收益法评估企业价值中关于折现率的考虑

Consideration of Discount Rate in Enterprise Value Assessment by Income Method

企业价值的三大评估方法中,收益法的运用是最为普遍的。收益法评估企业价值需要确定三大参数,分别为预期收益、折现率和收益期限。收益法评估企业价值中折现率的选取与其预期收益的选择尺度密切相关。企业自由现金流量折现所用到的折现率为加权平均资本成本,而股权自由现金流量用到的折现率为资本资产定价模型所求出来的权益折现率。折现率的求取过程受到多种因素的影响,文章对折现率求取方法进行了详细的分析并且引入了具体的案例进行分析,进一步探究了收益法评估企业价值中折现率的相关考虑。

Among the three evaluation methods of enterprise value,the application of income method is the most common.It is necessary to determine three parameters in evaluating enterprise value by income method,which are expected income,discount rate and income period.The selection of discount rate in the assessment of enterprise value by income method is closely related to the selection scale of expected income.The discount rate used in the free cash flow of enterprises is the weighted average cost of capital,while the discount rate used in the free cash flow of equity is the discount rate of equity derived from the capital asset pricing model.The process of obtaining discount rate is affected by many factors.This paper makes a detailed analysis on the method of obtaining discount rate,introduces specific cases for analysis,and further explores the relevant considerations of discount rate in the assessment of enterprise value by income method.