实用企业价值评估模型:建模与实证  

A Practical Corporate Valuation Model: Model Construction and Empirical Evidence

作　　者：袁明哲[1] 潘爱玲[1] 

机构地区：[1]山东大学管理学院,山东济南250100

出　　处：《经济经纬》2016年第1期96-100,共5页Economic Survey

基　　金：国家社会科学基金重大项目(14ZDA051);国家社会科学基金重点项目(14AGL012);山东省社会科学规划研究项目(12CKJJ06)

摘　　要：笔者将企业价值概念修正为企业价值最大化模型的最优解,从企业自由现金流量模型出发,构建了一个实用企业价值评估模型——净现值折现模型。基于我国沪深上市公司数据的实证检验结果表明,净现值折现模型在估计误差、对股价的解释能力以及用于股票投资的获利能力方面都显著优于当前主流的股权自由现金流量模型、企业自由现金流量模型和剩余收益模型。Corporate Valuation Models have important applications in corporate mergers and acquisitions,equity transfer,initial public offerings and other economic activities. The Paper takes the optimum solution of a corporate value optimization model and a practical corporate valuation model,builds up a net present value discount model,which is constructed based on free cash flow to firm model（ FCFF model）. The empirical results based on data of China＇s capital market show that the net present value discount model is significantly superior to free cash flow to equity model（ FCFE model）,FCFF model and abnormal earnings model in the estimation error,explanatory power for stock prices,as well as in the stock investment profitability.

关 键 词：净现值 企业价值 股权自由现金流量 企业自由现金流量 剩余收益 

分 类 号：F830.9[经济管理—金融学]