经济利润及折现现金流在企业价值评估中的应用研究  

A Research into the Application of Economic Profit and Discount Cash-flow in Enterprise Value Assessment

作　　者：王丰[1] 宣国良[1] 

机构地区：[1]上海交通大学管理学院,200052

出　　处：《当代经济科学》2001年第5期82-85,共4页Modern Economic Science

摘　　要：几个世纪以来 ,经济学家一直在试图说明 ,只有经济利润才能够真正反映企业的价值创造能力 ,而会计利润则或多或少地扭曲了企业所创造的价值 ,因此必须进行会计调整才能够使会计利润与经济利润一致。经济利润在企业价值评估中起着非常重要的作用 ,本文从折现现金流的方法入手 ,推导出企业价值和经济利润之间所存在的必然联系。Over the past few centuries, economists have been all along in an attempt to show that only economic profit can reflect genuinely an enterprise's value creation capacity, and yet accounting profit distorts, more or less, the value created by an enterprise. Thus accounting regulation must be done so as to be able to reach the consensus between accounting profit and economic profit. Economic profit plays an important role in an enterprise value assessment. Starting from the approach to discount cash flow, this paper derives the necessary link between enterprise value and economic profit.

关 键 词：经济利润 折现现金流 会计调整 价值评估 价值创造 企业 

分 类 号：F275.5[经济管理—企业管理]