非上市公司价值评价:基于CAPM的DCF方法与实证

Non-listed'Corporation Valuation: A CAPM method Based on DCF and Illustration

通过一个非上市软件企业的例子,详细说明了非上市公司价值评估的一种方法:基于CAPM的DDF方法。首先由股票市场中同类企业的数据求出该公司的系统风险β值,然后根据CAPM求出市场要求的资产回报率,亦即确定了贴现率,最后利用贴现现金流估价方法确定非上市公司的价值。

This paper introduces a method on no-listed corporation valuation in detal a CAPM method based on DCF, by analyzing the case of an non-listed software corporation .Specifically, a proper (3 can be derived through the similar data of the listed corporations; CAPM formular may help to get the return of asset or discount factor; with these parameters. DCF method can be used to fulfil the valuation of listed corporations.