企业价值评估中的现金流量与企业寿命周期探析

Research on Cash Flow and Life Cycle of the Enterprise in Business Valuation

现金流量折现法囊括了企业价值的所有因素,不同的现金流量对应不同的企业价值。现金流量可以通过会计收益来调整确定。现金流量预测与产业发展状况和企业的寿命周期密切相关,产业发展状况直接影响企业的寿命周期,现金流量的预测又取决于企业的寿命周期。在企业的寿命周期中处于成长期和成熟期的企业比较适宜采用现金流量折现方法评估企业价值。

Discount Cash Flow Approach includes all factors of enterprise value. Different cash flow corresponded different enterprise value. Cash flow can be determined by adjusting the accounting rate of return. Calculation of the cash flow is closely related to the industrial development and life cycle of the enterprise. Industrial development directly impacted life cycle, therefore, calculation of the cash flow is determined by life cycle of the enterprise. The author believes that Discount Cash Flow Approach is comparatively suitable for business valuation in which life cycle of the enterprise is belonged to growth and mature phase.