EV为啥不包含current liability

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NO.PZ201612170200000304

问题如下：

4. Based on Exhibit 2, the multiple of enterprise value to sales for Centralino as of 31 December 2014 is closest to:

选项：

0.67.

0.74.

0.77.

解释：

C is correct. Enterprise value (EV) is calculated as follows: EV = Market value of common equity + Market value of preferred stock + Market value of debt – Cash, cash equivalents, and short-term investments

= (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102

= €2,446 million (or €2.446 billion).

So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.

从逻辑上分析，站在资产负债表右边来计算整个公司的fair value ，就应该包含无息负债，这样才完整。否则用一个不完整的右边再减去cash，得出来的数字就不对了。

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王园圆_品职助教 · 2024年10月02日

同学你好，EV的定义就是这么规定的哦，原版书上也没有解释为什么不包含无息负债

助教猜想，由于EV是站在收购者的角度出发的，而企业的原来的所有人就是股东和有息债的债权人，所以只要把这两类企业原本的所有者的钱都给足了，企业就可以被收购者获取了，不需要再考虑无息的负债了。

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NO.PZ201612170200000304问题如下4. Baseon Exhibit 2, the multiple of enterprise value to sales for Centralino of 31 cember 2014 is closest to:A.0.67.B.0.74.C.0.77.C is correct. Enterprise value (EV) is calculatefollows: EV = Market value of common equity + Market value of preferresto+ Market value of – Cash, cash equivalents, anshort-term investments = (€50 × 41.94 million) + (€5.25 × 16.00 million) + €367 – €102 = €2,446 million (or €2.446 billion). So, EV/Sales = €2.446 billion/€3.182 billion = 0.77.既然是从资产负债表右边来算EV，右边的数字就应该全算进去才符合逻辑，难道留存收益就不算公司价值吗？

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