会计报表与财务管理培训(英文版)(ppt 32页)

会计报表与财务管理培训(英文版)内容提要：
MVA & EVA：
MVA: Market Value Added
The difference between the market value of equity and the amount of equity capital that investors supplied
MVA=Market value of equity-Equity capital supplied by investors
=(Shares outstanding)(Stock Price)
-Total common equity 
EVA case study
CSX Corporation in 1988, stock price $28
BU:Locomotive,containers,trailer,railcars
EVA approach lost $70M
Selling off, increasing volume
Till 1993, stock price $82.5 
CAPM Model & SML：
CAPM Capital Asset Pricing Model
SML The Security Market Line
SML Equation
Required return On Stock I=
Risk-free rate + (Market risk premium)(Stock’s beta)
OR Ki=KRF+(KM-KRF)bi
Note: KM,required rate of return on
a portfolio consisting of all stocks

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