Equity Valuation and Analysis
股票估值與分析
Broad Learning Objectives
總體學習目標
The features of equity shares and markets should be well understood. The valuation techniques that are employed in equity markets receive a strong emphasis with coverage of dividend discount models, the free cash flow model, ratio based valuation models and other model types, such as economic value added; a strong and in depth knowledge of these techniques should be developed. The topic syllabus concludes with a consideration of equity market equilibrium and its practical applications.
熟知股票和股票市場的特征。特別強調在股票市場中應用的估值技術，包括股息折現模型、自由現金流模型、基于比率的估值模型和其他相關模型，如經濟增加值等。考生應加深對這些估值技術的理解。本章大綱還涉及到股票市場均衡及其實際應用的內容。
1 Equity Market and Structure
1 股票市場及其構成
1.1 Equity markets
1.1.1 Stock indices
1.1.2 Uses of stock indices
1.1.3 Number of stocks in an index
1.1.4 Index calculation method
1.1 股票市場
1.1.1 股票指數
1.1.2 股票指數的使用
1.1.3 股票指數的樣本股數量
1.1.4 股票指數的計算方法
1.2 Listing on a stock exchange
1.2 在證券交易所上市
1.3 Rights of shareholders
1.3 股東權利
1.4 Reporting requirements
1.4 報告要求
2 Valuation Methods
2 估值方法
2.1 History
2.1 歷史
2.2 Main valuation methods
2.2.1 Substantive or asset values
2.2.2 Relative evaluations: comparing ratios (earnings per share, price/book ratio, price/cash flow ratio, price/sales ratio, enterprise value ratios)
2.2.3 Specific case of start-up and cyclical companies
2.2.4 Returns or cash flow discounting
2.2 主要的估值方法
2.2.1 實體資產價值
2.2.2 相對價值度量：比較比率（市盈率、市凈率、價格/現金流比率、價格/銷售收入比率、公司價值比率）
2.2.3 新興企業和周期性企業的具體案例
2.2.4 回報或現金流貼現
2.3 DCF in practical detail
2.3.1 Long-term growth
2.3.2 Cost of capital
2.3.3 Structure of liabilities
2.3 貼現現金流的實務應用
2.3.1 長期增長
2.3.2 資本成本
2.3.3 負債結構
3 Equity Market Equilibrium
3 股票市場均衡
3.1 Fair value
3.1 公允價值
3.2 Long-term equilibrium
3.2 長期均衡
3.3 Short-term equilibrium
3.3.1 Justification for the short term
3.3.2 The rise of short-termism
3.3 短期均衡
3.3.1 短期的理由
3.3.2 短期主義的興起
4 Practical Application: Equity Market Equilibrium
4 實際應用：股票市場均衡
4.1 Short-term processing of information
4.1 信息的短期處理
4.2 Short-term valuation methods
4.2 短期估值方法
4.3 Calculating market equilibrium in the short term
4.3 短期市場均衡的計算
