导　　师： 廖力平

学科专业： 020206

授予学位： 硕士

作　　者： ;

机构地区： 广东外语外贸大学

摘　　要： 本文首先阐述了贴现现金流/(DCF/)估价法、经济增加值/(EVA/)估价法、实物期权估价法三种价值评估理论的详细内容,并分析了其优缺点及其适用范围。然后在此基础上,提出了一种新的评估方法——综合评估法。综合评估法是一种,将贴现现金流估价法、经济增加值估价法和实物期权估价法三者结合在一起的评估方法。在该评估方法中,能为公司带来比较稳定收入的项目采用DCF估价法进行评估;处于起步阶段,收入带有很大不确定性的项目采用EVA估价法进行评估;处于研发阶段的项目采用实物期权估价法进行评估。综合评估法是一种比较灵活的评估方法,在实际应用时,可以具体问题具体分析,没有必要对每个公司评估时都三种方法同时使用。提出综合评估法之后,用该评估方法对中兴通讯股份有限公司进行了价值评估,而且用综合评估法计算出的中兴通讯的股票价值与该公司股票市场价值比较接近。最后得出结论:在目前复杂的经济环境下,针对公司不同资产采用不同的评估方法的综合评估法,能够比较准确的揭示公司的价值。 Firstly, discounted cash flow valuation method, economic value added valuation method and real option valuation method will be expatiated, and the advantage and disadvantage of which will be analyzed. Based on the analysis on these three valuation method, a new valuation method, integrated valuation method, will be brought forward. Integrated valuation method is a combination valuation method of DCF valuation method, EVA valuation method and real option valuation method. During this valuation process, the operation which can create stable profit for the company will be evaluated by DCF valuation method, and the operation which can create uncertain profit for the company will be evaluated by EVA valuation method, and the operation which is at researching stage will be evaluated by real option valuation method. The integrated valuation method is a flexible valuation method. During the valuation process, it is not necessary for every company to use those three valuation method at the same time. Then ZTE Corporation will be evaluated by integrated valuation method. The value of ZTE' stock calculated by integrated valuation method is close to the market value of ZTE' stock. So we will get the conclusion that integrated valuation method can evaluate relatively exactly the value of companies.

关 键 词： 综合评估法 贴现现金流估价法 经济增加值估价状 实物期权估价法

分 类 号： [F275]

领　　域： [经济管理] [经济管理]