公司价值与折现现金流量模型  

Enterprise Value and Discounted Cash Flow Model

作　　者：徐国柱[1] 

机构地区：[1]贵州财经学院,贵州贵阳550004

出　　处：《贵州财经学院学报》2003年第1期12-15,共4页Journal of Guizhou College of Finance and Economics

摘　　要：价值最大化是现代公司追求的基本经济目标。设计并应用折现现金流量模型来评估企业价值 ,主要在于净现金流量体现了“实际收益” ,反映了变现能力 ,考虑了报酬与风险之间的关系。但由于该模型特别强调“预期” ,对不同状况都采用同一测评基准 ,因而实际应用有诸多难题。为使评估值逼近市场价值 ,有必要通过多种方式合理选择参量 ,并对计价因素进行必要修正。Value maximization is the basic economic objective of modern companies. Discount ed cash flow models are designed and used to evaluate enterprises, for net cash flow embodies 'real revenue', reflects realization capabilities, and takes int o account the relationship between return and risk. However, this model puts too much emphasis on 'expectation', and applies the same evaluation criteria to d ifferent situations, thus giving rise to a variety of problems in practice. So t hat evaluation is closer to market value, it is necessary to rationally choose p arameters through different means and make necessary adjustments to the evaluati ng factors.

关 键 词：公司价值 折现现金流量模型 贴现率 计价模型 报酬指标 会计数据 

分 类 号：F270[经济管理—企业管理] F275.1[经济管理—国民经济]