基于现金流量折现法的企业价值评估及应用研究

发布时间：2018-01-09 19:42

本文关键词：基于现金流量折现法的企业价值评估及应用研究　出处：《河北大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着市场经济的不断发展和日益完善，企业价值最大化已经取代利润最大化而成为现代企业追求的新目标。因此，企业价值评估显得越发重要。企业价值评估作为资产评估行业中的一项主要业务，既能指导投资者做出正确的判断，也能帮助管理者提高企业价值。相对于国外较成熟的企业价值评估理论，我国相关领域的研究还处于初级阶段。探索适合我国企业价值评估的理论与方法具有深刻的意义。本文回顾了国内外企业价值评估的研究现状，简述了企业价值及价值评估的概念和相关理论，分析比较了现有企业价值评估方法的适用性和局限性，指出了以现金流量为基础的企业价值评估方法兼顾了企业的可持续发展和资金的时间价值，，其使用范围更广，可操作性较强。随后，着重介绍了现金流量折现模型。现金流量折现模型是目前国际上流行的上市公司企业价值评估模型。该模型有效克服了传统的会计利润、经营现金净流量等指标的缺陷，能够更准确地对企业价值做出评价。本文通过深入分析现金流量折现模型的原理以及模型中参数的选择，结合C汽车公司的历史数据，在一定的假设条件下对其进行评估。结果证明，采用现金流量折现法的评估价值与其市场价值具有高度相关性。最后，指出了研究中存在的不足和对今后研究的展望。
[Abstract]:With the development and perfection of market economy , the maximization of enterprise value has become the new target of modern enterprise pursuit . Therefore , the enterprise value evaluation is more and more important . As a major business in the asset appraisal industry , the enterprise value evaluation can guide investors to make the right judgment and help the manager to improve the value of the enterprise . Compared with the mature enterprise value evaluation theory , the research in the relevant field of our country is still in the primary stage . The theory and method suitable for the evaluation of the enterprise value of our country have profound significance . This paper reviews the present situation of enterprise value evaluation at home and abroad , briefly introduces the concept and relevant theories of enterprise value and value evaluation , analyzes the applicability and limitation of the method of enterprise value evaluation , points out that the enterprise value evaluation method based on cash flow has considered the sustainable development of the enterprise and the time value of the funds , and the use range is wider and the operability is stronger . Then , the cash flow discount model is emphatically introduced . The discounted cash flow model is an international popular enterprise value evaluation model of listed companies . The model effectively overcomes the defects of traditional accounting profit , operating cash net flow and so on . It can evaluate the value of the enterprise more accurately . In this paper , by deeply analyzing the principle of cash flow discount model and the choice of parameters in the model , and combining the historical data of C auto company , it is proved that the evaluation value of cash flow discount method is highly correlated with its market value . Finally , the shortcomings of the research and the prospect of future research are pointed out .

【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.471

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