Discounted Cash Flow Method

Research on Business Value Appraisal Method & Discounted Cash Flow Method

企业价值评估方法研究&现金流量贴现法

After comparative analysis , the discounted cash flow method is chosen to be the tool for determining enterprise value .

在经过比较分析后，本研究选择现金流量折现模型作为企业价值确定的工具。

Generally , there are three valuation methods : asset valuation method , market value method and discounted cash flow method .

企业价值的评定一般有净值法、市值法和折现现金流量法三种。

The target enterprise independent value using discounted cash flow method to calculate by real option , strategic value model to calculate .

目标企业的独立价值本文采用现金流量折现法计算；战略价值采用实物期权模型计算。

Through organic combination of discounted cash flow method and real options evaluation model , set up the target company valuation model .

通过有机地结合折现现金流量法与实物期权测算框架，建立了标的公司未来价值上升预测框架。

The first part introduces the valuation methods , and discounted cash flow method is widely used in valuation of software companies .

首先从并购估值与定价入手，介绍软件企业并购估值的常用方法折现现金流法。

This method is a variation of the discounted cash flow method that assumes some minimum desired rate of return .

此方法是贴现现金流方法（该方法假定了一个最小期望回报率）的一个变体。

From the viewpoint of finance , discounted cash flow method is the best way to assess the value of the target company .

从财务角度考虑，现金流量贴现模式是对目标公司进行价值评估的最合理方式。

For the operable of the system , the discounted cash flow method and classification for financial assets according to the purpose have some difficulties .

从制度的可操作性而言，国际先进的现金流贴现方法的应用以及金融资产按照持有目的进行分类都存在一定的困难。

There are a lot of methods to evaluate enterprise 's value at present , such as assets value method , discounted cash flow method , and so on .

目前对企业价值进行评估的方法，主要有资产价值基础法、现金流量折现法、相对比较乘数法等。

The traditional methods of enterprise valuation are cost method , market method and discounted cash flow method . These methods are useful when valuating the ordinary enterprise .

传统的企业价值评估方法主要有成本法、市场比较法和折现现金流量法，这些方法在评估一般企业时都具有一定的适用性和科学性。

The additional value can be computed by real option theory methods , calculated by improved discounted cash flow method and allocated by specialist marking methods .

并购附加价值分别由实物期权理论方法、由改进的折现现金流法和专家打分法计算和分配。

Now there are four main methods of company evaluation : Discounted Cash Flow method , Relative Company Evaluation method , Economic Value Added ( EVA ) method and Practical Option method .

现行的企业价值评估方法主要有四类：现金流贴现法、相对价值评估方法、经济增加值（EVA）评估方法和实物期权评估方法。

At last , author assess respectively the value of Amazon , com and Sina by modified discounted cash flow method , the result of analysis preliminary verify feasibility of evaluating method .

最后应用修正后的贴现现金流量法对亚马逊公司和新浪公司的价值进行了评估，初步验证了本文评估思路的可行性。

Second , the discounted cash flow method assessment of the value of China Merchants Bank , how to better estimate the discount rate , as well as forecast future cash flows has yet to be explore .

第二，在使用现金流量折现法评估招商银行价值时，怎样更好地估算折现率以及预测未来现金流量也有待探究。

The R & D investment projects have been proposed for several years . Now , the project value assessment method include : Discounted cash flow method 、 Decision tree 、 Obtain from the right camera analysis 、 and real options .

R&D投资项目价值的研究已经被广泛提出，目前的价值评估方法主要有：贴现现金流方法、决策树方法、相机索取权分析法、和实物期权分析方法。

Thus it can be seen , the percentage of sales method of traditional enterprise may forecast errors will the capital requirement , but also used to assess the business value of the discounted cash flow method based on this principle results may be wrong .

由此可以看出，传统的销售百分比法可能会错误的预测企业的现金流，而同样使用建立在此原理上的现金流量折现法进行企业价值评估的结果也可能是错误。

In this paper , aiming at the existing problems that those traditional Firm valuation methods face with , a new model based on growth options is put forward , as a remedy of the Discounted Cash Flow Method when it treats the operation flexibility .

本文针对传统评价方法在企业价值评估中的不足，从一个全新的视角，引入了基于成长期权的企业价值评估模型，弥补了折现现金流法在面对企业经营灵活性时的固有缺陷。

This paper describes the applicationin of the discounted cash flow method in detail , deeply analyses the theory of discounted cash flow model and the problem of parameter selection in the model combined with our corporate and capital markets of the actual situation .

随后本文详细介绍了现金流量折现方法的应用，并结合我国企业和资本市场的实际情况，深入分析了现金流量折现模型的原理及模型中参数选择的问题。

Chapter 2 briefly reviews the history of development of investment theory , pointing out the limitations of traditional methods of investment decision-making based on Discounted Cash Flow method , and provided a thorough review of the development of real option theory and game options research .

第二章简要回顾了投资理论的发展历史，指出了基于折现现金流方法的传统投资决策方法存在的局限性，全面回顾了实物期权理论的发展和期权博弈的研究现状。

At the option valuation method and discounted cash flow method on the basis of comparison , extraction methods and real options in corporate mergers and acquisitions in the application of value assessment framework , and accordingly high-tech mergers and acquisitions of start-up cases for analysis .

在期权估价法和现金流折现法的比较基础上，引出实物期权方法及其在企业并购中价值评估的应用框架，并据此对初创高科技企业并购案例进行分析。

The Research of Enterprise 's Value Assessment Based on Discounted Free Cash Flow Method

基于现金流量折现法的企业价值评估研究

Thirdly , explain the theory of discounted free cash flow method detailed , including its defect and improvement assumption .

第三章，从理论上详细的介绍了自由现金流量折现法，以及其理论及应用中存在的缺陷和改进设想，为后面的案例分析打下理论基础。

The fifth part is conclusion . Confirm the feasibility of discounted free cash flow method and significance of method improvement , offer suggestion of other deficiency existing .

第五章，得出本文的结论，肯定了自由现金流量折现法的实际可操作性以及模型改良的意义，并对该方法在理论和应用中存在的其他问题提出对策建议。

Firstly , discounted cash flow valuation method , economic value added valuation method and real option valuation method will be expatiated , and the advantage and disadvantage of which will be analyzed .

本文首先阐述了贴现现金流（DCF）估价法、经济增加值（EVA）估价法、实物期权估价法三种价值评估理论的详细内容，并分析了其优缺点及其适用范围。

The meaning of assets value of mineral resource and the application principle of DCF ( Discounted Cash Flow ) method in mining right evaluation are presented . Some problems in application of DCF method in the New Guideline are described .

阐述了矿产资源资产价值的含义、DCF法应用于矿业权评估的原理，详细介绍了新指南在应用DCF法中存在的一些问题。

There is some theoretic instructional meaning for the congener Chinese enterprises to evaluate the internal value by discounted cash flow evaluating method . In addition , there is some reference meaning for the investors to make investing decision .

其估价过程对同类中国企业对自身价值进行客观评估有一定的理论指导意义，同时对投资者进行投资决策时具有一定的借鉴意义。

Compared with discounted free cash flow method that enterprises use currently , EVA valuation approach has double advantages , that is , it is not only relevant to enterprise value but also useful in calculating and checking the actual value effect .

EVA估价法与现行的企业自由现金流量折现法相比较，具有与企业价值相关联又便于对价值实效进行计算考核的双重优点。

Nowadays , thoughts of evaluation model mostly based on two main theories : the discounted cash flow and the method of adjustment on market transaction price .

目前主流评价模型的基本思想主要有两类：基于资金时间价值的贴现思想和基于市场交易价格的调整思想。

Through the analysis on the comparison of the discounted enterprise ' cash flow method , the adjusted cash flow method and the discounted stockholders ' cash flow method , the relationships and differences between them are given , attentions and applying scopes as well .

通过对企业折现现金流模型、调整后现值模型和股权现金流折现模型的比较分析，得出三种方法的联系与区别，应用时需注意的环节以及适用范围。