运用收益法进行企业价值评估的相关问题探讨

Discussions on the Related Questions When the Income Approach is applied

企业价值评估的对象是企业整体价值、股东全部权益价值或股东部分权益价值。采用收益法进行的评估,思路是建立在资本的时间价值观念之上,将被评估企业预期收益予以资本化或折现。评估的关键一是量化企业的预期收益,按照不同的口径计算自由现金流量;二是合理确定资本化率或折现率;三是合理确定收益年期。

The object of business valuation is the value of enterprises as a whole, the value of the stock shares in whole or in part. The income approach, which is based on the time value of the capital, is to capitalize or discount the predicted income of the enterprises. There are three critical steps in the approach, the first is to estimate the predicted income and calculate the free cash flow according to different aspects, the second is to decide the capitalization rate or discount rate reasonably, the last one is to decide the income period.