贴现现金流

传统专用实物资产投资估价理论与方法是建立在贴现现金流法（DCF）基础之上的。

The orthodox theory of special real assets capital investment valuation is based on the method of DCF .

文章首先对以预期现金流为基础的企业价值测算方法进行了介绍，并重点论证了贴现现金流法（DCF法）和经济增加值法（EVA法）在本质上的一致性。

This dissertation given a introduce of the measurement of expected cash flow based enterprise value first , and demonstrated essential uniformity of DCF method and EVA method emphatically .

贴现现金流（DCF）就是公司的价值所在。

Discounted Cash Flow ( DCF ) will always tell you what a company is worth .

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。

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 .

是的，这是一项十分糟糕的投资：如果你拿出计算器，运行任何一个受MBA们推崇的贴现现金流计算公式，你就会发现很难得出一个正值。

Yes , it 's a terrible investment : if you get out your calculator and run one of those discounted cash flow calculations that MBAs favour , you 'll find it hard to come up with a positive number .

将传统的贴现现金流（DCF）模型推广到随机贴现模型，并介绍该模型的理论基础。

Starting from a presentation of the theoretical basis of stochastic discount model which is extended from the traditional model of discount cash flow ( DCF ), the author inquires into assets pricing method in the market under different conditions .

传统的投资决策方法是贴现现金流（DCF）方法，其本身隐含了对项目未来发展状况的预先假定，因而无法准确地对当前不确定性日益增大的投资机会作出合理的评价。

Traditional investment decision-making approach is the discounted cash flow ( DCF ) method , which itself implies the future status of the project presupposes , and therefore can not accurately increasing the current uncertainty in the investment opportunity to make a reasonable assessment .

房产投资决策分析的贴现现金流模型及其应用

Discounted cash flow models and its application for housing investment decision analysis

贴现现金流模型在我国非上市公司股权价值评估中的应用

DCF Models for Valuation of Non-listed Firms in China

企业并购估值贴现现金流模型研究

Research on the discounted cash flow models for valuation of corporation M & A

企业通常使用贴现现金流模型作为投资决策的工具，编制投资预算，导致项目投资预算和业绩评价脱节；

Enterprises generally use discounted-cash-flow model as investment decision-making tool and to draft capital budget .

价值评估基本上有三种主要的估价模型：收益的模型；资产的模型与贴现现金流模型。

There are 3 main valuation models : income model , capital model and discount cash flow model .

在传统的贴现现金流估计或相对估计方法不太适用或很难使用时，它可以独辟蹊径达到理想的结果；

When the traditional DCF method is not or hardly suited it can get the ideal results by specific ways .

威斯通模型是企业并购估值贴现现金流模型中具有代表性的研究。

Weston model is very popular among the discounted cash flow models for mergers and acquisitions ( MA ) valuation .

如今，他们知道如何策划杠杆收购、计算出贴现现金流，还能解释复杂衍生品。

Today , they know how to build leveraged buyouts , run a discounted cash flow and explain complex derivatives .

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。

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

由于预期现金流的特性不同，贴现现金流模型在实践中存在多种形式。

As a result of different characteristics of the expecting cash flows , there are several forms of DCF model in practice .

通常，私人股本基金采用包括贴现现金流和同类上市公司价格在内的标准，来为自己的持股进行估值。

Private equity firms typically value their holdings using criteria that include discounted cash flows and the prices of comparable public companies .

第五章以一个真实的案例演示了应用贴现现金流模型评估我国非上市公司股权价值的基本过程。

Chapter 5 gives an actual case to show the procedure of valuing the equity of non-listed companies in China with DCF models .

本论文希望通过理论结合实际，尝试把贴现现金流估价法运用到我国股票市场的并购评估中。

By combining theory with practice , the article attempts to use DCF valuation method in M & A valuation in our stock market .

在估价过程中，作者使用涉及公司估值的大量信息，深入细致地阐述了贴现现金流估价法的应用步骤及在评估过程中需要注意的一些关键点。

Through the process , by using lots of information , author deeply expounds the approach and some key points of DCF valuation method .

贴现现金流法要求对未来的收益能够准确预测，而高风险的特点决定了高科技企业未来的收益很难预测；

Discounted cash flow needs to predict the income accurately , and risky characteristic of high-tech enterprise determines that it is very difficult to predict income in future ;

贴现现金流模型是一种有效的价值评估模型，不仅适合于生物制药上市公司，对其他高科技上市公司的价值评估同样能普遍的适用

Discount cash flow model is an effective valuation model , which not only can be applied at the high-tech listing corporations but also the other biopharmacy listing corporations

同时为了增强评估结果最后的合理性和有效性，以及增强评估过程中风险因素的分析，本文将引入巴拉特模型分析，即贴现现金流的方法确定经营权转让价格。

To think about more risk factors , the approaches , namely Balate model and cash flow analysis is cited to make the evaluation result more rational and more available .

综合评估法是一种，将贴现现金流估价法、经济增加值估价法和实物期权估价法三者结合在一起的评估方法。扩张期风险企业实物期权估价方法研究

Integrated valuation method is a combination valuation method of DCF valuation method , EVA valuation method and real option valuation method . Evaluation of ventures during profitable expansion period : a real option approach

第五，贴现现金流法、市场法和成本法等方法是针对传统兼并对象的价值评估方法，在用于评估网络企业时存在一定的局限性。

So the government should relatively broaden control . Fifthly , NPV method , market method and cost method are value-assessing technique aimed at traditional merging objects . So they have limitation when used in assessing the Internet enterprises .

但是，绝大多数人都没有时间逐行审视自己的手机账单，或为一台价值50英镑的文件打印机的寿命成本做一个贴现现金流计算。上帝啊！

But most of us have better things to do than to engage in line-by-line scrutiny of our mobile phone bills , or undertake a discounted cash flow calculation of the lifetime cost of a £ 50 document printer .

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。

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 .

最后通过前文的分析，在黑龙江省优势行业中选取符合私募股权投资基金要求的投资项目，运用贴现现金流模型对企业进行估值分析，以确定企业的投资价值。

Finally , based on the foregoing analysis , this paper selected investment projects with the requirements of private equity investment funds in dominant industry in Heilongjiang province . In order to determine the investment value of companies , using discounted cash flow model to value them .

论述了矿业资产的概念和特点，探讨了国外流行的贴现现金流理论模型的数学拓展，引入成本递增假设，使价值评估模型能大规模地应用于储量单元的价值评估；

Concept and characteristics of mining assets were discussed , mathematic developing of theoretical model on foreign prevalent discount-cash flow was emphasized , and hypothesis of cost increase by degrees was inducted , which makes worth evaluation model apply in worth evaluation of the reserve units in a large scale .