目标企业价值评估的实证分析  

Empirical analysis of objective enterprise value evaluation

作　　者：詹学刚[1] 

机构地区：[1]重庆工商大学会计学院,重庆400067

出　　处：《重庆工商大学学报（自然科学版）》2009年第6期613-616,共4页Journal of Chongqing Technology and Business University:Natural Science Edition

摘　　要：企业并购中买卖双方能对目标公司价值即被收购方企业的价值进行合理的评估,交易才容易成交,反之,则徒劳无功。公司价值是预期收益的资本化,公司价值的评估关键是对预期收益的准确估计。用随机变量代替预期收益,对其期望函数进行求解理论上可行,但实践中精确性不高。为了解决这个问题,便用Alfred提出的拉巴波特模型计算企业未来各年自由现金流量,并通过加权平均资本成本求得现值。In enterprise merger, if the buyer and the seller make reasonable evaluation on the value of objec- tive enterprises, the transaction can be made. The value of an enterprise is capitalized for expectation gain, and the key to evaluation of the value of an enterprise is to accurately evaluate the expectation gain of the enterprise. By u- sing random variables to replace expectation gain, theoretically, it is feasible to solve expectation function but in practice, its accuracy is not high. In order to solve this problem, Alfred put forward Rappaport Model to calculate all kinds of future years cash flow of the enterprise and used weighted average capital cost to obtain the value.

关 键 词：企业价值 评估 现金流量 拉巴波特模型 

分 类 号：F27[经济管理—企业管理]