文档介绍：黑龙江大学
本科生毕业论文
论文题目:
自由现金流量与企
业价值评估
学院:
国际文化教育学院
年级:
2008级
专业:
会计学
姓名:
刘水阁
学号:
20085999
指导教师:
姜萍

2011年04月30日
摘要
自由现金流量这个名词并没有在三个重要报表中的现金流量表里体现,但是它的重要性却不容忽视,因为它更为合理的反应出企业的基本经营状态和发展潜力,这一方面,它的作用要好于经营现金流量、投资现金流量、净利润等其它指标。而在80 年代,我国引入了资产评估的概念、原理和方法,同步引入了企业价值评估和实物资产评估。但在长期的企业价值评估实务中,我国企业价值评估和实物资产评估始终混在一起,不予区分。目前随着我国企业并购的数量逐渐增多,规模逐渐扩大,而企业价值的评估在企业并购中显得尤为的重要。无论是收购方还是目标方都要对被收购方的价值进行科学、合理的评估。正是因为这种需要,本文将研究自由现金流量估值模型在企业价值评估中的应用。然后指出随着我国资本市场的不断完备,自由现金流量估值模型将会成为企业价值评估的主要方法,为评估企业价值提供一个有效方法。

关键词
自由现金流量; 现金流贴现法; 折现率; 企业价值评估

Abstract
The term free cash flow is not reflected in three important statements of cash flow statement, but its importance can not be ignored, because it is more reasonable response to the basic operation status and development potential. In this regard, its role is better than the other indicators of operating cash flows, investment cash flow, net profit. In the 1980s, China introduced the concepts, principles and methods of assessment of the assets, and introduced synchronous the enterprise value assessment and the physical assets assessment. But in the long-term corporate valuation practice, the assessment of our corporate value assessment and physical assets has always been mixed, not to distinguish between. With the gradually increasing number of mergers and acquisitions in China, and the scale expanded gradually, so the corporate assessment of the value in M & A is particularly important. Whether it is the acquirer or the target must be scientific and rational assess the value of the target. It is precisely because of this need, this article will examine the application of the free cash flow valuation models in business valuation. Then pointed out that with the China's capital market continues plete, the free cash flow valuation model will e the primary method of assessing corporate valuation, to provide an effective method for the assessment of enterprise value.
Keywords
Free cash flow ; discounted cash flow ; discount