基于现金流量折现法的企业价值评估及应用研究-资产评估专业论文.docxVIP

I I 摘 要 摘 要 随着市场经济的不断发展和日益完善，企业价值最大化已经取代利润最大化而成为 现代企业追求的新目标。因此，企业价值评估显得越发重要。企业价值评估作为资产评 估行业中的一项主要业务，既能指导投资者做出正确的判断，也能帮助管理者提高企业 价值。相对于国外较成熟的企业价值评估理论，我国相关领域的研究还处于初级阶段。 探索适合我国企业价值评估的理论与方法具有深刻的意义。 本文回顾了国内外企业价值评估的研究现状，简述了企业价值及价值评估的概念和 相关理论，分析比较了现有企业价值评估方法的适用性和局限性，指出了以现金流量为 基础的企业价值评估方法兼顾了企业的可持续发展和资金的时间价值，其使用范围更 广，可操作性较强。随后，着重介绍了现金流量折现模型。 现金流量折现模型是目前国际上流行的上市公司企业价值评估模型。该模型有效克 服了传统的会计利润、经营现金净流量等指标的缺陷，能够更准确地对企业价值做出评 价。本文通过深入分析现金流量折现模型的原理以及模型中参数的选择，结合 C 汽车公 司的历史数据，在一定的假设条件下对其进行评估。结果证明，采用现金流量折现法的 评估价值与其市场价值具有高度相关性。 最后，指出了研究中存在的不足和对今后研究的展望。 关键词 企业价值评估 现金流量 现金流量折现模型 II II Abstract Abstract With the developing and improving of market ecnomy, the new target of the morden enterprise has become the maximum of enterprise value instead of the maximum of enterprise profits. Therefore, enterprise value assessment becomes more and more important. As one main business of assets appraisal, enterprise value assessment can either instruct investors to make good adjustments or help controllers increase the value of enterprise. Compared to the relatively mature theories of foreign enterprise value, the relevant research of domestic filed has just been in the initial stage. It is meaningful to explore the theories and methods of enterprise value assessment suitable for our country. This article reviews the present situation of domestic and foreign research on enterprise value assessment, resumes some concepts and relevant theories of enterprise value and value assessment, and compares the applicabilities and limitations of the present method of enterprise value assessment. It is also pointed out that the method based on cash flow has wider range of use and stronger operation because both the sustainable development of enterprises and the time value of finacing are considered. Then, the model of discount cash flow is emphasizedly introduced. The model of discount cash flow is one of the most popular models in the world for evaluating the value of listed companies. The model effectively overcomes