摘 要:公司价值评估是是宏观、行业及财务分析的落脚点，是证券分析中最重要、也是最为关键的环节。从根本上讲，它提供出一个估值的结果，然后据此作出影响投资者和公司管理者的建议与决策。本文结合公司价值的内涵与公司价值评估的特征、国际研究历史以及各个评估模型本身的优势和缺陷，认为公司价值评估应该选择自由现金流折现模型及其两个变形模型。期权定价模型和其他现金流贴现模型作为必要补充，应在适当情况下与之配合使用，而把资产定价模型和相对价值定价模型的评估结果作为检验的一个参考。
关键词：公司价值，公司价值评估模型，自由现金流，折现率
ABSTRACT:Company valuation is the foothold of macroeconomic, industrial and financial analysis. It is also the key to security analysis. Essentially, it provides investors and management of the company with recommendations and decisions based on the results of valuation. This article holds that the Discounted Free Cash flow Model and its two transformations should be used in company valuation by integrating the characteristics of company valuation, historical researches and advantages and disadvantages of different valuation models. Options Pricing Model and other discounted cash flow models should be used in appropriate circumstances as supplements. Results from Capital Asset Pricing Model and Relative Value Pricing Model can be used as parameters in testing.
Key Words: Corporate value, company valuation model, free cash flow, discount ration
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