When discussing the evaluation of startups using the #VC method, one interesting point comes to mind:<\/p>\n\n\n\n
As I mentioned earlier, investment funds should provide an answer to the question of what happens to a startup when the fund exits?<\/p>\n\n\n\n
In the previous discussion, I mentioned that during evaluation, investors mainly rely on statistics of analogous startups’ IPOs. However, more experienced investors attempt to use the Discounted Cash Flow (DCF) method\u2026<\/p>\n\n\n\n
The use of the DCF method is often referred to as focusing heavily on the so-called Terminal Value, which depends on the growth rate, but in reality, it’s not that simple\u2026<\/p>\n\n\n\n
The standard formula: TV [t] = CF[t+1]\/(r-g)<\/p>\n\n\n\n
Analysts of #VC funds refer to the Graduation Value as the Terminal or Horizon Value. By this, they imply that at this point in time, the organization matures. ROIC equals WACC, and real growth is an average, stable, and long-term figure\u2026<\/p>\n\n\n\n
What’s interesting here?<\/p>\n\n\n\n
I recall mentioning in an old note the Tao of Corporate Finance*, which is expressed with a formula like this:<\/p>\n\n\n\n
Value = Noplat[t+1]*(1-g\/ROIC)\/(WACC-G)<\/p>\n\n\n\n
This standard formula’s transformation is based on the assumption that CF[t+1] is based on what portion of future periods’ gains the company returns, adjusted for the company’s future growth rate and ROIC.<\/p>\n\n\n\n
Intuitively from this formula, it’s understood that an increase in g causes a decrease in CF[t+1], thereby reducing the weight on GV. If this isn’t considered in the financial model, sensitivity is taken solely from the Perpetuity DCF formula, which tends to overestimate.<\/p>\n\n\n\n
However, even this “tao” doesn’t fully explain mathematically.<\/p>\n\n\n\n
Let me introduce another formula that authors refer to as Zen of Corporate Finance** and it goes like this:<\/p>\n\n\n\n
Graduation Value = (1-g\/R)*Earnings\/(r-g)<\/p>\n\n\n\n
Both of these formulas (tao & Zen) are similar, except that in Zen, the current period’s operational earnings are used instead of future ones. The sacred mathematical expression comes out like this, though slightly different:<\/p>\n\n\n\n
GV = CF[t+1]\/(r-g) \u2013 E[t]*(g\/R)<\/p>\n\n\n\n
Because:
CF[t+1] = (1-g\/R)*E[t+1]<\/p>\n\n\n\n
The result: The first part of the formula is the traditional fully-funded investment formula (transformed in tao), but the second part defines what the company will lose from the new investments discounted at R=r; ROIC=WACC. In such a case, an increase doesn’t generate more value, and the total Value shouldn’t change\u2026<\/p>\n\n\n\n Precisely because of this, adding this component essentially adds a 2% component to the entire formula and significantly unbalances the growth of g in GV.<\/p>\n\n\n\n Ultimately, Zen gives us this insight:<\/p>\n\n\n\n GV = (1-g\/R)*E[t]\/(r-g)<\/p>\n\n\n\n When R=r =><\/p>\n\n\n\n GV = (1-g\/R)*E[t]\/(r-g)<\/p>\n\n\n\n *Value: The Four Cornerstones of Corporate Finance **Venture Capital & the Finance of Innovation —————————————————————————————————————<\/p>\n\n\n\n \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 #VC<\/a> Method-\u10d8\u10e1 \u10d2\u10d0\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10d4\u10e0\u10d7 \u10d0\u10e1\u10d4\u10d7 \u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd \u10db\u10dd\u10db\u10d4\u10dc\u10e2\u10e1 \u10ec\u10d0\u10d5\u10d0\u10ec\u10e7\u10d3\u10d8: When discussing the evaluation of startups using the #VC method, one interesting point comes to mind: As I mentioned earlier, investment funds should provide an answer to the question of what happens to a startup when the fund exits? In the previous discussion, I mentioned that during evaluation, investors mainly rely on statistics of analogous […]<\/p>\n","protected":false},"author":12998525,"featured_media":1457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[15122,774675955,20100,4438168,164077271,772049227],"tags":[],"class_list":{"0":"post-1456","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-sources","8":"category-venture-capital-the-finance-of-innovation-by-a-metrick-a-yasuda","9":"category-growth","10":"category-roic","11":"category-vc-valuation","12":"category-wacc-coc-structure","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1705133847262.jpeg?fit=800%2C1200&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/sQZ85-zen","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1456"}],"version-history":[{"count":5,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1456\/revisions"}],"predecessor-version":[{"id":4396,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1456\/revisions\/4396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1457"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
GV = (1-g\/R)E[t+1]\/(r-g) \u2013 E[t]<\/em>(g\/R)<\/p>\n\n\n\n
by McKinsey & Company Inc.,Tim Koller, Richard Dobbs, Bill Huyett<\/p>\n\n\n\n
Andrew Metrick & Ayako Yasuda<\/p>\n\n\n\nZEN<\/h2>\n\n\n\n
\u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d0\u10d3\u10e0\u10d4 \u10d5\u10d0\u10ee\u10e1\u10d4\u10dc\u10d4 \u10e1\u10d0\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10dd \u10e4\u10dd\u10dc\u10d3\u10db\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10e1\u10ea\u10d4\u10e1 \u10de\u10d0\u10e1\u10e3\u10ee\u10d8 \u10d9\u10d8\u10d7\u10ee\u10d5\u10d0\u10e1, \u10d7\u10e3 \u10e0\u10d0 \u10d4\u10e6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d8, \u10e0\u10dd\u10ea\u10d0 \u10e4\u10dd\u10dc\u10d3\u10d8 \u10db\u10d0\u10e1 \u10d3\u10d0\u10e2\u10dd\u10d5\u10d4\u10d1\u10e1?
\u10ec\u10d8\u10dc\u10d0 \u10e9\u10d0\u10dc\u10d0\u10ec\u10d4\u10e0\u10e8\u10d8 \u10d5\u10d7\u10e5\u10d5\u10d8, \u10e0\u10dd\u10db \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d0\u10d3 \u10d0\u10dc\u10d0\u10da\u10dd\u10d2\u10d8\u10e3\u10e0\u10d8 \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d4\u10d1\u10d8\u10e1 IPO-\u10d6\u10d4 \u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10d0\u10e1 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc, \u10d7\u10e3\u10db\u10ea\u10d0 \u10e3\u10e4\u10e0\u10dd \u10d2\u10d0\u10db\u10dd\u10ea\u10d3\u10d8\u10da\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8 \u10ea\u10d3\u10d8\u10da\u10dd\u10d1\u10d4\u10dc \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5\u10d8 DCF-\u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0\u10e1…
DCF \u10db\u10d4\u10d7\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d8\u10e1 \u10dc\u10d0\u10d9\u10da\u10d0\u10d3 \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10d0\u10e1\u10d0\u10ee\u10d4\u10da\u10d4\u10d1\u10d4\u10dc \u10d8\u10db\u10d0\u10e1, \u10e0\u10dd\u10db \u10d4.\u10ec. Terminal Value \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10db\u10d2\u10e0\u10eb\u10dc\u10dd\u10d1\u10d8\u10d0\u10e0\u10d4\u10d0 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10d9\u10dd\u10d4\u10e4\u10d8\u10ea\u10d8\u10d4\u10dc\u10e2\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7, \u10d7\u10e3\u10db\u10ea\u10d0 \u10e1\u10d8\u10dc\u10d0\u10db\u10d3\u10d5\u10d8\u10da\u10d4\u10e8\u10d8 \u10d4\u10e1 \u10d0\u10e1\u10d4 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1…
\u10e1\u10e2\u10d0\u10dc\u10d3\u10d0\u10e0\u10e2\u10e3\u10da\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0: TV [t] = CF[t+1]\/ (r-g)
Terminal \u10d0\u10dc Horizon Value-\u10e1 #VC<\/a> \u10e4\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d0\u10dc\u10d0\u10da\u10d8\u10e2\u10d8\u10d9\u10dd\u10e1\u10d4\u10d1\u10d8 Graduation Value-\u10e1 \u10e2\u10d4\u10e0\u10db\u10d8\u10dc\u10d8\u10d7 \u10db\u10dd\u10d8\u10ee\u10e1\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc. \u10d0\u10db\u10d8\u10d7 \u10db\u10d8\u10e3\u10d7\u10d8\u10d7\u10d4\u10d1\u10d4\u10dc, \u10e0\u10dd\u10db \u10d3\u10e0\u10dd\u10d8\u10e1 \u10d0\u10db \u10ec\u10d4\u10e0\u10e2\u10d8\u10da\u10e8\u10d8, \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10d0\u10e1 \u10d3\u10d0\u10e3\u10d0\u10ee\u10da\u10dd\u10d5\u10d3\u10d0. ROIC = WACC-\u10e1, \u10d3\u10d0 \u10e0\u10d4\u10d0\u10da\u10e0\u10d8 \u10d6\u10e0\u10d3\u10d0 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10e3\u10da\u10d8, \u10e1\u10e2\u10d0\u10d1\u10d8\u10da\u10e3\u10e0\u10d8 \u10d3\u10d0 \u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10ea\u10d8\u10e4\u10e0\u10d8\u10d0…
\u10e0\u10d0 \u10d0\u10e0\u10d8\u10e1 \u10d0\u10e5 \u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd?
\u10d4\u10e0\u10d7-\u10d4\u10e0\u10d7 \u10eb\u10d5\u10d4\u10da \u10e9\u10d0\u10dc\u10d0\u10ec\u10d4\u10e0\u10e8\u10d8 \u10d5\u10d0\u10ee\u10e1\u10d4\u10dc\u10d4 Tao of Corporate Finance*, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d0\u10e1\u10d4\u10d7\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10d7 \u10d2\u10d0\u10db\u10dd\u10d8\u10e1\u10d0\u10ee\u10d0:
Value = Noplat[t+1]*(1-g\/ROIC)\/(WACC-G)
\u10d4\u10e1 \u10e1\u10e2\u10d0\u10dc\u10d3\u10d0\u10e0\u10e2\u10e3\u10da\u10d8 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10e1 \u10e2\u10e0\u10d0\u10dc\u10e1\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d0\u10d0 \u10d8\u10db\u10d8\u10e1 \u10d2\u10d0\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10d7 \u10e0\u10dd\u10db CF [t+1] – \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d8\u10d0, \u10d8\u10db\u10d0\u10d6\u10d4 \u10d7\u10e3 \u10db\u10dd\u10db\u10d3\u10d4\u10d5\u10dc\u10dd \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10e0\u10d0 \u10dc\u10d0\u10ec\u10d8\u10da\u10e1 \u10e9\u10d0\u10d0\u10d1\u10e0\u10e3\u10dc\u10d4\u10d1\u10e1 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0 \u10e8\u10d4\u10db\u10d3\u10d2\u10dd\u10db\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10d6\u10e0\u10d3\u10d8\u10e1 \u10e3\u10d6\u10e0\u10e3\u10dc\u10d5\u10d4\u10da\u10e1\u10d0\u10e7\u10dd\u10e4\u10d0\u10d3, \u10e0\u10d0\u10ea \u10d7\u10d0\u10d5\u10d8\u10e1\u10db\u10ee\u10e0\u10d8\u10d5 \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 ROIC-\u10d6\u10d4 \u10d3\u10d0 g-\u10d6\u10d4.
\u10d0\u10db \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10d3\u10d0\u10dc \u10d8\u10dc\u10e2\u10e3\u10d8\u10ea\u10d8\u10e3\u10e0\u10d0\u10d3 \u10d2\u10d0\u10e1\u10d0\u10d2\u10d4\u10d1\u10d8\u10d0, \u10e0\u10dd\u10db g-\u10e1 \u10d6\u10e0\u10d3\u10d0, \u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 CF[t+1]_\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0\u10e1, \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10dc\u10d0\u10d9\u10da\u10d4\u10d1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 \u10d0\u10ee\u10d3\u10d4\u10dc\u10e1 GV-\u10d6\u10d4, \u10d3\u10d0 \u10d7\u10e3 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0 \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8 \u10d4\u10e1 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1 \u10d2\u10d0\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10e3\u10da\u10d8, \u10e1\u10d4\u10dc\u10e1\u10d8\u10e2\u10d8\u10e3\u10e0\u10dd\u10d1\u10d0 \u10ea\u10d0\u10da\u10d9\u10d4 \u10d0\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 Perpetuity DCF \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10d7 \u10d8\u10da\u10e3\u10d6\u10dd\u10e0\u10e3\u10da\u10d0\u10d3 \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10d2\u10d0\u10db\u10dd\u10e9\u10dc\u10d3\u10d4\u10d1\u10d0.
\u10d7\u10e3\u10db\u10ea\u10d0 \u10d0\u10e0\u10ea \u10d4\u10e1 “Tao” \u10d2\u10d0\u10db\u10dd\u10e9\u10dc\u10d3\u10d0 \u10db\u10d0\u10d7\u10d4\u10db\u10d0\u10e2\u10d8\u10d9\u10e3\u10e0\u10d0\u10d3 \u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d8.
\u10ec\u10d0\u10d5\u10d0\u10ec\u10e7\u10d3\u10d8 \u10e1\u10ee\u10d5\u10d0 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e1 \u10e0\u10dd\u10db\u10d4\u10da\u10e1\u10d0\u10ea \u10d0\u10d5\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8 \u10d4\u10eb\u10d0\u10ee\u10d8\u10d0\u10dc Zen of Corporate Fonance** \u10d3\u10d0 \u10d8\u10e1 \u10d0\u10e1\u10d4 \u10d2\u10d0\u10db\u10dd\u10d8\u10e7\u10e3\u10e0\u10d4\u10d1\u10d0:
Graduation Value = (1-g\/R)*Earnings\/(r-g)
\u10d4\u10e1 \u10dd\u10e0\u10d8\u10d5\u10d4 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0 (Tao & Zen) \u10d8\u10d2\u10d8\u10d5\u10d4\u10dd\u10d1\u10e0\u10d8\u10d5\u10d8\u10d0 \u10d4\u10e0\u10d7\u10d8 \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d4\u10d1\u10d8\u10d7 \u10e0\u10dd\u10db Zen-\u10e8\u10d8, \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10db\u10d8\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10db\u10dd\u10d2\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10d0\u10e0\u10d0 \u10db\u10dd\u10db\u10d3\u10d4\u10d5\u10dc\u10dd\u10e1\u10d8. \u10ec\u10db\u10d8\u10dc\u10d3\u10d0 \u10db\u10d0\u10d7\u10d4\u10db\u10d0\u10e2\u10d8\u10d9\u10e3\u10e0\u10d0\u10d3 \u10d4\u10e1 \u10d0\u10e1\u10d4 \u10d2\u10d0\u10db\u10dd\u10d3\u10d8\u10e1, \u10d7\u10e3\u10db\u10ea\u10d0 \u10e8\u10d8\u10dc\u10d0\u10d0\u10e0\u10e1\u10d8 \u10ea\u10dd\u10e2\u10d0 \u10e1\u10ee\u10d5\u10d0\u10d2\u10d5\u10d0\u10e0\u10d8\u10d0:
GV = CF[t+1]\/(r-g) – E[t]*(g\/R)
\u10e0\u10d0\u10d3\u10d2\u10d0\u10dc:
CF[t+1] = (1-g\/R)*E[t+1]
\u10e8\u10d4\u10d3\u10d4\u10d2\u10d8:
GV = (1-g\/R)*E[t+1]\/(r-g) – E[t]*(g\/R)
\u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d8\u10e1 \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8 \u10e2\u10e0\u10d0\u10d3\u10d8\u10ea\u10d8\u10e3\u10da\u10d8 \u10db\u10d0\u10e0\u10d0\u10d3\u10d8\u10e3\u10da\u10d8 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10d0 (\u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10e2\u10e0\u10d0\u10dc\u10e1\u10e4\u10dd\u10e0\u10db\u10d8\u10e0\u10d3\u10d1\u10d0 Tao-\u10e8\u10d8), \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10db\u10d4\u10dd\u10e0\u10d4 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d0 \u10db\u10d0\u10d7\u10d4\u10db\u10d0\u10e2\u10d8\u10d9\u10e3\u10e0\u10d0\u10d3 \u10d8\u10db\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1 GV \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e0 \u10d8\u10e7\u10dd\u10e1 g-\u10d6\u10d4 \u10db\u10d0\u10e8\u10d8\u10dc, \u10e0\u10dd\u10ea\u10d0 \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0 \u10d0\u10ee\u10d0\u10da \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d4\u10d1\u10d6\u10d4 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8\u10e1 \u10e2\u10dd\u10da\u10d8\u10d0 (R=r; ROIC=WACC). \u10d0\u10e1\u10d4\u10d7 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8, \u10d6\u10e0\u10d3\u10d0 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10e1 \u10d5\u10d4\u10e0 \u10e5\u10db\u10dc\u10d8\u10e1 \u10d3\u10d0 Value \u10e1\u10d0\u10d4\u10e0\u10d7\u10dd\u10d3 \u10d0\u10e0 \u10e3\u10dc\u10d3\u10d0 \u10e8\u10d4\u10d8\u10ea\u10d5\u10d0\u10da\u10dd\u10e1…
\u10e1\u10ec\u10dd\u10e0\u10d4\u10d3 \u10d8\u10db\u10d8\u10e1\u10d0\u10d7\u10d5\u10d8\u10e1, \u10e0\u10dd\u10db \u10d4\u10e1 \u10db\u10dd\u10db\u10d4\u10dc\u10e2\u10d8 \u10db\u10d0\u10d7\u10d4\u10db\u10d0\u10e2\u10d8\u10d9\u10e3\u10e0\u10d0\u10d3 \u10d0\u10e1\u10d0\u10ee\u10e3\u10da\u10d8\u10e7\u10dd, Tao-\u10e1 \u10d3\u10d0\u10d4\u10db\u10d0\u10e2\u10d0 E[t]*(g\/R) \u10d3\u10d0 \u10d2\u10d0\u10ee\u10d3\u10d0 Zen :).
\u10e9\u10d4\u10db\u10d8 \u10d0\u10d2\u10d4\u10d1\u10e3\u10da\u10d8 \u10d9\u10dd\u10dc\u10d9\u10e0\u10d4\u10e2\u10e3\u10da\u10d8 \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10d3\u10d0\u10dc \u10d5\u10ee\u10d4\u10d3\u10d0\u10d5, \u10e0\u10dd\u10db \u10d4\u10e1 \u10d3\u10d0\u10dc\u10d0\u10db\u10d0\u10e2\u10d8 \u10d3\u10d0\u10d0\u10ee\u10da\u10dd\u10d4\u10d1\u10d8\u10d7 2%-\u10d0\u10dc\u10d8 \u10d9\u10dd\u10db\u10de\u10dd\u10dc\u10d4\u10dc\u10e2\u10d8\u10d0 \u10db\u10d7\u10da\u10d8\u10d0\u10dc \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0\u10e8\u10d8, \u10d3\u10d0 \u10d0\u10d1\u10e1\u10dd\u10da\u10d8\u10e2\u10e3\u10e0\u10d0\u10d3 \u10d0\u10d1\u10d0\u10da\u10d0\u10dc\u10e1\u10d4\u10d1\u10e1 g-\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 GV-\u10d6\u10d4.
\u10e1\u10d0\u10d1\u10dd\u10da\u10dd\u10dd\u10d3 Zen-\u10db\u10d0 \u10d0\u10e1\u10d4\u10d7\u10d8 \u10e1\u10d0\u10ee\u10d4 \u10db\u10d8\u10d8\u10e6\u10dd:
GV = (1-g\/R)*E[t+1]\/(r-g) – E[t]*(g\/R)
\u10e0\u10dd\u10ea\u10d0 R=r =>
GV = (1-g\/R)*E[t]\/(r-g)
*Value: The Four Cornerstones of Corporate Finance
by\u00a0McKinsey & Company Inc., Tim Koller,\u00a0Richard Dobbs,\u00a0Bill Huyett
**Venture Capital & the Finance of Innovation
Andrew Metrick & Ayako Yasuda<\/p>\n","protected":false},"excerpt":{"rendered":"