剩余收益模型与传统DCF模型的比较研究

The Comparative Study on RIV Model and Traditional DCF Model

依据自由现金流折现模型和剩余收益模型的基本原理,对两个模型的应用范围和解释能力进行了比较。阐述了剩余收益模型可以较好的解释和预测没有建成、存在许多增长机会、正在战略重组、兼并收购的企业价值的内在机理。以企业价值评估和绩效评价为例,分析了剩余收益法在解释现实经济现象的能力方面与自由现金流折现法相比所具有的比较优势。

The paper presents the rationale of DCF model and RIV model, and compares the applying scope and interpreting ability of the two models. It expounds the internal mechanism of RIV model by explaining and predicting the value of corporation, preferably about building , stratagem reorganizing, annexing , purchasing , and growing chances. With regard to corporation value and achievement evaluatation it analyses the comparative advantages of RIV model through the clarification of the economic phenomina concerned and the comparason with DFC model.