基于现金流量表的企业价值评估-工商管理专业论文.docxVIP

II II Abstract The Cash Flow statement was first used in 1998 in our country and it has developed from the financial status sheet in 1993 to the present Cash Flow statement. We can read more and more useful information which can determine the enterprise value from the present Cash Flow statement. The concept of Free Cash Flow was first forwarded by Modigliani and Miler in 1950s and they pointed out that the enterprise value is determined by the maximum amount of Cash Flow which the enterprise can use in security operation. In the following research, the Free Cash Flow which includes balance sheet 、income statement and Cash Flow sheet is a very important index which can help people to determine the enterprise value. The papers introduce three models for people to determine the enterprise value. The three models are dividend Cash Flow model、Free Cash Flow of Equity(FCFE) model and Free Cash Flow of Firm(FCFF) model. The papers choose the FCFF model to determine the enterprise value. The equation used in the papers is FCF equals CFO plus interest multiply income tax rate plus CFI. The papers determine the value through two steps. One is to calculate the present value of the enterprise FCF which can be predicted accurately during the first period. The other is to calculate the present value of the enterprise FCF which can not be predicted accurately after the first period. The enterprise value is the total value of these two periods. The papers use the WACC as the discount rate for the enterprise valuation. WACC equals cost of debt multiply specific weight of debt plus cost of equity multiply specific weight of equity. Key words：Enterprise Valuation Cash Flow Statement Free Cash Flow PAGE PAGE IV 目 录 摘 要 I HYPERLINK \l _bookmark0 Abstract II 1 绪言 HYPERLINK \l _bookmark1 1.1 研究背景 (1) HYPERLINK \l _bookmark2 1.2 国内外研究现状 (1) HYPERLINK \l _bookmark3 1.3 本文主要内容 (3) HYPERLINK \l _bookmark4 1.4 本文的研究方法和技术路线 (4) 2 国内外现金流量表的演变 HYPERLINK \l _bookmark5 2.