摘要
随着中国市场经济的发展，企业交易例如并购、整合等越来越频繁。企业估值的意义在于寻找被市场低估的企业进行套利投资，为行业整合提供价值基础。企业估值已成为行业整合的价值基础，更多的投资者通过评估企业的价值来寻找被市场低估的企业进而进行套利投资。与其他估价方法相比，现金流量折现法是企业估值使用最广泛，理论最健全的方法，它量化了企业未来的风险、盈利及增长、成本等因素。更能有效的评估企业的价值。本文详细地介绍了现金流量折现评估方法，包括现金流量折现模型，折现率以及未来现金流量的预测。
With the development of market economy, corporation value estimation is needed in more and more business such as merger and acquisition recombination. Corporation value estimation has become the value base of industry recombination. More and more investors invest their money in the corporation whose value are underestimated by the market. Comparing with other methods of value estimation, using Discounted Cash Flow method （DCF） can quantize the future risk of the corporation, income increases, and can estimate the value of corporation more effectively. It is the most abroad and general model. This article will introduce DCF method, including the DCF model, discount rate and the forecast of cash flows.
关键词
企业估值
现金流量折现法
折现率
corporation value estimation
discounted cash flow method
discount rate
