Các biện pháp kế toán "đầu tư" đó là truyền thống được sử dụng nói chung là không thích hợp và gây hiểu lầm. Truyền thống trở lại trên phân tích đầu tư có thể tính toán đầu tư trong một doanh nghiệp được tổ chức chặt chẽ như số tiền thanh toán do chủ đầu tư năm trước | 18 Building Value in a Nonpublicly Traded Entity The accounting measure of investment that is traditionally used is generally irrelevant and misleading. Traditional return on investment analysis may compute the investment in a closely held business as the amount paid in by investors years ago. Even more common is to show investments at the book value of assets or stockholders equity from the company s financial statements but these amounts seldom reflect current value. To overcome the weaknesses of these first two measures investments sometimes are shown at the appraised value of the tangible assets owned by the business. For a profitable company doing this ignores general intangible value that may represent most of the value owned by the investor. So capital providers frequently use an incorrect value of their investment. The relative riskiness of the investment the uncertainty that the future returns will be received is not formally quantified. Although investors know that small and medium-size companies may carry substantial risk they seldom understand how to translate that risk to a commensurate rate of return. As a result capital providers seldom know what is an appropriate rate of return for their investment. Because expected returns are not accurately computed and risk is not quantified the current fair market value of the investment is typically unknown. While such a business or business segment eventually might be sold to a strategic buyer shareholders seldom know the value of their investment to potential strategic buyers considering expected synergies. Not knowing relevant stock values capital providers may miss major investment or sale opportunities. The preceding problems can be addressed by following these three steps. 1. Measure return. Estimate the company s true economic return measured as its net cash flow to invested capital NCFIC . Nonpublic Company Value Creation Model 19 This is the net cash flow available to debt and equity capital providers
