Enterprise Valuation Based on UFCF Discount Model Take Changyu A as an Example

摘要：

　　With the rapid development of Chinas capital market, the enterprise valuation becomes more and more important.In China, the discounted cash flow method is the most widely used method in the practice of enterprise valuation.This paper researched the related theories of unleveraged free cash flow discount model and assessed the enterprise value of Changyu using this model through historic data analysis, financial forecast, and valuation process.The results show that the UFCF model is effective and it still has some disadvantages in practice such as the difficult satisfaction of assumptions, the subjective forecasts and the results sensitivity to discount rate and terminal value.

关键词： Enterprise Value UFCF model Changyu A

作者: Xiaohua Song Chen Qi

作者单位: School of Economy and Management,North China Electric Power University,Beijing,China

会议类型: 国际会议

会议名称: 2013 2nd International Conference on Science and Social Research (2013年第二届科学与社会研究国际会议)(ICSSR2013)

会议地点: 北京

会议语种:英文

页码: 789-792

在线出版日期: 2013-07-13（万方平台首次上网日期，不代表论文的发表时间）