FCFF模型评估高新技术企业价值的适用性研究——以奇虎360为例  

Research on the applicability of FCFF model to evaluate the value of high-tech enterprises:taking Qihoo 360 as an example

作　　者：张园春 Zhang Yuanchun(College of Economics and Management,Baoji University of Arts and Sciences,Baoji 721013,China)

机构地区：[1]宝鸡文理学院经济管理学院,陕西宝鸡721013

出　　处：《江苏科技信息》2024年第2期12-15,共4页Jiangsu Science and Technology Information

摘　　要：在知识经济的时代背景下,高新技术企业发展劲头强盛,呈现迅速增长趋势。高新技术企业研发与创新投入大,研发投入收益滞后,传统的企业价值评估方法无法对其进行有效评估。基于此,文章以典型高新技术企业奇虎360公司为例,应用FCFF模型评估企业价值,并选取EVA模型进行评估结果的对比敏感性分析,验证FCFF模型评估高新技术企业的高适用性,以期为我国高新技术企业价值评估提供借鉴和参考。Under the background of knowledge economy,the development of high-tech enterprises is strong and shows a rapid growth trend.The traditional enterprise value evaluation method can not evaluate high-tech enterprises effectively because of their large R&D and innovation investment and lagging R&D investment income.Based on this,taking a typical high-tech enterprise Qihoo 360 Company as an example,the FCFF model is applied to evaluate enterprise value,and EVA model is selected for comparative sensitivity analysis of evaluation results to verify the high applicability of FCFF model to evaluate high-tech enterprises,in order to provide reference for the value evaluation of high-tech enterprises in China.

关 键 词：FCFF模型 高新技术企业 企业价值评估 敏感性分析 

分 类 号：F27[经济管理—企业管理] F42[经济管理—国民经济]