公司内在价值非线性模型的建立及实证  

The Establishment of the Intrinsic Value Estimate Model and Its Application

作　　者：张悦玫[1] 李延喜[1] 迟国泰[1] 

机构地区：[1]大连理工大学管理学院,大连116024

出　　处：《管理评论》2007年第7期38-46,32,共10页Management Review

基　　金：国家自然科学基金项目资助(70302008);霍英东教育基金资助(101084);大连理工大学青年教师基金资助

摘　　要：依据投资回报率与资本成本间的比较关系,以及净资产的增长情况将公司划分为四种类型,基于折现现金流量模型给出了不同类型公司内在价值的实用化计量模型,计量模型包含内在价值不同非线性函数表达式和收益率指标的匹配选择;通过2001年825家样本公司的实际应用验证模型的科学性和有效性。进一步通过2005年909家公司的应用说明模型验证与所选样本年度无关。Based on the relationship of yield and WACC, and the status of the net asset, companies are divided into four different types. The practical intrinsic value estimation model is presented based on the discounted cash flow (DCF) model, which contains the non-linear function of intrinsic value and the measures of yield; by the application of 825 companies in 2001 and the experiential study on the correlation between intrinsic value and market value, the result proves the feasibility and validity of the model. Furthermore, it is also verified that the validation process is independent of the sampling year by the application of 909 companies in 2005.

关 键 词：内在价值 非线性 收益率 公司类型 

分 类 号：F276.6[经济管理—企业管理]