谈企业价值的估价方法

Discussion on the Evaluation Approach in Enterprise Value

估价企业价值是企业并购和投资分析中经常遇到的重要问题。本文阐述了企业价值估价的两种方法 ,即以现金流量为基础的企业自由现金流量折现法和以企业会计及账面价值为基础的非正常收益折现法的基本原理 ,并分别按四种模型推导出估价公式 ,最后举例对这两种方法的估价结果进行了对比。

The evaluation of enterprise value is the key problem in enterprise coalesce, acquisition and investment analysis which enterprises often encounter. This text sets forth the two approaches in enterprise value evaluation. They are the basic principle of discounting in enterprise free cash flow based on enterprise cash flow and discounting of abnormal profit based on enterprise accounting and book value. It also derivates evaluation formula in terms of four models. Finally it compares by examples the evaluation consequences of the above two approaches.