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随着我国市场经济体制的初步建立和改革开放的推进，企业并购的数量不断增多，规模也不断扩大。在企业并购过程中，无论是收购公司还是目标公司都要对被收购的目标公司进行价值评估，这就要求企业价值能够被科学、客观、公正地反映出来。本文将研究企业价值评估的相关理论、方法，特别是自由现金流量估值模型。在此基础上明确了几种评估企业价值的方法，然后把这些方法运用到实际，阐述了自由现金流量估值模型具有注重公司的长远发展、促使企业注重各种价值驱动因素、避免虚假会计信息对企业价值评估的影响等优越性，同时也说明了其具有模型参数的预测存在不确定性、潜在机会未能充分考虑等局限性，最后提出我们应在攻克难点及克服缺陷的前提下将其广泛应用于企业价值评估，同时在企业业绩评价及无形资产单项价值评估等领域进行大力推广。
关键词：自由现金流 企业价值 价值评估 直线现金流法DCF
Free cash flow and enterprise value assessment
Abstract
Along with our country market economy system is preliminary build and the reform and open, the enterprise merger and acquisition quantity increases unceasingly, the scale is also expanding. In the merger process, regardless of is the acquisition of the company or the target company to the target company’s value, and the developed value evaluation system, enterprise value appraisal in our country starts late. But along with the economic globalization and unifinication process accelerate, asset recombines with unprecedented scale and speed. Especially after China’s accession to the WTO, Chinese enterprises into the international, and international consortium to China’s capital market, ask the enterprise value to be scientific, objective, justice reflected.
This article will study the enterprise’s value assessment theory, method, especially the discounted free cash flow model. On the basis of the clear several enterprise value appraisal methods, and then put these methods to practical use, finally proposed the free cash flow and company value to evaluate advantages and disadvantages as well as the development trend of the future, I believe that the country’s free cash flow and enterprise value assessment has a role of reference.
Key words: free cash flow in enterprise evaluation;
目 录
一、绪论 5
（一）问题的提出 5
（二）研究意义………………………………………………………5
（三）国内外研究现状 6
二、企业价值评估理论演进与评估方法评述 7
（一）企业价值评估概述 7
（二）企业价值评估的方法 8
三、基于自由现金流量的企业价值评估 9
（一）自由现金流量的定义………………………………………9
（二）预测未来自由现金流量 10
（三）确定折现率 10
（四）估测企业的连续价值 10
四、自由现金流量估值模型的运用 11
（一）贴现现金流量法模型及应用 11
（二）贴现现金流量法的优缺点分析 12
五、自由现金流量估值模型优缺点及其发展方向 13
（一）自由现金流量估值模型的优越性 13
（二）自由现金流量估值模型的局限性 15
（三）自由现金流量企业价值评估的发展方向 16
结论 16
参考文献 18
致谢 19
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