基于自由现金流量与企业价值评估（毕业论文）.doc

摘  要 随着企业购并、重组、股权交易等产权交易活动蓬勃开展，其中企业价值评估 问题是产权交易能否达成的核心问题之一；现代企业财务管理的目标已经由追求利 润最大化、所有者财富最大化转变到追求企业价值最大化上。如何认识企业价值、 如何科学地评估企业价值己日益被企业经营者和相关利益者所关注。 本文是以基于自由现金流量的企业价值评估这样一个问题来进行全面研究。采 用理论与实践相结合，定量研究、定性研究与案例研究相结合的研究方法。首先指 出研究企业价值评估这一问题的原因及评估企业价值的重要意义，并全面回顾了国 内外对企业价值评估研究的现状，提出了本文研究的目的、研究的内容及研究方法； 其次在大量国内外研究资料的基础上分析我国自由现金流量概念的界定、企业价值 及企业价值最大化理论；再次详细比较了目前几种主流的价值评估方法，指出了自 由现金流量折现法的独特作用和现实意义，接着论述了实体现金流量折现法评估框 架，为进行实践分析打下坚实的理论基础，然后以东风汽车为例进行了实践研究， 通过对历年对外公布的经过审计的财务报告为基础进行了研究，运用指标比例法来 推断自由现金流量的变化趋势，并给出了评估结果，最后是在总结全文的基础上得 出研究结论并对运用基于自由现金流量的企业价值评估的局限性进行了简单说明。 企业价值等于未来自由现金流量的贴现值，自由现金流量贴现既考虑到企业的可持 续发展，又考虑到资金的时间价值，同时通过评估的过程可以明确提升企业价值的 方向，因而是对企业价值的最好衡量手段。 关键词：自由现金流量  企业价值  价值评估 I Abstract With enterprise acquisitions, restructuring, stock transactions and other property transactions have flourished, enterprise appraisal is the core of the transaction. As the same time, the goal of modern corporate financial management has already changed from pursuing utmost profits and owners wealth to utmost corporate value. Therefore, how to evaluate the enterprise value has become a hot topic which has aroused much concern. This paper gives an overall study on how to evaluate an enterprise value based on free cash flow. It not only combines theory with practice, but also connects qualitative analysis and quantitative analysis with case study. It firstly points out that the motive of the study on evaluation and its great significance, followed by looking back the current situation of the evaluation study. Based on a number of research materials, the article analyses the domestic confirm of the concept of free cash flow, and the theory of the maximization of the enterprise value. In detail it compares the present several mainstreams value appraisal methods, and also points out that the free cash flow discount method has unique function and the practical significance. Dwelling on the frame of free cash flow of firm, it provides the practice with the theoretical basis. And it puts the evaluating f