改进FCFF模型在粮油加工企业估值中的应用  

Research on the Application of Improved FCFF Model in the Valuation of Grain and Oil Processing Enterprises

作　　者：吴鑫曦 陈倬[1] WU Xinxi;CHEN Zhuo(School of Management,Wuhan Polytechnic University,430023 Wuhan,China)

机构地区：[1]武汉轻工大学管理学院,武汉430023

出　　处：《粮食加工》2023年第4期104-108,共5页Grain Processing

基　　金：湖北省高等学校哲学社会科学研究重大项目(21ZD072);湖北省教育厅哲学社会科学研究重点项目(20D060)。

摘　　要：随着股票发行全面注册制时代的到来,企业价值评估显得越来越重要。根据粮油加工企业特性,首先对FCFF模型的参数估计进行改进,然后选取以西王食品为代表的5家上市粮油加工企业为研究样本,利用改进后的FCFF模型进行企业估值,并运用敏感性分析验证模型估值结果的合理性。With the advent of the era of comprehensive registration system for stock issuance,enterprise value assessment is becoming more and more important.According to the characteristics of grain and oil processing enterprises,this paper first improves the parameter estimation of FCFF model,and then selects five listed grain and oil processing enterprises represented by Xiwang Food as research samples,uses the improved FCFF model to conduct enterprise valuation,and uses sensitivity analysis to verify the rationality of the model valuation results.

关 键 词：FCFF模型 粮油加工 企业估值 

分 类 号：F326.5[经济管理—产业经济]