企业价值评估方法DCF与EVA的比较分析

Comparison of DCF and EVA in Enterprise Evaluation Methods

对企业价值评估的两种常用方法——自由现金流量法和经济增加值法的理论基础、可操作性、评估结论及价值内涵等方面进行了比较分析,认为自由现金流量法使用广泛,可操作性较强,具有整体性特点;而经济增加值法计算方法简单,具有可以计量单一年份价值增加的特点,因此对一个能够持续稳定发展的企业价值进行衡量时可以采用经济增加值法。

This article compares and analyzes the theoretical basis, operability, evaluation conclusion and value connotation of the two most commonly used methods in enterprise value evaluation--free cash flow method（DCF） and economic value added method（EVA）, considering that the former, with the feature of entirety, is used widely and has stronger operability; the latter, with the characteristic of simple calculation, can measure single-year value increasement, which can be used to measure value for sustainable stable developing enterprises.