股票估价(Stock Valuation) 目录 1什么是股票估价 2股票估价的方法 3股票估价的模型 什么是股票估价 股票估价是通过一个特定技术指标与数学模型，估算出股票在未来一段时期的相对价格，也叫股票预期价格。 股票估价的方法 第一种是根据市盈率估值.比如钢铁业世界上发达国家股市里一般是8-13倍的市盈率.所以通过这种估值方法可以得出一般钢铁企业的估值=业绩*此行业的一般市盈率. 第二种是根据市净率估值.比如一个资源类企业的每股净资产是4块,那么我们就可以看这类企业在资本市场中一般市净率是多少,其估价=净资产*此行业一般市净率.这种估价方法适合于制造业这类主要靠生产资料生产的企业.象IT业这类企业就明显不合适用此方法估值了. 股票估价的模型 股票估价的基本模型 计算公式为： 股票价值 估价 R——投资者要求的必要收益率 Dt——第t期的预计股利 n——预计股票的持有期数 零增长股票的估价模型 零成长股是指发行公司每年支付的每股股利额相等，也就是假设每年每股股利增长率为零。每股股利额表现为永续年金形式。零成长股估价模型为： 股票价值=D/Rs 例：某公司股票预计每年每股股利为1.8元，市场利率为10%，则该公司股票内在价值为： 股票价值=1.8/10%=18元 若购入价格为16元，因此在不考虑风险的前提下，投资该股票是可行的 固定增长股票的估价模型 设最近一期支付的股利为D0，预计第一期支付的股利为D1，股利增长率为g，则： 价值 若购入价格为46元，在不考虑风险的前提下，投资该股票是可行的。 阶段性增长股票的估价模型 P/E比率估价分析' P/E比率：即股票的每股市价与每股收益的比率，又称市盈率。 价值 股票价格＝该股票市盈率×该股票每股收益 股票价值＝行业平均市盈率×该股票每股收益
The negative impact of a company's new product on the sales performance of its existing related products. If a company is practicing market cannibalization, it is eating its own market. For example, say Coca Cola puts out a new product called Coke2, and customers buy Coke2 instead of regular Coke. Although sales may be up for the new product, these sales may be eating into Coke's original market, in which case the overall company sales would not be increasing. Because of the possibility of market cannibalization, investors should always dig deeper, analyzing the source and impact of the success of a company's new but similar product.
An estate planning tool used to freeze certain assets of an individual for estate tax purposes, but not for income tax purposes. The intentionally defective trust is created as a grantor trust with a purposeful flaw that ensures that the individual continues to pay income taxes, as income tax laws will not recognize that assets have been transferred away from the individual. For estate tax purposes, however, the value of the grantor's estate is reduced by the amount of the asset transfer. The individual will "sell" assets to the trust in exchange for a promissory note of some length, such as 10 or 15 years. The note will pay enough interest to classify the trust as above market, but the underlying assets are expected to appreciate at a faster rate. |||The beneficiary of an IGDT is typically children or grandchildren, who will receive assets that have been able to grow without reductions for income taxes (which have been paid by the grantor). The IDT can be a very effective estate planning tool if structured properly, allowing a person to lower his or her taxable estate while gifting assets to beneficiaries at a locked in value. The grantor (creator) of the trust can also lower his or her taxable estate by paying income taxes on the trust assets, essentially gifting extra wealth to beneficiaries. An IDT should be structured with the assistance of a certified financial planner and/or estate planning attorney.
A mutual fund that invests in securities from several different countries, including the United States. World funds typically have a significant portion of their capital invested in U.S.-listed securities, but also spread their investment capital among securities from several other countries. This structure limits exposure to any specific country and limits exchange rate risks. It's important to not confuse "international funds" with "world funds". International funds invest exclusively in securities from countries outside of the United States, while world funds can have up to 75% of their capital invested in U.S. securities.In contrast, "country funds" are mutual funds that limit their investments to securities from one particular country. The common argument for the benefits of world funds is that, while still based on the U.S. market, world funds allow their managers to select the best securities out of the global marketplace, instead of being limited to selecting only from a given country and missing out on potentially better investments.
A currency with value that has depreciated significantly over time against other currencies. The long-term outlook for a weak currency is that it will continue to lose value due to fundamental weaknesses in the nation that issues this currency. |||Weak currency nations generally have poor economic fundamentals, which may include a high rate of inflation, chronic current account and budget deficits and sluggish economic growth. Nations with weak currencies usually have much higher levels of imports, compared with their exports, resulting in more supply than demand for such currencies on international foreign exchange markets if they are freely-traded currencies. While a temporarily weak phase in a major currency provides a pricing advantage to its exporters, such a benefit seldom accrues to exporters in weak currency nations, since other factors such as high input costs and bureaucratic red tape may offset this advantage.
资产负债率， 又称举债经营比率，是负债总额与资产总额的比率，它反映了在总资产中气多大比例的资金来源是通过借债筹集的，也可以衡量企业在清算时保护债权人利益的程度。其计算公式为： 资产负债率=负债总额/资产总额*100% 资产负债率30%以下资本运作能力不高，应该加强。 资产负债率50%资产运作高手。 资产负债率70%以上很危险。
Margin creep refers to the behavior of a company that chooses to focus only on the high-end, high-margin products, even if customers show an inclination towards more value-oriented products and/or services. A product's margin is the difference between the cost of the good or service and the retail price; the greater the difference, the higher the margin. While any products or services that are successfully marketed and sold may result in a solid margin, other potential sales will be lost if value-minded consumers are price-sensitive. The tendency for margin creep within a company can have long-term implications on its sustainability.
贷款证的概念 贷款证是由人民银行向申请办理贷款证的企业颁发的，是企业向银行借款所必须提供的资格证明书。实行《贷款证》制度对金融机构的意义是：提高贷款透明度，降低信贷风险；便于银行管理好信贷资产质量；帮助金融机构清理风险贷款。 目录 1 贷款证的内容 2 贷款证颁发的对象 3 贷款证的使用 贷款证的内容 1.发证记录和年审记录； 2.企业概况； 3.银行存款户开户记录； 4.贷款余额情况登记表； 5.贷款发生情况登记表； 6.异地贷款发生情况登记表； 7.企业提供经济担保情况登记表； 8. 企业资信评估记录； 9.备注。 贷款证颁发的对象 持有工商行政管理部门颁发的《企业法人营业执照》的借款人，必须向其注册地区人民银行发证机关申领《贷款证》。一个企业只能领取一本《贷款证》。对于大型、跨地区企业集团下属的分支机构，已由其所属的一级法人授权，具备二级法人资格的，在《贷款证》发放和管理中视同企业法人，也应申领《贷款证》。不具备独立的法人资格，无权申请办理《贷款证》。 贷款证的使用 企业领取贷款证后，方有资格办理借款还款手续。 企业申请借款时，金融机构信贷部门必须查验借款企业的《贷款证》。决定向其贷款后，信贷人员须在贷款证上逐笔登记，并签字盖章。 企业归还贷款时，应持金融机构会计部门填制的贷款偿还凭证和贷款证，到金融机构信贷部门及时做还款记录。信贷人员须在贷款证上逐笔登记，并签字盖章。 企业申请贷款展期，信贷部门批准后，信贷人员须在贷款证上逐笔记录，并签字盖章。 信贷部门办理保证贷款时，必须同时查验保证企业的贷款证。决定办理保证贷款后，信贷人员须同时在被保证企业和保证企业贷款证上逐笔登记，并签字盖章。 企业归还保证贷款时，借款企业应及时通知保证企业持其贷款证到信贷部门做核销登记，由信贷人员签字盖章。 企业在注册地以外城市金融机构办理借款还款手续，要持其所在城市发证机关颁发的贷款证按上述相同程序在异地贷款栏中登记。 资信评估机构对企业评级，并在企业资信等级记录栏中记录后，应加盖公章。 资信评估机构对企业作出的资信等级评定结论，可作为金融机构向企业提供贷款的参考依据。 贷款证不得出借、出租、转让、涂改、伪造。 金融机构信贷部门查验企业贷款证的时间不得超过15天。
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