摘要
文中基于伊利股份2011~2015年财务数据,运用三阶段自由现金流量折现模型,预测其未来10年的自由现金流量,并评估公司的企业价值及股价。实证结果发现证券市场上伊利股份的股价与实际每股价格相符合,对投资者理性投资具有指导作用,并证明自由现金流量折现模型在价值评估中具有可行性。
Based on the 2011~2015 financial data of Yili, the paper uses the three-phase free cash flow discount model to predict its free cash flow for the next 10 years and evaluate the company＇s corporate value and stock price. The empirical results show that the stock price of Yili shares in the securities market is in line with the actual per share price, which has a guiding effect on rational investor investment, and proves that the free cash flow discount model is feasible in value evaluation.
作者
韩兴国
刘瑞芳
HAN Xing-guo;LIU Rui-fang(School of Economics and Management,Inner Mongolia University of Science ＆ Technology,Baotou 014000,China)
出处
《价值工程》
2018年第23期95-98,共4页
Value Engineering
