【作者】 乔俏；

【导师】 陈宏明；

【作者基本信息】 长沙理工大学 ， 会计学， 2008， 硕士

【摘要】 企业作为社会经济活动运转中的一种重要组织形式,自其存在之时起就在探索着自身发展奋斗的目标。企业价值最大化作为企业财务管理目标,已经被理论界和实务界所共识。那么怎样对企业价值进行估价,就成为大家普遍关注的问题。从国外的研究现状看,关于企业价值评估的研究,在西方财务理论界已经有了很多的阐述,西方发达国家对企业价值评估理论的研究己经成熟,并建立了比较完善的价值评估方法体系。随着我国资本市场的不断发展,企业收购兼并、资产重组等活动越来越频繁,企业作为特殊交易的商品正日益引起人们的重视,如何确定企业价值,为企业的交易提供依据,是我国资本市场的一个难点,也是理论界研究的热点。正是基于这种需要,本文将研究企业价值评估的相关理论、方法,特别是自由现金流量估值模型的应用。本文认为自由现金流量折现评估模型既考虑到企业的可持续发展,又考虑到资金的时间价值,同时通过估价的过程可以明确企业价值提升的方向,因而是对企业价值的最好的衡量手段。在自由现金流量折现评估模型的基础上,本文进一步分析了基于自由现金流量的企业价值评估对企业管理带来的影响,指出企业提升价值管理的途径,以广东美的历年的财务报告等资料为依据,进行了基于自由现金流量的企业价值评估案例分析,并在文章中分析自由现金流量在我国广泛应用尚需具备的条件。认为随着我国资本市场发展和会计披露要求的进一步完善,基于自由现金流量的评估方法将在价值评估中得到广泛的应用。更多还原

【Abstract】 Enterprise as an important part of the social economy operating, have being seeking for its goal since it was born. Maximum Enterprise Value as the object of enterprise finance management has been recognized by both theoretical field and practice fields. Therefore how to evaluate an enterprise was concerned. From the present situation of foreign research, we can find that the west finance theoretical field has a lot research on the evaluation of enterprise. The theoretical research about evaluation of enterprise in west developed country has been matured at present, and they have establish the evaluation system. As the developing of our capital market, purchase or merger of enterprise, and asset reorganization increasing, enterprise as a special kind of good for transaction caught the attention of people. How to evaluate a fair value of enterprise for the transaction became a key point to our capital market.On this demand, this paper will research on the related theory, method, and especially the evaluation model of Free Cash Flow. Because discount of FCF model including the long-time development of enterprise and the time value of cash. The progress of evaluation can point out how to increase the value of enterprise, the discount of FCF model is the best method for the evaluation of enterprise. Based on the definition and calculate, this paper further perfects the Evaluation of enterprise value based on free cash flow, and makes a case study of Evaluation of enterprise value based on free cash flow, using the material of Midea Company. The paper analyses the impact of this method to the management of enterprise, points out ways to improve the value-based management; the paper also analyses the condition for the use of discount Free Cash Flow model enterprise evaluation. The paper insists that as the development of our capital market and accounting disclosure, the Evaluation of enterprise value based on free cash flow will be used extensively in our country.更多还原