基于现金流量法的企业价值评估研究.doc
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基于现金流量法的企业价值评估研究,18900字自己的原创毕业论文，仅在本站独家提交，大家放心使用摘 要中国市场经济的深入发展和产权制度的进一步完善，促使产权已不再是单纯意义上的产权，企业之间的并购、重组、股权转让、融资等交易活动促使产权成为一种商品在市场中自由交换和买卖，进而企业也会变成商品在市场中交换买卖。由于企业之间...
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基于现金流量法的企业价值评估研究
18900字
自己的原创毕业论文，仅在本站独家提交，大家放心使用
摘 要
中国市场经济的深入发展和产权制度的进一步完善，促使产权已不再是单纯意义上的产权，企业之间的并购、重组、股权转让、融资等交易活动促使产权成为一种商品在市场中自由交换和买卖，进而企业也会变成商品在市场中交换买卖。由于企业之间并购、投资等财务活动的发生日益频繁，而企业价值评估是进行投资决策、收购兼并、信贷管理和企业价值管理的重要工具，也在投资风险的防范和企业管理效率的提升等方面发挥着重要的作用。
企业价值评估不仅仅是企业内部管理者进行有效管理的管理工具，还是企业外部投资者进行企业投资分析的重要工具。投资决策过程中进行有效合理地价值评估非常重要，选择适当的评估方法是准确评估企业价值的前提。本文首先介绍了现金流量法与企业价值评估的一些理论和概念，第二部分对三种企业价值评估的方法进行概述和比较分析，重点指出收益法中的现金流折现法对企业价值评估的优势；第三部分是对现金流量法的模型的建立以及该方法的适用性分析；最后，以哈药为例，运用现金流量法对其进行企业价值评估。
关键词：企业价值评估 现金流量法 研究
ABSTRACT
Further development of Chinese of market economy and the further improvement of the property rights system, the property is no longer the simple sense of property rights.Transactions of mergers and acquisitions, restructuring, equity transfer,financing the property becomes a free exchange of goods in the market andtrade, then enterprises will become a commodity exchange trading in the market. Due to the occurrence of M & A, investment and other financial activities have become increasingly frequent, the enterprise value assessment is an important tool for investment, mergers and acquisitions, credit management andenterprise value management, plays an important role in risk prevention andpromotion of management efficiency of enterprises.
Enterprise value assessment is not only the effective management tool for the internal managers，but also an important tool of enterprise investment analysis for outside investors.It's very important to go on an effective and reasonable value assessment in the investment decision-making process.Select the appropriate assessment methods is the premise to eva luate the enterprise value.This paper firstly introduces some theories and concepts related to the enterprise value assessment;The second part,assessment method of three kinds ofenterprise value were introduced and compared,then pointing out the DCF is better than other methods for enterprise value assessment;The third part is a detailed description of the method of cash flow, including the establishment of the model;At the end of the article we use cash flow method to assess the business value of harbin pharmaceutical group .
Key words: Enterprise's value assessment; DCF ; Research
目 录
引 言 1
1现金流量法与企业价值评估概述 1
1.1 现金流量法概述 1
1.2 企业价值评估概述 2
1.2.1企业价值概述 2
1.2.2企业价值评估涵义 4
2企业价值评估方法的比较分析 5
2.1 成本法 5
2.2 市场法 6
2.3 收益法 7
3 基于现金流量法的企业价值评估模型构建 8
3.1基本原理 8
3.2企业自由现金流量折现模型（FCFF模型） 8
3.3 模型评估步骤 8
4基于自由现金流量折现模型的案例分析 10
4.1公司概况 10
4.2行业分析 11
4.3 自由现金流量的可行性分析 12
4.4 企业价值评估 13
4.4.1未来现金流量的估测 14
4.4.2确定企业的资本成本率 19
4.4.3企业价值的计算 20
4.5研究结论 21
结束语 21
参考文献： 22
致 谢 24
18900字
自己的原创毕业论文，仅在本站独家提交，大家放心使用
摘 要
中国市场经济的深入发展和产权制度的进一步完善，促使产权已不再是单纯意义上的产权，企业之间的并购、重组、股权转让、融资等交易活动促使产权成为一种商品在市场中自由交换和买卖，进而企业也会变成商品在市场中交换买卖。由于企业之间并购、投资等财务活动的发生日益频繁，而企业价值评估是进行投资决策、收购兼并、信贷管理和企业价值管理的重要工具，也在投资风险的防范和企业管理效率的提升等方面发挥着重要的作用。
企业价值评估不仅仅是企业内部管理者进行有效管理的管理工具，还是企业外部投资者进行企业投资分析的重要工具。投资决策过程中进行有效合理地价值评估非常重要，选择适当的评估方法是准确评估企业价值的前提。本文首先介绍了现金流量法与企业价值评估的一些理论和概念，第二部分对三种企业价值评估的方法进行概述和比较分析，重点指出收益法中的现金流折现法对企业价值评估的优势；第三部分是对现金流量法的模型的建立以及该方法的适用性分析；最后，以哈药为例，运用现金流量法对其进行企业价值评估。
关键词：企业价值评估 现金流量法 研究
ABSTRACT
Further development of Chinese of market economy and the further improvement of the property rights system, the property is no longer the simple sense of property rights.Transactions of mergers and acquisitions, restructuring, equity transfer,financing the property becomes a free exchange of goods in the market andtrade, then enterprises will become a commodity exchange trading in the market. Due to the occurrence of M & A, investment and other financial activities have become increasingly frequent, the enterprise value assessment is an important tool for investment, mergers and acquisitions, credit management andenterprise value management, plays an important role in risk prevention andpromotion of management efficiency of enterprises.
Enterprise value assessment is not only the effective management tool for the internal managers，but also an important tool of enterprise investment analysis for outside investors.It's very important to go on an effective and reasonable value assessment in the investment decision-making process.Select the appropriate assessment methods is the premise to eva luate the enterprise value.This paper firstly introduces some theories and concepts related to the enterprise value assessment;The second part,assessment method of three kinds ofenterprise value were introduced and compared,then pointing out the DCF is better than other methods for enterprise value assessment;The third part is a detailed description of the method of cash flow, including the establishment of the model;At the end of the article we use cash flow method to assess the business value of harbin pharmaceutical group .
Key words: Enterprise's value assessment; DCF ; Research
目 录
引 言 1
1现金流量法与企业价值评估概述 1
1.1 现金流量法概述 1
1.2 企业价值评估概述 2
1.2.1企业价值概述 2
1.2.2企业价值评估涵义 4
2企业价值评估方法的比较分析 5
2.1 成本法 5
2.2 市场法 6
2.3 收益法 7
3 基于现金流量法的企业价值评估模型构建 8
3.1基本原理 8
3.2企业自由现金流量折现模型（FCFF模型） 8
3.3 模型评估步骤 8
4基于自由现金流量折现模型的案例分析 10
4.1公司概况 10
4.2行业分析 11
4.3 自由现金流量的可行性分析 12
4.4 企业价值评估 13
4.4.1未来现金流量的估测 14
4.4.2确定企业的资本成本率 19
4.4.3企业价值的计算 20
4.5研究结论 21
结束语 21
参考文献： 22
致 谢 24
