基于自由现金流的汤臣倍健企业价值评估分析.pdfVIP

摘 要 随着证券市场的逐渐成熟和现代企业制度的不断完善，人们越来越清楚地认 识到正确评估企业价值对投资者个人和企业都有着重要意义。与此同时，企业价 值的评估方式也在不断创新和完善，评估的价值也越来越贴近企业的真实价值。 对公司价值进行准确评估是新时代的显著特征，已渐渐成为一种流行趋势。 本文在借鉴了国内外最新研究成果的基础上，以汤臣倍健上市公司为例，结 合理论研究和案例实践对该企业进行价值评估。本文在分析过程中，从评估方法 的选择→公司价值评估原理→评估方法的实际应用→应用反思这四个方面来进 行分析。从公司自由现金流量角度出发，通过对常用评估方法的分析，选择现金 流量折现法对公司价值进行评估，并将评估结果与公司实际价值进行对比和分析， 来检验现金流量贴现模型的适用性及评析其过程中的不足之处。 关键词：企业价值；评估方法；自由现金流量；现金流量折现法 I Abstract With the gradual maturity of the securities market and the continuous improvement of modern enterprise system, it is more and more clearly realized that the correct evaluation of enterprise value is significant for investors and individuals. At the same time, the evaluation method of enterprise value is constantly innovating and perfecting, and the value of the evaluation is becoming more and more close to the real value of the enterprise. The accurate evaluation of the value of the company is a significant feature of the new era, which has gradually become a popular trend. This paper draws on the basis of the latest research results at home and abroad, to besunyen listed company as an example, the combination of theoretical research and practice of the case to assess the value of the enterprise. In the process of analysis, the following four aspects are analyzed from the following aspects: the selection of evaluation methods, the valuation of companys value, the practical application of evaluation method and the application reflection. Starting from the companys free cash flow perspective, through the analysis of the commonly used evaluation methods, choose the discounted cash flow method to assess the value of the company, and the evaluation results were compared and analyzed with the actual value of the company, to