经济利润及折现现金流在企业价值评估中的应用研究  

Studies on Applications of Economic Profit and Discounted Cash Flow in Business Valuation

作　　者：王丰[1] 宣国良[1] 

机构地区：[1]上海交通大学安泰管理学院,上海200052

出　　处：《预测》2002年第2期54-57,共4页Forecasting

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。For centurise, economists have attempted to reason that for a business to create value it must earn more than its cost of debt and equity. Value created is distorted in cerain degree as accounting profit is concerned. Therefore, accounting adjustments are necessary to show the true value of a business. Since economic profit plays an important role in business valuation, in this article the relationship between business value and economic profit is testified by introducing discounted cash flow.

关 键 词：经济利润 折现现金流 会计调整 企业价值评估 价值创造 

分 类 号：F275[经济管理—企业管理]