Equity Valuation and Analysis
股票估值与分析
Broad Learning Objectives
总体学习目标
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.
熟知股票和股票市场的特征。特别强调在股票市场中应用的估值技术，包括股息折现模型、自由现金流模型、基于比率的估值模型和其他相关模型，如经济增加值等。考生应加深对这些估值技术的理解。本章大纲还涉及到股票市场均衡及其实际应用的内容。
1 Equity Market and Structure
1 股票市场及其构成
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 股票市场
1.1.1 股票指数
1.1.2 股票指数的使用
1.1.3 股票指数的样本股数量
1.1.4 股票指数的计算方法
1.2 Listing on a stock exchange
1.2 在证券交易所上市
1.3 Rights of shareholders
1.3 股东权利
1.4 Reporting requirements
1.4 报告要求
2 Valuation Methods
2 估值方法
2.1 History
2.1 历史
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 实体资产价值
2.2.2 相对价值度量：比较比率（市盈率、市净率、价格/现金流比率、价格/销售收入比率、公司价值比率）
2.2.3 新兴企业和周期性企业的具体案例
2.2.4 回报或现金流贴现
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 贴现现金流的实务应用
2.3.1 长期增长
2.3.2 资本成本
2.3.3 负债结构
3 Equity Market Equilibrium
3 股票市场均衡
3.1 Fair value
3.1 公允价值
3.2 Long-term equilibrium
3.2 长期均衡
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 短期主义的兴起
4 Practical Application: Equity Market Equilibrium
4 实际应用：股票市场均衡
4.1 Short-term processing of information
4.1 信息的短期处理
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 短期市场均衡的计算
