基于自由现金流量的企业价值评估研究
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摘要
企业作为社会经济活动运转中的一种重要组织形式,自其存在之时起就在探索着自身发展奋斗的目标。企业价值最大化作为企业财务管理目标,已经被理论界和实务界所共识。那么怎样对企业价值进行估价,就成为大家普遍关注的问题。从国外的研究现状看,关于企业价值评估的研究,在西方财务理论界已经有了很多的阐述,西方发达国家对企业价值评估理论的研究己经成熟,并建立了比较完善的价值评估方法体系。随着我国资本市场的不断发展,企业收购兼并、资产重组等活动越来越频繁,企业作为特殊交易的商品正日益引起人们的重视,如何确定企业价值,为企业的交易提供依据,是我国资本市场的一个难点,也是理论界研究的热点。
正是基于这种需要,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的应用。本文认为自由现金流量折现评估模型既考虑到企业的可持续发展,又考虑到资金的时间价值,同时通过估价的过程可以明确企业价值提升的方向,因而是对企业价值的最好的衡量手段。在自由现金流量折现评估模型的基础上,本文进一步分析了基于自由现金流量的企业价值评估对企业管理带来的影响,指出企业提升价值管理的途径,以广东美的历年的财务报告等资料为依据,进行了基于自由现金流量的企业价值评估案例分析,并在文章中分析自由现金流量在我国广泛应用尚需具备的条件。认为随着我国资本市场发展和会计披露要求的进一步完善,基于自由现金流量的评估方法将在价值评估中得到广泛的应用。
Enterprise as an important part of the social economy operating, have being seeking for its goal since it was born. Maximum Enterprise Value as the object of enterprise finance management has been recognized by both theoretical field and practice fields. Therefore how to evaluate an enterprise was concerned. From the present situation of foreign research, we can find that the west finance theoretical field has a lot research on the evaluation of enterprise. The theoretical research about evaluation of enterprise in west developed country has been matured at present, and they have establish the evaluation system. As the developing of our capital market, purchase or merger of enterprise, and asset reorganization increasing, enterprise as a special kind of good for transaction caught the attention of people. How to evaluate a fair value of enterprise for the transaction became a key point to our capital market.
On this demand, this paper will research on the related theory, method, and especially the evaluation model of Free Cash Flow. Because discount of FCF model including the long-time development of enterprise and the time value of cash. The progress of evaluation can point out how to increase the value of enterprise, the discount of FCF model is the best method for the evaluation of enterprise. Based on the definition and calculate, this paper further perfects the Evaluation of enterprise value based on free cash flow, and makes a case study of Evaluation of enterprise value based on free cash flow, using the material of Midea Company. The paper analyses the impact of this method to the management of enterprise, points out ways to improve the value-based management; the paper also analyses the condition for the use of discount Free Cash Flow model enterprise evaluation. The paper insists that as the development of our capital market and accounting disclosure, the Evaluation of enterprise value based on free cash flow will be used extensively in our country.
正是基于这种需要,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的应用。本文认为自由现金流量折现评估模型既考虑到企业的可持续发展,又考虑到资金的时间价值,同时通过估价的过程可以明确企业价值提升的方向,因而是对企业价值的最好的衡量手段。在自由现金流量折现评估模型的基础上,本文进一步分析了基于自由现金流量的企业价值评估对企业管理带来的影响,指出企业提升价值管理的途径,以广东美的历年的财务报告等资料为依据,进行了基于自由现金流量的企业价值评估案例分析,并在文章中分析自由现金流量在我国广泛应用尚需具备的条件。认为随着我国资本市场发展和会计披露要求的进一步完善,基于自由现金流量的评估方法将在价值评估中得到广泛的应用。
Enterprise as an important part of the social economy operating, have being seeking for its goal since it was born. Maximum Enterprise Value as the object of enterprise finance management has been recognized by both theoretical field and practice fields. Therefore how to evaluate an enterprise was concerned. From the present situation of foreign research, we can find that the west finance theoretical field has a lot research on the evaluation of enterprise. The theoretical research about evaluation of enterprise in west developed country has been matured at present, and they have establish the evaluation system. As the developing of our capital market, purchase or merger of enterprise, and asset reorganization increasing, enterprise as a special kind of good for transaction caught the attention of people. How to evaluate a fair value of enterprise for the transaction became a key point to our capital market.
On this demand, this paper will research on the related theory, method, and especially the evaluation model of Free Cash Flow. Because discount of FCF model including the long-time development of enterprise and the time value of cash. The progress of evaluation can point out how to increase the value of enterprise, the discount of FCF model is the best method for the evaluation of enterprise. Based on the definition and calculate, this paper further perfects the Evaluation of enterprise value based on free cash flow, and makes a case study of Evaluation of enterprise value based on free cash flow, using the material of Midea Company. The paper analyses the impact of this method to the management of enterprise, points out ways to improve the value-based management; the paper also analyses the condition for the use of discount Free Cash Flow model enterprise evaluation. The paper insists that as the development of our capital market and accounting disclosure, the Evaluation of enterprise value based on free cash flow will be used extensively in our country.
引文
[1] Copeland, Tom 等.价值评估——公司价值的衡量与管理.郝绍伦等译.第三版.北京:电子工业出版社,2002
[2] Aswath·Damodaran.深入价值评估.姜万军译.北京:北京大学出版社,2005
[3] 刘全洲,王莹.企业价值及其评估方法研究.贵州财经学院学报,1994,(4):1-8
[4] 孙岷.收益法评估企业价值的理论与方法的研究:[清华大学硕士学位论文].北京:清华大学工商管理学院,1997,5-42
[5] 张先治.论以现金流量为基础的价值评估.求是学刊,2000,139(6):40-45
[6] 赵强,苏纯.企业价值评估中的折现率的估算方法.中国资产评估,2001,(6):16-19
[7] 兰海侠.企业整体资产评估方法及参数确定:[中国农业大学硕士学位论文].北京:中国农业大学,2001,43-50
[8] 胡玄能.谈企业价值的估价方法.北京市经济管理干部学院学报,2001,(4):25-31
[9] 李晓明,袁泽沛.论企业价值评估与全面价值管理.武汉大学学报(社会科学版),2002,(3):12-18
[10] 李延喜,张启奎,李宁.基于动态现金流量的企业价值评估模型研究.科研管理.2003,23(2):21-29
[11] 刘淑莲.企业价值评估与价值创造战略研究——两种价值模式与六大驱动因素.会计研究.2004(9):67-71
[12] 章天春.基于自由现金流量的企业价值评估研究:[南昌大学硕士学位论文].南昌:南昌大学经济与管理学院,2007,43-44
[13] 祝涛.企业价值评估中自由现金流量指标的运用.财会月刊.2007, 4(1):15-17
[14] 杨志慧.企业财务管理目标浅论.财经纵横.2007,1(1):60-61
[15] Irving Fisher. The Rate of Interest: Its Nature, Determination and Relation to Economic Phenomena. New York: Macmillan, 1907, 167-175
[16] Irving Fisher. The Theoryof Interest. New York: Macnullan,1930, 231-286
[17] F.Modigliani, MertonH.Miller. The cost of Capital, Corporation Finance and the theory of investment. Journal of the American Economic Review, 1958, 48(6): 261-297
[18] F.Modigliani, Merton H. Miller. Dividend Policy, Growth and the Valuation of Shares. The Journal of Business, 1961, 60(10): 411-433
[19] F.Modigliani, Merton H. Miller. Corporate Income Taxes and The Cost of Capital: ACorrection. The American Economic Review, 1963, 53(6): 433-443
[20] Myers, S .C. and N. S. Majluf,Corporate Financing an Investment Decisions when Firms have Information that Investors do not have,Journal of Financial Economics,1984(13):187-221
[21] 廖冠民,陈勇.自由现金流量的界定与辨析.西北工业大学报,2006,(3):14-17
[22] 晏钢,董守胜.公司估价方法与发展战略决策,北京:经济管理出版社,2003,42-74
[23] 汪平.财务估价论——现金流量与企业价值研究.上海:上海财经大学出版社,2000,8,28-32
[24] 张涛.关于目标企业价值评估的拉巴波特模型.广西会计,2000,177(6):40-46
[25] Jensen.Michael C.,Meckling. William H. ,Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics,1976,3(4):305-360
[26] Bradford·Cornell.企业价值评估:有效评估与决策的工具.张志强,王春香译.北京:华夏出版社,2001,3-4
[27] Aswath·Damodaran.投资估价评估任何资产价值的工具和技术.林谦译.第二版.北京:清华大学出版社,2004,37-39
[28] K. S.Hackel,尤西·李凡特.张凯等译.现金流量与证券分析.华夏出版社,2001,26-32
[29] 王阳.企业价值评估中现金流量指标的选择:[大连理工大学硕士学位论文].大连:大连理工大学财务管理研究所,2005,42-48
[30] 刘亚干.现金至上及实现途径.会计之友,1999,( 2):18-19
[31] Opler.T,Pinkowitz. L, Stulz.R, Williamson.R,The determinants and implications of corporate cash holdings. Journal of Financial. Economics 1999,(52):3-46
[32] 赵英杰.论现金流量管理假设.会计研究,2001,(5):38-43
[33] Meeting.D. T.,Luedke. R. W.,and Garceau.L.,Future cash flow measurements. Journal of Accountancy, 2001,192 (4):57-67
[34] 李延喜,张启奎,李宁.基于动态现金流量的企业价值评估模型研究.科研管理.2003,23(2):21-29
[35] 张涛.关于目标企业价值评估的拉巴波特模型.广西会计,2000,177(6):40-42
[36] 林勇峰.现金流动制会计.北京:中国财政经济出版社,2002,84-85
[37] 朱南军.三种现金流量折现模型估价差异和适用性分析.会计研究,1994,(6):17-19
[38] 威廉.夏普.投资学.王化成等译.北京:中国人民大学出版社,1998,167-217
[39] 彦志刚.企业价值评估中自由现金流量分析.韶关学院学报,2001,(5):26-29
[40] 何荣天,林国春.基于自由现金流量的组合投资策略与实证分析.财务与会计导刊,2002:( 3 ):33-37
[41] 汤谷良,朱蕾.自由现金流量与财务运行体系.会计研究,2002, 174(4):32-37
[42] 毛道维.自由现金流量的应用及分析方法.商业研究,2004,287(3):36-37
[43] 武晓玲,陈正飞.自由现金流量假说的实证研究.山西财经大学学报,2006,(2):127-131
[44] L. Peter Jennergren. Continuing value in firm valuation by the discounted cash flow model. European Journal of Operational Research. 2006,(8):12-28
[45] Strichek.D, How to determine the value of a firm. Management Accounting Journal, 1983: 42-49.
[46] 广东顺德广东美的股份有限公司策略报告.www.92zl.com,2007-09-30
[47] 中国证监会网站.www.csrc.gov.cn
[48] 国泰安金融数据库
[49] 王龙.基于自由现金流的企业价值评估方法研究:[湖南大学硕士学位论文] .长沙:湖南大学会计学院, 2004,48-51
[50] 宋健.基于自由现金流的公司价值分析.广东金融学院学报,2005,20(3):61-67
[51] 刘召敏.基于自由现金流的企业价值分析:[华中科技大学硕士学位论文] .武汉:华中科技大学工商管理学院,2005,13-38
[2] Aswath·Damodaran.深入价值评估.姜万军译.北京:北京大学出版社,2005
[3] 刘全洲,王莹.企业价值及其评估方法研究.贵州财经学院学报,1994,(4):1-8
[4] 孙岷.收益法评估企业价值的理论与方法的研究:[清华大学硕士学位论文].北京:清华大学工商管理学院,1997,5-42
[5] 张先治.论以现金流量为基础的价值评估.求是学刊,2000,139(6):40-45
[6] 赵强,苏纯.企业价值评估中的折现率的估算方法.中国资产评估,2001,(6):16-19
[7] 兰海侠.企业整体资产评估方法及参数确定:[中国农业大学硕士学位论文].北京:中国农业大学,2001,43-50
[8] 胡玄能.谈企业价值的估价方法.北京市经济管理干部学院学报,2001,(4):25-31
[9] 李晓明,袁泽沛.论企业价值评估与全面价值管理.武汉大学学报(社会科学版),2002,(3):12-18
[10] 李延喜,张启奎,李宁.基于动态现金流量的企业价值评估模型研究.科研管理.2003,23(2):21-29
[11] 刘淑莲.企业价值评估与价值创造战略研究——两种价值模式与六大驱动因素.会计研究.2004(9):67-71
[12] 章天春.基于自由现金流量的企业价值评估研究:[南昌大学硕士学位论文].南昌:南昌大学经济与管理学院,2007,43-44
[13] 祝涛.企业价值评估中自由现金流量指标的运用.财会月刊.2007, 4(1):15-17
[14] 杨志慧.企业财务管理目标浅论.财经纵横.2007,1(1):60-61
[15] Irving Fisher. The Rate of Interest: Its Nature, Determination and Relation to Economic Phenomena. New York: Macmillan, 1907, 167-175
[16] Irving Fisher. The Theoryof Interest. New York: Macnullan,1930, 231-286
[17] F.Modigliani, MertonH.Miller. The cost of Capital, Corporation Finance and the theory of investment. Journal of the American Economic Review, 1958, 48(6): 261-297
[18] F.Modigliani, Merton H. Miller. Dividend Policy, Growth and the Valuation of Shares. The Journal of Business, 1961, 60(10): 411-433
[19] F.Modigliani, Merton H. Miller. Corporate Income Taxes and The Cost of Capital: ACorrection. The American Economic Review, 1963, 53(6): 433-443
[20] Myers, S .C. and N. S. Majluf,Corporate Financing an Investment Decisions when Firms have Information that Investors do not have,Journal of Financial Economics,1984(13):187-221
[21] 廖冠民,陈勇.自由现金流量的界定与辨析.西北工业大学报,2006,(3):14-17
[22] 晏钢,董守胜.公司估价方法与发展战略决策,北京:经济管理出版社,2003,42-74
[23] 汪平.财务估价论——现金流量与企业价值研究.上海:上海财经大学出版社,2000,8,28-32
[24] 张涛.关于目标企业价值评估的拉巴波特模型.广西会计,2000,177(6):40-46
[25] Jensen.Michael C.,Meckling. William H. ,Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics,1976,3(4):305-360
[26] Bradford·Cornell.企业价值评估:有效评估与决策的工具.张志强,王春香译.北京:华夏出版社,2001,3-4
[27] Aswath·Damodaran.投资估价评估任何资产价值的工具和技术.林谦译.第二版.北京:清华大学出版社,2004,37-39
[28] K. S.Hackel,尤西·李凡特.张凯等译.现金流量与证券分析.华夏出版社,2001,26-32
[29] 王阳.企业价值评估中现金流量指标的选择:[大连理工大学硕士学位论文].大连:大连理工大学财务管理研究所,2005,42-48
[30] 刘亚干.现金至上及实现途径.会计之友,1999,( 2):18-19
[31] Opler.T,Pinkowitz. L, Stulz.R, Williamson.R,The determinants and implications of corporate cash holdings. Journal of Financial. Economics 1999,(52):3-46
[32] 赵英杰.论现金流量管理假设.会计研究,2001,(5):38-43
[33] Meeting.D. T.,Luedke. R. W.,and Garceau.L.,Future cash flow measurements. Journal of Accountancy, 2001,192 (4):57-67
[34] 李延喜,张启奎,李宁.基于动态现金流量的企业价值评估模型研究.科研管理.2003,23(2):21-29
[35] 张涛.关于目标企业价值评估的拉巴波特模型.广西会计,2000,177(6):40-42
[36] 林勇峰.现金流动制会计.北京:中国财政经济出版社,2002,84-85
[37] 朱南军.三种现金流量折现模型估价差异和适用性分析.会计研究,1994,(6):17-19
[38] 威廉.夏普.投资学.王化成等译.北京:中国人民大学出版社,1998,167-217
[39] 彦志刚.企业价值评估中自由现金流量分析.韶关学院学报,2001,(5):26-29
[40] 何荣天,林国春.基于自由现金流量的组合投资策略与实证分析.财务与会计导刊,2002:( 3 ):33-37
[41] 汤谷良,朱蕾.自由现金流量与财务运行体系.会计研究,2002, 174(4):32-37
[42] 毛道维.自由现金流量的应用及分析方法.商业研究,2004,287(3):36-37
[43] 武晓玲,陈正飞.自由现金流量假说的实证研究.山西财经大学学报,2006,(2):127-131
[44] L. Peter Jennergren. Continuing value in firm valuation by the discounted cash flow model. European Journal of Operational Research. 2006,(8):12-28
[45] Strichek.D, How to determine the value of a firm. Management Accounting Journal, 1983: 42-49.
[46] 广东顺德广东美的股份有限公司策略报告.www.92zl.com,2007-09-30
[47] 中国证监会网站.www.csrc.gov.cn
[48] 国泰安金融数据库
[49] 王龙.基于自由现金流的企业价值评估方法研究:[湖南大学硕士学位论文] .长沙:湖南大学会计学院, 2004,48-51
[50] 宋健.基于自由现金流的公司价值分析.广东金融学院学报,2005,20(3):61-67
[51] 刘召敏.基于自由现金流的企业价值分析:[华中科技大学硕士学位论文] .武汉:华中科技大学工商管理学院,2005,13-38