基于时间价值的TSR模型对公司价值分析的启示

本文论述的TSR(Total Shareholder Return)模型以折现现金流(DCF)为理论基础,全面分析了用来测量公司价值及业绩的主要参数,包括销售额、利润、资本成本、资产报酬率及自由现金流等,并综合利用了净现值(NPV)、内含报酬(IRR)和VAR风险分析等投资分析工具,有效地衡量了公司的内在价值和分公司或事业部(Business Unit)的业绩,并约束了公司经营者规划的公司远期战略目标及制定的各项计划符合股东的利益。本文就TSR技术的决定因素和模型的建立展开论述,并简要说明了此模型对上市公司价值及业绩分析的启示。

TSR mode''''s inspiration on company value analysis basing on time value

TSR model is based on the theory of Rational Expectation and Discounted Cash Flow,it analyses most of the measurements of corporate value and performance,including sales income,profit,capital cost,return ratio of assets and cash flow,and the model also effectively utilizes the investment measurement tools,such as NPV,IRR and VAR(Value at risk).TSR model really measures the company's intrinsic value and the performance of subsidiary/business unit,it also can help the management to make the long-term strategies and plans in accordance to the shareholders' interests.