FCFF折现模型和EVA折现模型在企业价值评估中的比较研究及应用

发布时间：2018-05-20 17:15

本文选题：企业价值评估 + 由现金流折现模型　；参考：《暨南大学》2017年硕士论文

【摘要】：如何衡量企业的真实价值是资本市场和企业经营中管理中所关注的核心问题。为了克服以往的以利润为单一目标的评价体系所固有的缺陷,国资委从2010年开始以经济增加值作为央企业绩考核的标准。经济增加值的理念和方法运用于企业价值评估逐步在理论和实务中受到重视。本文选取目前企业价值评估中最常用的FCFF折现模型和EVA折现模型做了深入的比较分析,首先证明了两个估值模型理论上的相等,接着找出了在实践中估值结论不相等的原因。并以乳业巨头伊利股份作为案例采用两种方法评估其价值,最后以市场比较法的估值结论作为参考。分析结果表明,EVA折现模型更适用于企业价值评估,但也存在一定的不足。对此,本文提出了改进EVA估值模型准确性的若干建议。
[Abstract]:How to measure the real value of enterprises is the core problem in capital market and management. In order to overcome the inherent defects of the former evaluation system with a single goal of profit, SASAC began to take economic added value as the standard of performance assessment for central enterprises in 2010. The theory and method of economic added value are applied to the evaluation of enterprise value gradually in theory and practice. In this paper, the FCFF discount model and the EVA discount model, which are the most commonly used models in the enterprise valuation, are selected for in-depth comparative analysis. Firstly, it is proved that the two valuation models are equal in theory, and then the reasons for the unequal valuation conclusions in practice are found out. Dairy giant Yili stock is used as a case to evaluate its value. Finally, the valuation conclusion of market comparison method is taken as reference. The results show that EVA discount model is more suitable for enterprise value evaluation, but it also has some shortcomings. In this paper, some suggestions to improve the accuracy of EVA estimation model are proposed.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.82

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