文档介绍：华中科技大学硕士学位论文 I 摘要我国资本市场日益完善,证券投资也逐步理性化,以上市公司投资价值分析为主的投资理念也越来越被市场投资者重视。公司价值评估是一项综合性的资产评估, 是对公司整体经济价值进行判断、估计的过程,主要是服从或服务于公司的产权转让或产权交易。如何准确判断一个公司的价值、公司价值与公司的市场价格之间的关系,就成为了企业的所有者、管理者以及风险投资家共同首要关注的问题。本文通过定性分析、定量分析和案例分析相结合的方法对东风汽车股份有限公司的价值进行评估。首先从宏观环境、行业环境的发展等方面分析研究了国内汽车行业的现状和未来趋势,结合东风汽车股份有限公司的基本情况对其发展目标、策略及竞争优势进行了定性分析;其次根据其的财务数据从盈利能力、成长能力、偿债能力、营运能力四个方面对其进行财务比率分析,通过对其的历史财务数据来推断其未来的发展趋势;然后在对可能的评估模型进行比较分析之后,选择自由现金流量折现模型对东风汽车进行价值评估。经过分析、假设、预测,,。由于当前金融危机的影响,此结果并不能说明了研究结果的无效性;最后,通过对东风汽车股份有限公司价值评估的案例分析,说明自由现金流量法是适用于我国汽车行业上市公司的价值评估的方法,为国内企业投资者和管理者提供参考依据和实例证明。关键词:企业价值;价值评估;自由现金流华中科技大学硕士学位论文 II Abstract With China’s capital market getting more and more perfect, securities investment getting rational, the invest concept depending on value analysis of pany has gained more valuation is an integrated capital valuation and also a judge and estimation process, which main obeys or servers for pany of transfering or exchanging property evaluation of pany’s true value and analysis of the relationship pany value pany’s market price have e the premier concern of all entrepreneurs and venture capitalists. The thesis shall discuss the evaluation of Dongfeng Automobile Co.,LTD(DFAC)’s value with case studies qualitatively and quantitatively. Macroscopic economic and business environment is firstly studied parison of petitiveness of DFAC in domestic markets. Secondly, base on financial data,this thesis analyze financial ratio to gain DFAC’s financial profitability, growth capacity, solvency and operational capacity. Then, parative analysis on likely valuation models, the thesis chose the FCFF(Free Cash Flow of Firm) model to evaluate real value of ,we gain the result that value of DFAC`s equity is yuan per share while share price is yuan,which prove the validity of the analytical , by study on valuation of DFAC, this bined theoretical analysis and case analysis to find out ap