基于自由现金流的公司价值分析-北京玛格泰克科技发展有限公司.PDF

35 1 Vol.35 No.1 2006 2 Journal of UEST of China Feb. 2006 ( 600054) ; ; ; F224.5 A Corporation Value Based on Free Cash flow YU FengZENG Yong (School of Management Science, UEST of China Chendu 610054) Abstract The concept free cash flow has put forward and brought to bear in practice for decade, but it has not received enough attention from financial theory and practice finance. The paper gives on the main line of modern financial operating system on free cash flow, and makes the next step pick up the particular thought about financial management serving for the maximal corporation value. Basing on adjusting financial statement analysis and basic financial ratio, the author proposes the method the corporation value evaluation based on handhold computing Free Cash Flow. Key words free cash flow; accountant adjusts; securities evaluation; corporation value 1986Micheal Jensen [1] 1 1.1 NOPAT [2] = (Net Operating Profit After TaxNOPAT) () (1)