基于FCF估价模式地企业价值提升研究.pdfVIP

基于FCF 估价模式的企业价值提升研究 孙英阁 （华北电力大学工商管理学院，北京，102206） THE RESEARCH OF VALUE ENHANCEMENT BASED ON FCF VALUATION MODEL SUNYingge (School of Business Administration, North China Electric Power University, Beijing, 102206 ） ABSTRACT ：Value-based Management which is produced and 国外价值管理的思想已经为众多企业认可，国内也正掀起价 promoted with the progress of capital market and system of 值管理的浪潮。 modern enterprise, is not only a theoretical system but also a 基于自由现金流量为基础的企业价值估价方法，作为一 practical process, and becomes to be a chief business enterprise 种管理企业的手段来促进企业的经营者及其他人了解企业 management mode. This mode puts the value of the enterprise 的历史与现状，理解企业潜在的经济价值驱动因素，为提升 into the core position among the principles of business 企业价值指明奋斗的方向，从长远意义上实现了企业价值最 management, concentrates on promoting the value of the whole 大化。本文主要运用规范分析的方法，从价值评估理论与价 enterprise, pay attention to the unification between external 值管理思想的回顾开始，通过对价值评估模式与价值管理工 market value and internal economic value. Value-based 具的内在联系的分析，特别是自由现金流量估价模式下的价 Management is a kind of overall management thought. It 值驱动因素分析，提出了基于自由现金流量估价模式的企业 involves every aspects of business administration, and it is to 价值提升策略. reform the management system of the enterprise in all 关键词：自由现金流量，价值提升，价值驱动因素 directions. In foreign, the Value-based Management has already 1 研究的背景和意义 been recognized by numerous companies, and in domestic the 20 世纪的最后20 年中，企业的经营管理方式 tides of Value-based Management is raising. 发生了巨大的变革，这些变革源自股东权利的复苏 The value approach based on free cash flow could be one 以及企业管理层对股东价值创造的关注。人们发 of the methods for managing an enterprise. This valuation 现，把企业价值和股东利益作为企业财务