公允价值获取的现值法研究

On Fair Value Obtained Through Present Value

现值是公允价值本质属性的数学表达,因此,通过计算资产所能带来的未来收益的现值来确定其公允价值的方法,在理论上是最完美的。但在实际运用中,现值法又是最难操作的一种方法。其困难主要表现在:现金流量的发生时间、金额及可能性概率的确定,以及折现率的选择都离不开人的主观估计,这在相当程度上影响了现值法的推广应用。因此,形成一个操作性较强的约束性框架,对现值法的运用具有极为重要的理论及现实意义。

Present value is the mathematical expression of the feature of f air value. The perfect theoretical method to work out the fair value is to work out the prospect present value through calculating assets. However, present valu e method is the hardest to operate in practice, for the following aspects are so mewhat judged by people's subjective estimation: the happening time of cash flow , the sum of present value, possibility and choice of discount rate. Therefore, present value method cannot be widely adopted. It is of great theoretical and pr actical importance to work out an operable framework in which present value meth od can be widely adopted.