five Special Situations

37 Leveraged Buyouts 781

Review Questions 800

38 Venture Capital 801

Review Questions 815

39 High-Growth Companies 817

Review Questions 832

40 Flexibility and Options 833

Review Questions 868

41 Emerging Markets 869

Review Questions 887

42 Cyclical Companies 889

Review Questions 898

43 Banks 899

Review Questions 920

Appendix A Discounted Economic Profit Equals Discounted Free Cash Flow 921

Appendix B Derivation of Free Cash Flow, Weighted Average Cost of Capital, and Adjusted Present Value 925

Appendix C Levering and Unlevering the Cost of Equity 931

Appendix D Leverage and the Price-to-Earnings Multiple 939

Appendix E Other Capital Structure Issues 943

Appendix F Technical Issues in Estimating the Market Risk Premium 947

Appendix G Global, International, and Local CAPM 951

Appendix H Two-Stage Formula for Continuing Value 959

Appendix I A Valuation of Costco Wholesale 961

Index 987

저자 소개

TIM KOLLER is a McKinsey partner and founder of McKinsey’s Strategy and Corporate Finance Insights team. In his 40 years of consulting, he has served clients globally on corporate strategy and capital markets, acquisitions and divestitures, and resource allocation.

MARC GOEDHART is a senior expert in McKinsey’s Strategy and Corporate Finance practice and an endowed professor of corporate valuation at Rotterdam School of Management (RSM), Erasmus University.

DAVID WESSELS is an adjunct professor of finance at the Wharton School of the University of Pennsylvania. He was named by Bloomberg Businessweek as one of America’s top business school instructors.

MCKINSEY & COMPANY is a global management consulting firm. McKinsey combines bold strategies and transformative technologies to help organizations innovate and achieve lasting gains in performance.

품목정보

발행일
2025년 05월 20일
쪽수, 무게, 크기
1024쪽 | 178*254*58mm
ISBN13
9781394279470

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