Valuation: Measuring and Managing the Value of Companies – Tim Koller, Marc Goedhart, David We

: Valuation – Measuring and Managing the Value of Companies

: 《价值评估：公司价值的衡量与管理（第四版）》

简介 Intro

<Valuation: Measuring and Managing the Value of Companies>—— Tim Koller, Marc Goedhart, David Wessels

McKinsey & Company\’s #1 best-selling guide to corporate valuation–the fully updated seventh edition

Valuation has been the foremost resource for measuring company value for nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders.

This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies.

Clear, accessible chapters cover the fundamental principles of value creation, analyzing and forecasting performance, capital structure and dividends, valuing high-growth companies, and much more. The Financial Times calls the book \”one of the practitioners\’ best guides to valuation.\”

This book:

Provides complete, detailed guidance on every crucial aspect of corporate valuation Explains the strategies, techniques, and nuances of valuation every manager needs to know Covers both core and advanced valuation techniques and management strategies Features/Includes a companion website that covers key issues in valuation, including videos, discussions of trending topics, and real-world valuation examples from the capital markets For over 90 years, McKinsey & Company has helped corporations and organizations make substantial and lasting improvements in their performance. Through seven editions and 30 years, Valuation: Measuring and Managing the Value of Companies, has served as the definitive reference for finance professionals, including investment bankers, financial analysts, CFOs and corporate managers, venture capitalists, and students and instructors in all areas of finance.

关键词：价值评估：公司价值的衡量与管理; 蒂姆·科勒;

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Preview – Valuation Measuring and Managing the Value of Companies

读者评论 Readers\’ Comments

This book does a good job explaining basic valuation (doesn\’t go super in depth on all valuation concepts). But, what I really enjoy about the book, and where the value is, is that is describes the concept of value creation and destruction. With that, it provides ways to think about it, ways to analyze it, and formulas to apply it in valuation.

这本书好的地方在于，尽管偏技术性，但全书紧紧围绕“价值”和“价值创造”。序言开宗明义，说明企业有价值是因为其投资回报高于资金成本。第10章进一步说明企业的价值来自良好的资本回报（ROIC）以及增长，但是如果ROIC低于资金成本，则增长只会摧毁价值。遗憾的是，做企业也好，做投资也好，很多人都不明白这个道理，在回答为什么企业有价值时说半天也说不到点子上。而这本书从头到尾都是在围绕这一点。这本书先是介绍原理和估值方式，第四部分更是围绕它来介绍管理层如何进行价值创造。巴菲特说管理层最重要的作用是资本配置。很多人不明白啥是资本配置，这本书，特别是第四部分讲的就是具体的资本配置方法。

裘老师推荐，太棒了，起码看两遍以上。

不错的投资工具书

手把手教估值，很有启发。

作者 Author

Tim Koller, Marc Goedhart, David Wessels

Regarded by many as the authority on leadership and change, John P. Kotter is a New York Times best-selling author, award winning business and management thought leader, business entrepreneur, inspirational speaker and Harvard Professor. His ideas, books, speeches, and company, Kotter International, have helped mobilize people around the world to better lead organizations, and their own lives, in an era of increasingly rapid change. Dr. Kotter’s MIT and Harvard esrccation laid the foundation for his life-long passion for esrccating, motivating, and helping people. He became a member of the Harvard Business School faculty in 1972. By 1980, at the age of 33, Kotter was given tenure and a full Professorship – at the time, the youngest person ever to have received that award at the Business School. Over the past 40 years, his articles in The Harvard Business Review have been some of the most popular reprints for the publication. His HBR article \”Accelerate!\” won the 2012 McKinsey Award for the world\’s most practical and groundbreaking thinking in the business/management arena. Kotter has authored 20 books to date – twelve of them bestsellers. His books have reached millions and have been printed in over 150 foreign language editions. Arguably his most popular book, Our Iceberg Is Melting, was released in 2006. This New York Times bestseller helped launch to a large audience the 8-step process for leading change. In 2014, Kotter published his book Accelerate, an evolution of his previous research on leading change. Accelerate highlights the iterative nature of the 8-step process, the importance of aligning people around a Big Opportunity, and how to create an organization that is both efficient and reliable, and fast and agile enough to respond to today’s challenges. Dr. Kotter is the Founder, Chairman and Head of Research at Kotter International, a consulting firm focused on helping organizations apply the concepts in his books in a practical and accessible way – helping them achieve unimaginable results, faster than they believe possible. Other widely read books include A Sense of Urgency, The Heart of Change and Leading Change, which Time magazine selected in 2011 as one of the 25 most influential business management books ever written. Kotter\’s 21st book, Change: How Organizations Achieve Hard-to-Imagine Results Despite Uncertain and Volatile Times brings together more than 40 years of research and more than a decade of Kotter International’s practical application of this research with organizations around the globe. Change sheds new light on how to build organizations – from businesses to governments – that are able to change and adapt rapidly. Kotter’s research and pursuits in esrccation, business and writing have earned the respect of his peers, helped transform organizations around the world, touched countless lives, and still inspires others to adopt his methods and spread the word. He continues to work tirelessly to achieve the goal of “millions leading, billions benefiting.” Professor Kotter is a proud father of two and resides in Sarasota, FL with his wife, Nancy Dearman.