现金流量折现法

使用MM理论、现金流量折现法以及期权思想来评估融资对企业的长期影响，特别是对企业价值的影响。

We can get the long-term influence , especially the influence to the value of enterprise by MM theory , DCF and the option thought .

最后本文通过市盈率法、市净率法及现金流量折现法等价值评估方法计算了长江电力公司的价值。

Finally , the paper calculates the value of China Yangtze Power Co. Ltd. through valuation methods as PE method , PB method and DCF method .

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。

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 .

按照评估思路的不同，我们将企业价值评估理论分为四类：资产价值法、对比法、现金流量折现法（DCF）和实物期权法。

According to the different ideology of evaluation , we classified the theories of evaluation into four categories : the value of assets , the reset of the assets , discount of cash follow and the option of real assets .

第四章，将前面的理论应用于蒙牛乳业，使用改进后的自由现金流量折现法对蒙牛乳业进行价值评估。

Fourthly , use the improved method to assess the value of Mengniu Dairy .

基于现金流量折现法的企业价值评估研究

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

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。

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

运用审慎调查、现金流量折现法等降低并购财务风险。

And using some techniques such as cautious investigation , discounted cash flow valuation to depress risks in M & A.

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。

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

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。

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 .

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。

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 .

故本研究引进市场比较法兼顾产业中之同质厂商在同一时间点以财务比率方法进行比较，与现金流量折现法兼顾未来之财务表现之特性，以与传统之换股比例评价方法进行互补。

Therefore , the features of Market Comparison - introduce industrial horizon comparison and Discount Cash Flow - future finance forecast introduced in the case study to complement the traditional SER evaluation methodologies .

本文旨在通过分析自由现金流量折现法在中国的适用性，有针对性的提出一些改进建议，并且运用宜宾五粮液股份有限公司的相关财务数据进行案例验证说明。

The purpose of this paper is to analyze the applicability of discounted cash flow in China , targeted to make some reform initiatives , and take Wuliangye Yibin Co. , Ltd as an example .

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。

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 .

国际通行的企业估值方法有很多，自由现金流、股权现金流量折现法、EVA价值评估方法在国外公司估值实践中的已经很成熟，而在我国的实际应用还在有待提高。

International practices of the firm estimate of value method has a lot of freedom , cash flows turn now , eva value of the assessment method is in a foreign firm estimate of value in practice has been relatively mature , and in the application has been developed .

西方学者在大量文献中论述了以现金流为基础的现金流量折现法，这种价值评估方法已经成为并购实践中的一种主流方法。

Western scholar has discussed the enterprise discounted cash flow model that takes the income as the foundation . This kind of value estimate method has become one kind of trunk stream method in MA practice .

本文指出企业价值来源于现金流折现的价值，现金流量折现法作为有效，成熟可操作的企业价值评估方式，以供公司管理决策层在企业扩张的过程中可以合理规避风险，进行理性决策。

This article points out that business value is derived from discounted cash flow value . As an effective , mature practical business valuation method , discounted cash flow model assists management to make rational decision when business expansion , evade the risk .

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。

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 .