CFO Lecture Notes
 |
Description
Book Introduction
This book is a compilation of lectures on valuation and capital market accounting given by the authors to executives and employees of public and private companies.
Many executives and employees of companies I have met have always had an intellectual thirst for the conceptual framework necessary to enhance the intrinsic value of a company and the usefulness and limitations of financial accounting information necessary to understand it.
They have always been vigilant about their responsibility to pursue sustainable growth by not only efficiently operating existing businesses but also discovering new investment opportunities.
And he showed a lot of interest and affection for new theories, strategies, or best practices that help improve corporate value.
This book is a small effort to satisfy their intellectual curiosity and interest to some extent.
This book covers a variety of topics to help corporate executives and employees not only deepen their basic understanding of capital markets and financial accounting, but also develop a framework for strategic thinking regarding financial accounting policies.
To increase corporate value, managers must efficiently secure the funds necessary for core investments and business operations, and to this end, they must also consider ways to gain trust from creditors and shareholders, who are the providers of capital.
To this end, this book covers various theories related to entrepreneurial valuation, as well as the usefulness and limitations of financial accounting information required to apply these theories in practice, from both the perspectives of capital providers and managers.
Another common characteristic of listed companies is that their stock prices tend to diverge from their intrinsic value.
Because it is difficult to properly evaluate a company's business and investment activities and predict the resulting management performance, the stock market tends to overestimate or underestimate the intrinsic value of these companies.
This book also provides a basic framework for analyzing whether a company's stock price appropriately reflects its intrinsic value using new valuation models.
In addition, the dividend policy, treasury stock repurchase policy, shareholders' required rate of return, corporate governance structure, debt financing policy, executive compensation system, and transparency of accounting information, which are closely related to corporate value evaluation, will be introduced in detail.
Many executives and employees of companies I have met have always had an intellectual thirst for the conceptual framework necessary to enhance the intrinsic value of a company and the usefulness and limitations of financial accounting information necessary to understand it.
They have always been vigilant about their responsibility to pursue sustainable growth by not only efficiently operating existing businesses but also discovering new investment opportunities.
And he showed a lot of interest and affection for new theories, strategies, or best practices that help improve corporate value.
This book is a small effort to satisfy their intellectual curiosity and interest to some extent.
This book covers a variety of topics to help corporate executives and employees not only deepen their basic understanding of capital markets and financial accounting, but also develop a framework for strategic thinking regarding financial accounting policies.
To increase corporate value, managers must efficiently secure the funds necessary for core investments and business operations, and to this end, they must also consider ways to gain trust from creditors and shareholders, who are the providers of capital.
To this end, this book covers various theories related to entrepreneurial valuation, as well as the usefulness and limitations of financial accounting information required to apply these theories in practice, from both the perspectives of capital providers and managers.
Another common characteristic of listed companies is that their stock prices tend to diverge from their intrinsic value.
Because it is difficult to properly evaluate a company's business and investment activities and predict the resulting management performance, the stock market tends to overestimate or underestimate the intrinsic value of these companies.
This book also provides a basic framework for analyzing whether a company's stock price appropriately reflects its intrinsic value using new valuation models.
In addition, the dividend policy, treasury stock repurchase policy, shareholders' required rate of return, corporate governance structure, debt financing policy, executive compensation system, and transparency of accounting information, which are closely related to corporate value evaluation, will be introduced in detail.
index
preface
Section 01 Capital Procurement Priority and Financial Leverage
Section 02 Financial Leverage and Balance Sheet
Section 03 Income Statement and KPI
Section 04 Operating profit, operating profit margin, and return on invested capital
Section 05 Differences between Recognized and Disclosed Information: Finance Leases and Operating Leases
Section 06 Financial Covenants and Performance-Linked Variable Rate Borrowings
Section 07 Operating Leverage and Fixed Operating Expenses
Section 08 Break-even Point and Investment Decisions
Section 09 Restructuring the Balance Sheet and Income Statement: Operating and Financing Activities
Section 10: Strategic Use of Return on Equity (ROE) and Return on Net Operating Assets (RNOA)
Section 11 Fundamentals of Valuation: Dividend Discount Model
Section 12: The Intrinsic Value of a Company and the Excess Earnings Model
Section 13: Case of the Excess Profit Model
Section 14 Meaning of PBR (Price-to-Book Ratio)
Section 15 Investment in Intangible Assets and Excess Profits
Section 16 Meaning of PER (Price-to-Earnings Ratio)
Section 17 Excess Profit Growth Model
Section 18: Case Study of the Excess Profit Growth Model
Section 19 PBR and PER
Section 20 PER and Government Bond Yields
Section 21 PEG Ratio
Section 22 Estimation of expected shareholder return (r)
Section 23 'Actual' Shareholder Required Rate of Return
Section 24 Shareholder Required Return and Management Performance
Section 25 Future Investment Returns of Value and Growth Stocks
Section 26 Beta (): Cash Flow Beta (CF) and Discount Rate Beta (DR)
Section 27 PBR (Price-to-Book Ratio) and Overvalued Stocks
Section 28 PER (Price-to-Earnings Ratio) and Overvalued Stocks
Section 29 Estimation of expected shareholder returns (r) using the PER concept
Section 30 Increase in Debt and Decrease in Weighted Average Cost of Capital
Section 31 Determination of the Weighted Average Cost of Capital Based on Debt Capital
Section 32 EVA and EVA
Section 33 Use of Financial Debt and Beta()
Section 34 Competition, Shareholder Expected Returns, and Stock Prices
Section 35: Causes of Stock Price Fluctuations: Risk Aversion and Reference Levels
Section 36: Characteristics of the Discounted Cash Flow (DCF) Model
Section 37: Excess Operating Profit Model and Intrinsic Value Creation
Section 38: Excess Operating Profit Model and Discounted Cash Flow Model: Case Studies
Section 39 Discounted Cash Flow Model and Dividend Discount Model
Section 40 Risk, Volatility, Uncertainty, and Shareholders' Required Return
Section 41 Method of Estimating Future Profits
Section 42 NPV and IRR: Investment Decision-Making Methods
Section 43: Characteristics of Investment Decision-Making Methods: NPV, DCF, IRR, ROIC, Sharpe Ratio
Section 44 NPV and Real Options Investment Strategies
Section 45 IRR and Investment Decisions: The Role of Multifactorial CAPM
Section 46 Investment Expansion and Corporate Value
Section 47 Adjustment Costs and Investment Decisions
Section 48 Dividend Payout Ratio and the Role of Dividends
Section 49 Acquisition of Treasury Shares
Section 50: Stock Return Volatility and Stock Market Activity
Section 51 Investment, Profitability, and Stock Returns
Section 52 Probabilistic Discount Factors and Valuation
Section 53 Companion Investors and Short-Term Investors
Section 54: The Secret of Net Income: Operating Cash Flow and Accruals
Section 55 Operating Cash Flow: EBITDA or OCF
Section 56: Valuation Errors in Accruals and Operating Cash Flows
Section 57 Management and Investor Evaluation of Accruals and Cash Flows
Section 58 Difficulties in Assessing Accrual
Section 59 Root Causes of Accrual Assessment Errors
Section 60: Is accrual a necessary evil?
Section 61 Management Compensation System and Reliability of Financial Information
Section 62: Two-Faced Debt and the Optimal Debt Ratio
Section 63 Asset Revaluation and Corporate Value
Section 64 Operating Leverage, Financial Leverage, and Cost of Capital
Section 65 Sunk Costs and Investment Decisions
Section 66 Futures Exchange Sales Contracts and Debt Ratio
Section 67 KIKO and the Rising Exchange Rate
Section 68 Dividend Income and Capital Gains
Section 69: 'Excessive' Cash Holdings and VaR
Section 70 Effective and Marginal Tax Rates
Section 71 Appropriate level of cash equivalents held
Section 72 Conditions for an Attractive Acquisition Target
Section 73 Chameleon Debt
Section 74 Accounting Transparency Index
Section 75 Conservative Accounting Philosophy
Section 76 Conservatism and Accounting Standards: The Concept of Multiplication
A Soft Landing for the Section 77 Securities Class Action System
Section 78 Determinants of Securities-Related Class Action Risk
Section 79: Stock Price Convexity and Market Expectations Management
Section 80 Introduction of the holding company system and stock price convexity
Section 81 Business Diversification and Corporate Value Discount
Section 82 Grading the Quality of Corporate Financial Accounting Information
Section 83 Corporate Governance and Corporate Value
Section 84 Disparity between Control and Ownership
Section 85 Differential Voting Rights and Management Rights Defense Devices
Section 86 CD&A and Executive Compensation Information
Section 87 Stock Options and Excessive Compensation
Section 88 Valuation of Stock Purchase Rights
Section 89 Sustainable Management and Corporate Value
Section 90 Good Companies and Great Companies
Topic-specific references
Search
Section 01 Capital Procurement Priority and Financial Leverage
Section 02 Financial Leverage and Balance Sheet
Section 03 Income Statement and KPI
Section 04 Operating profit, operating profit margin, and return on invested capital
Section 05 Differences between Recognized and Disclosed Information: Finance Leases and Operating Leases
Section 06 Financial Covenants and Performance-Linked Variable Rate Borrowings
Section 07 Operating Leverage and Fixed Operating Expenses
Section 08 Break-even Point and Investment Decisions
Section 09 Restructuring the Balance Sheet and Income Statement: Operating and Financing Activities
Section 10: Strategic Use of Return on Equity (ROE) and Return on Net Operating Assets (RNOA)
Section 11 Fundamentals of Valuation: Dividend Discount Model
Section 12: The Intrinsic Value of a Company and the Excess Earnings Model
Section 13: Case of the Excess Profit Model
Section 14 Meaning of PBR (Price-to-Book Ratio)
Section 15 Investment in Intangible Assets and Excess Profits
Section 16 Meaning of PER (Price-to-Earnings Ratio)
Section 17 Excess Profit Growth Model
Section 18: Case Study of the Excess Profit Growth Model
Section 19 PBR and PER
Section 20 PER and Government Bond Yields
Section 21 PEG Ratio
Section 22 Estimation of expected shareholder return (r)
Section 23 'Actual' Shareholder Required Rate of Return
Section 24 Shareholder Required Return and Management Performance
Section 25 Future Investment Returns of Value and Growth Stocks
Section 26 Beta (): Cash Flow Beta (CF) and Discount Rate Beta (DR)
Section 27 PBR (Price-to-Book Ratio) and Overvalued Stocks
Section 28 PER (Price-to-Earnings Ratio) and Overvalued Stocks
Section 29 Estimation of expected shareholder returns (r) using the PER concept
Section 30 Increase in Debt and Decrease in Weighted Average Cost of Capital
Section 31 Determination of the Weighted Average Cost of Capital Based on Debt Capital
Section 32 EVA and EVA
Section 33 Use of Financial Debt and Beta()
Section 34 Competition, Shareholder Expected Returns, and Stock Prices
Section 35: Causes of Stock Price Fluctuations: Risk Aversion and Reference Levels
Section 36: Characteristics of the Discounted Cash Flow (DCF) Model
Section 37: Excess Operating Profit Model and Intrinsic Value Creation
Section 38: Excess Operating Profit Model and Discounted Cash Flow Model: Case Studies
Section 39 Discounted Cash Flow Model and Dividend Discount Model
Section 40 Risk, Volatility, Uncertainty, and Shareholders' Required Return
Section 41 Method of Estimating Future Profits
Section 42 NPV and IRR: Investment Decision-Making Methods
Section 43: Characteristics of Investment Decision-Making Methods: NPV, DCF, IRR, ROIC, Sharpe Ratio
Section 44 NPV and Real Options Investment Strategies
Section 45 IRR and Investment Decisions: The Role of Multifactorial CAPM
Section 46 Investment Expansion and Corporate Value
Section 47 Adjustment Costs and Investment Decisions
Section 48 Dividend Payout Ratio and the Role of Dividends
Section 49 Acquisition of Treasury Shares
Section 50: Stock Return Volatility and Stock Market Activity
Section 51 Investment, Profitability, and Stock Returns
Section 52 Probabilistic Discount Factors and Valuation
Section 53 Companion Investors and Short-Term Investors
Section 54: The Secret of Net Income: Operating Cash Flow and Accruals
Section 55 Operating Cash Flow: EBITDA or OCF
Section 56: Valuation Errors in Accruals and Operating Cash Flows
Section 57 Management and Investor Evaluation of Accruals and Cash Flows
Section 58 Difficulties in Assessing Accrual
Section 59 Root Causes of Accrual Assessment Errors
Section 60: Is accrual a necessary evil?
Section 61 Management Compensation System and Reliability of Financial Information
Section 62: Two-Faced Debt and the Optimal Debt Ratio
Section 63 Asset Revaluation and Corporate Value
Section 64 Operating Leverage, Financial Leverage, and Cost of Capital
Section 65 Sunk Costs and Investment Decisions
Section 66 Futures Exchange Sales Contracts and Debt Ratio
Section 67 KIKO and the Rising Exchange Rate
Section 68 Dividend Income and Capital Gains
Section 69: 'Excessive' Cash Holdings and VaR
Section 70 Effective and Marginal Tax Rates
Section 71 Appropriate level of cash equivalents held
Section 72 Conditions for an Attractive Acquisition Target
Section 73 Chameleon Debt
Section 74 Accounting Transparency Index
Section 75 Conservative Accounting Philosophy
Section 76 Conservatism and Accounting Standards: The Concept of Multiplication
A Soft Landing for the Section 77 Securities Class Action System
Section 78 Determinants of Securities-Related Class Action Risk
Section 79: Stock Price Convexity and Market Expectations Management
Section 80 Introduction of the holding company system and stock price convexity
Section 81 Business Diversification and Corporate Value Discount
Section 82 Grading the Quality of Corporate Financial Accounting Information
Section 83 Corporate Governance and Corporate Value
Section 84 Disparity between Control and Ownership
Section 85 Differential Voting Rights and Management Rights Defense Devices
Section 86 CD&A and Executive Compensation Information
Section 87 Stock Options and Excessive Compensation
Section 88 Valuation of Stock Purchase Rights
Section 89 Sustainable Management and Corporate Value
Section 90 Good Companies and Great Companies
Topic-specific references
Search
GOODS SPECIFICS
- Date of issue: February 17, 2025
- Page count, weight, size: 750 pages | 180*253*38mm
- ISBN13: 9791162821350
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