CEVAP:

Shareholder value is the financial markets’ expression of shareholder wealth. Shareholder value can be expressed using three concepts: (1) book value, (2) market value, and (3) intrinsic value. Book value tells the worth of a company based on its financial statements. That is, net assets (total assets adjusted for depreciation and amortization). If we base our understanding of shareholder value on book value, then the shareholder value would be net assets minus liabilities. Market value is the price that buyers and sellers trade company shares in an open market place. If we base our understanding of shareholder value on market value, then the shareholder value would be market price of company’s shares. Intrinsic value is the estimated value, which is calculated by present value of future cash flows that company expects to generate. If we base our understanding of shareholder value on intrinsic value, then the shareholder value would be value of expected future cash flows adjusted for time and risk.