基于改进FCFF模型的企业价值评估研究——以L公司为例  

Research on Enterprise Value Assessment Based on Improved FCFF Model:Taking Company L as an Example

作　　者：傅小慧 黄伟新 FU Xiaohui;HUANG Weixin(School of Economics and Management,Guangxi University of Science and Technology,Liuzhou 545001,China)

机构地区：[1]广西科技大学经济与管理学院,广西柳州545001

出　　处：《商业观察》2025年第11期16-20,37,共6页BUSINESS OBSERVATION

摘　　要：目前国内有关日化企业的价值评估研究较少。文章通过引进社会责任评价指标体系对传统FCFF模型进行改进,并将改进后的FCFF模型用于L公司的企业价值进行评估。估值结果表明:在评估L公司的企业价值时,除了要考虑财务指标对估值结果带来的影响,还要考虑非财务指标所含风险的影响;社会责任评价指标体系的引入使得FCFF模型中对于风险因素衡量的考虑更为全面,改进后的FCFF模型所评估出来的结果与L公司的实际价值也较为接近,这一结果将为L公司及与其类似企业的价值评估提供有益参考。At present,there is relatively little research on the value assessment of daily chemical enterprises in China.This article improves the traditional FCFF model by introducing a social responsibility evaluation index system,and applies the improved FCFF model to evaluate the corporate value of Company L.The valuation results indicate that when evaluating the corporate value of Company L,in addition to considering the impact of financial indicators on the valuation results,the impact of risks contained in non-financial indicators should also be taken into account.The introduction of the social responsibility evaluation index system makes the consideration of risk factors in the FCFF model more comprehensive.The results evaluated by the improved FCFF model are closer to the actual value of Company L.This result will provide useful reference for the value assessment of Company L and other similar enterprises.

关 键 词：企业价值评估 FCFF模型 社会责任 L公司 

分 类 号：F406.7[经济管理—产业经济]