基于成本习性和现金流量模式的企业估值模型实证分析-empirical analysis of enterprise valuation model based on cost behavior and cash flow pattern.docxVIP

AbstractEnterprise value assessment has been experienced three stages:importing from other counties、copying the models and innovating independently.There is no denyingthat enterprise value assessment is the need of social and economic development and it developed and improved in the market which property rights trading has became increasingly frequent. But at the present stage, various valuation models are only from one aspect and use a lot of assumptions and complex formulas. The most important thing is to ignore the accounting information in the important role of valuation .As a result,various valuation models are mainly serving for the business operators.They used them to maximize enterprise value management or corporate mergers and acquisitions.In this way,the interests of investors has been ignored,they are difficult to evaluate enterprise’s intrinsic value according to a practical model,at this point,the economic bubble is likely to lead to all kinds of irrational bubbles in stock market.So choose a more accurate prediction method to evaluate investment value of China’s stock market is particularly important,not only can help investors to make scientific investment decision,but also can eliminate the stock bubble efficiently.Based on the above backgrounds,this paper have been reviewed about the valuation model of enterprise value,and build a new model of enterprise value which considering many aspects of impacting enterprise value according to the disclosure of accounting information.This model comprehensively measures factors that affects enterprise value from three aspects:cost behavior,cash flow model,and information quality.Cost behavior mainly through contributions margin and fixed cost two aspects to measure the enterprise value.Cash flow model mainly distinguished between business assets and financial assets to measure the enterprise value from obtaining cash flow measures aspect.Information quality is mainly through the designing of residual income and