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Book Value

By Will Kenton

Reviewed By Gordon Scott

Updated Feb 27, 2020

账面价值

作者:Will Kenton

审核人:Gordon Scott

更新时间:2020年2月27日

 

What is Book Value?

什么是账面价值?

 

An asset's book value is equal to its carrying value on the balance sheet, and companies calculate it netting the asset against its accumulated depreciation. Book value can also be thought of as the net asset value of a company calculated as total assets minus intangible assets (patents, goodwill) and liabilities. For the initial outlay of an investment, book value may be net or gross of expenses such as trading costs, sales taxes, service charges and so on.

资产的账面价值即其在资产负债表上体现的账面净值,公司在计算资产的账面价值时,将扣除其累计折旧价值。账面价值也可被视为公司的净资产价值,计算方法为总资产减去无形资产(专利、商誉)和负债。就某项投资的初始支出而言,账面价值可为交易成本、销售税、服务费等费用的净额或总额。

 

The formula for calculating book value per share is the total common stockholders' equity less the preferred stock, divided by the number of common shares of the company.

每股账面价值的计算公式为:普通股股东权益总额减去优先股权益,再除以公司的普通股股份数。

 

Key Takeaways

文章要点

 

The book value of a company is the difference between that company's total assets and total liabilities.

公司的账面价值为公司的总资产和总负债的差额。

 

An asset's book value is the same as its carrying value on the balance sheet.

资产的账面价值等同于其在资产负债表上体现的账面净值。

 

Book value reflects the total value of a company's assets that shareholders of that company would receive if the company were to be liquidated.

账面价值反映的是公司将进行清算时公司的股东将获得的公司资产的总价值。

 

Understanding Book Value

了解账面价值

 

Book value is also known as "net book value" and, in the U.K., "net asset value."

账面价值也被称为“账面净值”,在英国被称为“资产净值”。

 

As the accounting value of a firm, book value has two main uses:

作为公司的会计价值,账面价值主要有两个用途:

 

1. It serves as the total value of the company's assets that shareholders would theoretically receive if a company were liquidated.

作为公司将进行清算时公司的股东理论上将获得的公司资产的总价值。

 

2. When compared to the company's market value, book value can indicate whether a stock is under- or overpriced.

与公司的市场价值相比,账面价值可以反映股票的价格是过低还是过高。

 

In personal finance, the book value of an investment is the price paid for a security or debt investment. When a company sells stock, the selling price minus the book value is the capital gain or loss from the investment.

就个人理财而言,投资的账面价值指的是为某项证券或债务投资支付的价格。公司卖出股票时,卖出价减去账面价值即为投资的资本收益或损失。

 

For more information, check out Digging Into Book Value.

欲了解更多相关信息,请查看深入钻研账面价值。

 

Historical Cost

历史成本

The term book value derives from the accounting practice of recording asset value at the original historical cost in the books. While the book value of an asset may stay the same over time by accounting measurements, the book value of a company collectively can grow from the accumulation of earnings generated through asset use. Since a company's book value represents the shareholding worth, comparing book value with market value of the shares can serve as an effective valuation technique when trying to decide whether shares are fairly priced.

账面价值一词源于按历史成本对资产价值入账的会计实践。尽管根据会计计量,一项资产的账面价值可能保持不变,但公司的账面价值可因使用资产而创造的收益的累积而增长。鉴于公司的账面价值代表持股价值,对股票的账面价值和市场价值进行比较是确定股票定价是否合理的有效评估方法。

 

Mark-to-Market Valuation

以市值计价

There are limitations to how accurately book value can be a proxy to the shares' market worth when mark-to-market valuation is not applied to assets that may experience increases or decreases of their market values. For example, real estate owned by a company may gain in market value at times, while its old machinery can lose value in the market because of technological advancements. In these instances, book value at the historical cost would distort an asset or a company's true value, given its fair market price.

当以市值计价不适用于市值可能会增加或减少的资产时,账面价值在反映股票价值的准确性方面将存在一定的局限性。比如说,一家公司拥有的房地产的市值有时可能会增加,但其旧机器的市值则可能会因为技术的进步而减少。在这种情况下,考虑到某项资产或公司的公允市场价格,按历史成本计算其账面价值则可能使无法反映其真正的价值。

 

Price-to-Book Ratio

市净率

Price-to-book (P/B) ratio as a valuation multiple is useful for value comparison between similar companies within the same industry when they follow a uniform accounting method for asset valuation. The ratio may not serve as a valid valuation basis when comparing companies from different sectors and industries whereby some companies may record their assets at historical costs and others mark their assets to market. As a result, a high P/B ratio would not necessarily be a premium valuation, and conversely, a low P/B ratio would not automatically be a discount valuation.

作为估值倍数,市净率适用于同一行业内采取统一会计方法进行资产估值的同类公司之间的价值比较。在对不同领域、不同行业的公司进行比较时,市净率可能无法作为有效的估值基准,因为一些公司可能以历史成本对资产计价,而一些可能以市场价值计价。因此,市净率高不一定代表估值溢价,而市净率低也不一定是估值折价。

发布于 2020-08-28 09:39:01
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