基于現金流量法的企業(yè)價值評估研究.doc
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基于現金流量法的企業(yè)價值評估研究,18900字自己的原創(chuàng)畢業(yè)論文，僅在本站獨家提交，大家放心使用摘 要中國市場經濟的深入發(fā)展和產權制度的進一步完善，促使產權已不再是單純意義上的產權，企業(yè)之間的并購、重組、股權轉讓、融資等交易活動促使產權成為一種商品在市場中自由交換和買賣，進而企業(yè)也會變成商品在市場中交換買賣。由于企業(yè)之間...
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基于現金流量法的企業(yè)價值評估研究
18900字
自己的原創(chuàng)畢業(yè)論文，僅在本站獨家提交，大家放心使用
摘 要
中國市場經濟的深入發(fā)展和產權制度的進一步完善，促使產權已不再是單純意義上的產權，企業(yè)之間的并購、重組、股權轉讓、融資等交易活動促使產權成為一種商品在市場中自由交換和買賣，進而企業(yè)也會變成商品在市場中交換買賣。由于企業(yè)之間并購、投資等財務活動的發(fā)生日益頻繁，而企業(yè)價值評估是進行投資決策、收購兼并、信貸管理和企業(yè)價值管理的重要工具，也在投資風險的防范和企業(yè)管理效率的提升等方面發(fā)揮著重要的作用。
企業(yè)價值評估不僅僅是企業(yè)內部管理者進行有效管理的管理工具，還是企業(yè)外部投資者進行企業(yè)投資分析的重要工具。投資決策過程中進行有效合理地價值評估非常重要，選擇適當的評估方法是準確評估企業(yè)價值的前提。本文首先介紹了現金流量法與企業(yè)價值評估的一些理論和概念，第二部分對三種企業(yè)價值評估的方法進行概述和比較分析，重點指出收益法中的現金流折現法對企業(yè)價值評估的優(yōu)勢；第三部分是對現金流量法的模型的建立以及該方法的適用性分析；最后，以哈藥為例，運用現金流量法對其進行企業(yè)價值評估。
關鍵詞：企業(yè)價值評估 現金流量法 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 錄
引 言 1
1現金流量法與企業(yè)價值評估概述 1
1.1 現金流量法概述 1
1.2 企業(yè)價值評估概述 2
1.2.1企業(yè)價值概述 2
1.2.2企業(yè)價值評估涵義 4
2企業(yè)價值評估方法的比較分析 5
2.1 成本法 5
2.2 市場法 6
2.3 收益法 7
3 基于現金流量法的企業(yè)價值評估模型構建 8
3.1基本原理 8
3.2企業(yè)自由現金流量折現模型（FCFF模型） 8
3.3 模型評估步驟 8
4基于自由現金流量折現模型的案例分析 10
4.1公司概況 10
4.2行業(yè)分析 11
4.3 自由現金流量的可行性分析 12
4.4 企業(yè)價值評估 13
4.4.1未來現金流量的估測 14
4.4.2確定企業(yè)的資本成本率 19
4.4.3企業(yè)價值的計算 20
4.5研究結論 21
結束語 21
參考文獻： 22
致 謝 24
18900字
自己的原創(chuàng)畢業(yè)論文，僅在本站獨家提交，大家放心使用
摘 要
中國市場經濟的深入發(fā)展和產權制度的進一步完善，促使產權已不再是單純意義上的產權，企業(yè)之間的并購、重組、股權轉讓、融資等交易活動促使產權成為一種商品在市場中自由交換和買賣，進而企業(yè)也會變成商品在市場中交換買賣。由于企業(yè)之間并購、投資等財務活動的發(fā)生日益頻繁，而企業(yè)價值評估是進行投資決策、收購兼并、信貸管理和企業(yè)價值管理的重要工具，也在投資風險的防范和企業(yè)管理效率的提升等方面發(fā)揮著重要的作用。
企業(yè)價值評估不僅僅是企業(yè)內部管理者進行有效管理的管理工具，還是企業(yè)外部投資者進行企業(yè)投資分析的重要工具。投資決策過程中進行有效合理地價值評估非常重要，選擇適當的評估方法是準確評估企業(yè)價值的前提。本文首先介紹了現金流量法與企業(yè)價值評估的一些理論和概念，第二部分對三種企業(yè)價值評估的方法進行概述和比較分析，重點指出收益法中的現金流折現法對企業(yè)價值評估的優(yōu)勢；第三部分是對現金流量法的模型的建立以及該方法的適用性分析；最后，以哈藥為例，運用現金流量法對其進行企業(yè)價值評估。
關鍵詞：企業(yè)價值評估 現金流量法 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 錄
引 言 1
1現金流量法與企業(yè)價值評估概述 1
1.1 現金流量法概述 1
1.2 企業(yè)價值評估概述 2
1.2.1企業(yè)價值概述 2
1.2.2企業(yè)價值評估涵義 4
2企業(yè)價值評估方法的比較分析 5
2.1 成本法 5
2.2 市場法 6
2.3 收益法 7
3 基于現金流量法的企業(yè)價值評估模型構建 8
3.1基本原理 8
3.2企業(yè)自由現金流量折現模型（FCFF模型） 8
3.3 模型評估步驟 8
4基于自由現金流量折現模型的案例分析 10
4.1公司概況 10
4.2行業(yè)分析 11
4.3 自由現金流量的可行性分析 12
4.4 企業(yè)價值評估 13
4.4.1未來現金流量的估測 14
4.4.2確定企業(yè)的資本成本率 19
4.4.3企業(yè)價值的計算 20
4.5研究結論 21
結束語 21
參考文獻： 22
致 謝 24
