| 摘要: |
| 摘 要:企业并购中买卖双方能对目标公司价值即被收购方企业的价值进行合理的评估,交易才容易
成交,反之,则徒劳无功。公司价值是预期收益的资本化,公司价值的评估关键是对预期收益的准确估计。
用随机变量代替预期收益,对其期望函数进行求解理论上可行,但实践中精确性不高。为了解决这个问题,
便用Alfred提出的拉巴波特模型计算企业未来各年自由现金流量,并通过加权平均资本成本求得现值。 |
| 关键词: 关键词:企业价值 评估 现金流量 拉巴波特模型 |
| DOI： |
| 分类号: |
| 基金项目: |
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| Empirical analysis of objective enterprise value evaluation |
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ZHAN Xue2gang
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| Abstract: |
| Abstract: In enterp rise merger, if the buyer and the seller make reasonable evaluation on the value of objec2
tive enterp rises, the transaction can be made. The value of an enterp rise is cap italized for expectation gain, and the
key to evaluation of the value of an enterp rise is to accurately evaluate the expectation gain of the enterp rise. By u2
sing random variables to rep lace expectation gain, theoretically, it is feasible to solve expectation function but in
p ractice, its accuracy is not high. In order to solve this p roblem, Alfred put forward RappaportModel to calculate
all kinds of future years cash flow of the enterp rise and used weighted average cap ital cost to obtain the value. |
| Key words: Key words: enterp rise value evaluation cash flow RappaportModel |
