Economic Theory and Business Management ›› 2003, Vol. ›› Issue (6): 39-44.
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FANG Fang1, ZHOU Dao-chuan1, Li You2
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方芳1, 周道传1, 李由2
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
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
CLC Number:
F273.4
FANG Fang, ZHOU Dao-chuan, Li You. ON METHODS OF EVALUATING GHINESE FIRMS[J]. Economic Theory and Business Management, 2003, (6): 39-44.
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.
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