资本市场中企业价值评估方法

经济理论与经济管理 ›› 2003, Vol. ›› Issue (6): 39-44.

资本市场中企业价值评估方法

方芳¹, 周道传¹, 李由²

1. 中国人民大学北京 100872;
2. 北京师范大学北京 100875

收稿日期:2003-04-22 出版日期:2003-06-16 发布日期:2012-03-01

ON METHODS OF EVALUATING GHINESE FIRMS

FANG Fang¹, ZHOU Dao-chuan¹, Li You²

1. Renmin University of China, Beijing 100872, China;
2. Beijing Normal University, Beijing 100875, China

Received:2003-04-22 Online:2003-06-16 Published:2012-03-01

摘要/Abstract

摘要： 国际上通行的企业估价方法主要有三种:现金流量贴现法、相对比较乘数法和期权估价法。我国“新兴加转轨”的国情决定了相对比较乘数法是应用最多、适用性较强的方法;现金流量贴现法虽然代表了我国企业评估方法未来的发展方向,但它暂时还难以适应我国的现状;期权估价法在我国目前的适用性较低,却有着较大的发展空间,值得投资者充分重视。

关键词: 价值评估, 现金流量贴现法, 相对比较乘数法, 期权估价法

Abstract: Now, the world popular methods of evaluating firms are cash flow discount, comparative multipliers, and option evaluation. For our "newly rising and transitional" economy, comparative multipliers method is most widely used, and cash flow discount method is suitable for the future but not for now; the third one is worthy of attention though not so suitable now.

Key words: value evaluation, cash flow discount method, comparative multipliers method, option evaluation

中图分类号:

F273.4

方芳, 周道传, 李由. 资本市场中企业价值评估方法[J]. 经济理论与经济管理, 2003, (6): 39-44.

FANG Fang, ZHOU Dao-chuan, Li You. ON METHODS OF EVALUATING GHINESE FIRMS[J]. Economic Theory and Business Management, 2003, (6): 39-44.