摘要
基于价值的企业管理是经济金融化环境下企业管理发展的一个必然趋势。如何完善这种管理模式,使之更有效地发挥作用是一个具有研究价值的问题。文中从基于价值的企业管理模式的精神与需要出发,指出DCF法在实施基于价值的企业管理中所表现出来的局限性,提出了实施基于价值的企业管理建立在以投资定价模型评估企业价值的基础上,是更为合理的选择;并且提出了采用实物期权定价法与折现现金流量法相结合的投资价值评估模式,进而构建出更为合理的基于价值的企业管理模型。
The enterprise＇s management based on the Value is a inevitable trend of business management development under the economic financial environment , how to consummate this kind of management model, enable it to play the role effectively is a question which has the research value . This article starts out from the demand and spirit based on the model of enterprise＇s management based on the Value, points out the limitation of the DCF in implementation of the enterprise＇s management based on the Value displays, proposes it is a more reasonable choice to establish the implementation of the enterprise＇s management based on the Value for the enterprise value foundation which is appraised based on the investment pricing model, and proposes employ investment value appraisal pattern which unifies the real option pricing with DCF, and then constructs more reasonable the model of enterprise＇s management based on the Value.
出处
《价值工程》
2007年第4期90-93,共4页
Value Engineering
关键词
基于价值的企业管理
投资定价
实物期权
enterprise＇s management based on the Value
investment pricing
real options
