基于自由现金流的河钢集团公司价值评估与提升研究

发布时间：2018-03-05 19:48

本文选题：自由现金流量　切入点：价值评估　出处：《长沙理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来,证券市场在我国有着翻天覆地的变化,在这个过程中,上市公司不断扩充着规模和数量。伴随着资本市场的日益成熟,企业的管理目标也正在从追求最大利润向追求最大价值转变,而这种转变需要一种工具来统一协调,企业价值评估与提升就是基于这种需求应运而生的产物,它让企业管理的目标向企业价值最大化迁移,并在此过程中评价和引导正确的经营、投资以及融资行为。本文根据这种实践需要,运用了资本市场广泛运用的企业价值评估方法,即自由现金流量折现法,评估了宝钢和河钢两家钢铁企业的价值,评估过程包含了详细的指标选择、公式运用等流程。根据企业价值评估的结果,对比分析出了河钢企业价值提升包括资本支出、利润增长以及资本结构三大与自由现金流有关的驱动因素,并分别提出了对应的建议。本文运用完整的论证来阐述基于自由现金流的企业价值提升,为企业价值创造过程中的管理实践提供参考。
[Abstract]:In recent years, the securities market in our country has changed turn the world upside down, in this process, the listed companies continued to expand the scale and quantity. With the maturation of the capital market, the enterprise's management goal is to maximize profits from the pursuit of maximum value change, and this change requires a tool to coordinate, assess and enhance the corporate value is the product demand based, which makes the management of enterprise value maximization migration to the enterprise, evaluate and guide the correct operation and in the process, investment and financing behavior. According to the practical needs, assessment methods using capital market widely used enterprise value, namely the discounted free cash flow the evaluation method of Baosteel and two river steel iron and steel enterprise value assessment process, including the selection of the detailed index, the formula using process. According to the enterprise value The results of the assessment, the comparative analysis of the river steel enterprise value promotion including capital expenditure, profit growth and capital structure in three and free cash flow related driving factors, and puts forward corresponding suggestions. This paper uses the complete argument to explain to enhance enterprise value based on free cash flow, provide a reference for the creation of enterprise value management in the process of practice.

【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.31

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