谷歌和埃克森美孚的企业价值都超越了苹果！
企业价值 Enterprise Value = 市值 Market Capitalization + 负债 Debt –现金 Cash。
虽然苹果市值$3700亿美元 >谷歌$2910亿，扣除三月份苹果有$1450亿美元现金、谷歌有$450亿现金，谷歌的企业价值> 苹果！
评价一个企业不仅仅是要看股票价值即我们常常说的市值，还要考量它们的企业价值即Enterprise value (EV)。
企业价值: Enterprise value (EV) =
common equity at market value
+ debt at market value
+ minority interest at market value, if any
- associate company at market value, if any
+ preferred equity at market value
- cash and cash-equivalents.
对于多数人来说，只需要关注少些数据，公式就可以简化为：
企业价值 Enterprise Value = 市值 Market Capitalization + 负债 Debt –现金 Cash。
为什么企业价值还要减去现金(且加上负债)呢？
举个简单的例子，例如 A 公司在外流通的股票价值为 1000w，另还有现金 500w。如果你要买下这家公司，除了拥有它全部的股票外，自然也包括拥有它的现金。那算一下，1000w买入股票(-)，500w入账现金(+)，实际上你拥有这家公司，只付出了500w(-)。
Google passes Apple, becomes world’s most valuable tech company by one measure
Zach Epstein June 26, 2013
With a market capitalization of more than $374 billion as of Wednesday’s close, Apple is worth far more than Google, which has a market cap that now sits at $290 billion. As The Wall Street Journal’s MoneyBeat blog points out, however, Google has surpassed Apple as the world’s most valuable tech company when using a less conventional measure. “The market caps of both companies are swelled by their huge bank accounts,” MoneyBeat’s Rolfe Winkler wrote. “Strip out Apple’s $145 billion of net cash as of March, and Google’s $45 billion. This leaves an enterprise value of $233 billion for Apple, but $241 billion for Google, reflecting the underlying value of the companies’ actual operations.” Winkler uses a good analogy to help illustrate the principle: “If you bought a house for $378,000, but there was $145,000 of cash lying on the living room floor, all you really paid was a net $233,000.”
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