??????????? Stephen H. Penman

1
???????????Stephen H. Penman

• ???
• Peter D. Easton and Gregory A. Sommers
• Fisher College of Business
• The Ohio State University
• ???
• Stephen H. Penman Columbia University
• Luis Palencia University of Navarra, IESE
  Business School
• ???
• ? ? ???

2
????????19?
3
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Chapter 19 Page 645

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4
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Chapter 19 Page 647 Figure 19.1
5
Starbucks ?? ???????????
Chapter 19 Page 648 Table 19-1
Starbucks ?? 1993 1994
1995 1996 1997 ?? 176,541 284,923 465,213 69
6,481 966,946 ???? 7,253
15,051 24,406 31,081 53,252 ???? ??
54.4 55.3 54.6 51.8
55.3 ?????? 32.1 32.7
32.0 30.3 32.0 ??????
3.0 3.1 3.0 2.8
2.9 ????? 3.8
4.4 4.8 5.2 5.4 ?? ????
8.4 7.0 6.2 5.3
5.9 ?????? 2.8
2.9 3.4 3.7 3.5 ?????
4.4 5.3 5.2 4.5
5.6 ATO 1.89 2.00 1.74
1.84 1.95 ?? RNOA () 8.3 10.6
9.0 8.3 10.9 ?????
93,589 191,416 342,648 412,958 578,237 NOA???
() - 104.5 80.5 20.6
40.0 ????? () - 61.4 63.3
49.7 38.8

• 1977?,Starbucks ????????? 6.4?P/B??????,???? RNOA
  ?? 10.9. ????????????

6
RNOA ???????????????
Chapter 19 Pages 649-651

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• ?? 20 ????????????( market-to-market)???
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7
RNOA ????????????????
Chapter 19 Pages 652-653

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  17.

8
RNOA ???? ????
Chapter 19 Pages 655-656

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9
Starbucks ????????????????
Chapter 19 Page 655 Table 19-2
????????????????? ???????? (ESOP) ????
1,407 774 946 1,177
1,382 ???????? 20.38 25.16
16.44 23.87 34.81 ????????
8.59 9.25 3.34 6.78
9.92 ?? (??) 16,591 12,311 12,390
20,128 34,409 ???? 5,243 3,719
4,754 6,808 9,626 ??????? (??) 11,348
8,592 7,636 13,320 24,783 ????????
(ESPP) ??????
263 1,735 2,313 ???????
46 306 408 ????????
11,348 8,592 7,782
13,626 25,191 ????? ????
(4,095) 6,459 16,624 17,455
28,061 ????? RNOA () -4.7 4.5
6.2 4.6 5.7
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????? RNOA ?????
Chapter 19 Pages 656

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11
????? RNOA ???

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12
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Chapter 19 Pages 657

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13
Starbucks ??????? 1994-1997
Chapter 19 Page 657 Table 19-3
1993 1994 1995 1996 1997 ????
15,051 24,406 31,081 53,252 ?????
93,589 191,416 342,648 412,958 578,237 ???
?? (C?I) ----- (82,776) (126,826) (39,229) (112,02
7)
14
ROCE, P/B ? P/E ??? FCF???????
Chapter 19 Page 658 Table 19-4

• FCF
• ?? FCF/?? ROCE P/B P/E
• 1 87.1 4.7 .78 17.4
• 2 23.4 9.2 .91 10.3
• 3 10.8 12.1 1.10 9.6
• 4 6.3 13.7 1.32 10.4
• 5 2.2 14.6 1.55 11.6
• 6 -1.4 13.2 1.58 13.0
• 7 -6.1 12.6 1.49 12.8
• 8 -13.4 11.6 1.36 12.5
• 9 -25.9 9.9 1.14 12.2
• 10 -78.8 4.2 .94 22.7
•