V2EX enterprise value

Enterprise Value

Definition / 释义

企业价值(EV):用于衡量一家公司的“整体价值”的财务指标,通常被理解为收购整家公司需要付出的总成本。常见计算方式为:
EV = 市值(Market Cap) + 总债务(Debt) + 优先股/少数股东权益(如有) 现金及现金等价物(Cash)
(在估值中常与 EV/EBITDA 等倍数一起使用。)

Pronunciation / 发音

/ntrpraz vlju/

Examples / 例句

The company’s enterprise value is higher than its market cap because it has a lot of debt.
这家公司的企业价值高于其市值,因为它负债较多。

When comparing firms in the same industry, analysts often use enterprise value to account for differences in capital structure and cash holdings.
在比较同一行业的公司时,分析师常用企业价值来消除资本结构和现金储备差异带来的影响。

Etymology / 词源

enterprise 原意是“事业、企业、经营活动”,来自法语 entreprise(“承担、着手做某事”之意);value 来自拉丁语 valere(“有价值、强健”)。在现代公司金融语境中,enterprise value 作为术语强调对“企业整体(含债务与现金)”进行估值,而不仅是股权(市值)的价值。

Related Words / 相关词

Literary Works / 文学作品

  • Aswath Damodaran, Investment Valuation(常用“enterprise value”讨论公司整体估值与相对估值倍数)
  • McKinsey & Company, Tim Koller et al., Valuation: Measuring and Managing the Value of Companies(以企业价值框架讲解现金、债务与经营价值的关系)
  • Stephen A. Ross, Randolph W. Westerfield, Jeffrey Jaffe, Corporate Finance(公司金融教材中用于并购与估值分析的核心概念之一)
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