公司价值模型在法人独立条件下的修正  

The Amendment of Corporate Value Model under the Condition of Corporation Independence

作　　者：覃家琦[1] 李昊[2] 

机构地区：[1]南开大学商学院,天津300071 [2]南开大学经济学院,天津300071

出　　处：《经济经纬》2007年第5期86-88,共3页Economic Survey

摘　　要：法律赋予公司法人以独立地位,独立于股东和债权人,从而公司法人的价值也应该独立于股东和债权人价值。但传统公司价值的MM模型、FCF模型、NPV模型、EVA模型都只考虑股东和债权人的价值,没有分离出公司法人的独立价值。本文试图对此进行修正,将法人的现金流分离出股东和债权人的所得,同时通过哈马达公式估算公司法人的独立折现率,由此公司法人的独立价值可以单独处理。Law endows corporation with independent status, which is independent of shareholders and creditors. Accordingly, the corporate value should also be independent of the value of shareholders and creditors. But the traditional corporate value models, which inelude MM, FCF, NPV, EVA models, only consider the behalf of shareholders and creditors and fail to separate the eorporation＇s independent value. This paper tries to amend these models and separate the corporation cash flow from the gains of shareholders and creditors, and estimate the corporation independent discount rate through Hamada formula, and hence deal with corporation independence value independently.

关 键 词：公司价值 法人独立 修正 

分 类 号：F23[经济管理—会计学]