继承上文财务战略优化动因中财务资金流的提法，文章赋予企业的自由现金流量战略性指标的使命。
Inherit the formulation of the financial funds of the foregoing paragraphs; the article gives the mission of the strategic indexes of cash flow of freedom.
本文从公司自由现金流量的角度探讨公司价值。
This paper will study company investment worth from the angle of the free cash flow .
在此基础上，结合将净利润调节为经营活动的现金流量的过程，提出了以经营现金流量为计算出发点的修正自由现金流量模型，并给出计算实例。
On this basis work, the paper analyses the process of adjusting net accounting profit to operating cash flow and suggests the adjusted FCF model computing from operating cash flow.
在预测范围（3年）以后，增长率为固定值，所以我们可以对固定增长公式进行调整以计算预测时间段以外的所有自由现金流量价值，并折现到预测时间段以内。
Growth is constant after the horizon (3 years), so we can modify the constant growth formula to find the value of all free cash flows beyond the horizon, discounted back to the horizon.
我会回来。最糟糕的情况就是我要付出6个月的自由的现金流量的代价。
I can come back. The worst situation is the cost of the cash flow of the freedom that I want to pay 6 months.
具有更少成长机会、更少自由现金流量、资产期限长和规模大的公司具有更多的长期债务。
Firms that have few growth options, little free cash flow, long asset maturity, or well-established tend to have more long-term debt.
自由现金流量是一个比现金流量概念更加严谨、更加深厚的财务概念，对此的了解甚至会影响到对某些财务学说的认识。
Free cash discharge is a more precise and profound concept than cash discharge, it can even affect understanding some theories of financing.
另一类为自由现金流量的趋势预测。
One is free cash flow prediction in detail, the other is tendency of forecast.
并对自由现金流量模型和经济增加值模型的优劣及适用性做了探讨。
Furthermore the thesis discusses the free cash flow model and EVA model.
众所周知，价值评估有多种方法，而对市场完善要求更高的则是自由现金流量折现法。
As we all know, there are a variety of valuation methods, and perfect for the market is discounted free cash flow method.
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。
On this demand, this paper will research on the related theory, method, and especially the evaluation model of Free Cash Flow.
企业价值本质上是投资者封企业自由现金流量追索权的大小。
The essential of enterprise value is the size of enterprise free cash flow recourse in investors.
从企业价值评估的角度对自由现金流量进行分析与定义，可以给出自由现金流量的两种计算方法。
From the Angle of valuation, free cash flow to firm is analyzed and defined, and two kinds of its calculating methods are discussed.
自由现金流量是企业价值的基本决定因素，而其定义却可能会随着使用者对现金流量分析目的不同而有所不同。
Free cash flow is the basic decisive factor for valuation of firm, but its definition might be different with the change of users objective.
价值基础管理(VBM)，涉及对自由现金流量、风险以及时间调整的分析和管理，涉及对公司人员从短期利润视角到长期价值创造的观念更新。
VBM concerns analysis and management to free cash flow, risk and time adjustment, and concerns updating of workers 'ideas from short - time profit to long - time creation of value.
本研究提供的经验数据表明，自由现金流量和审计收费显著正相关，验证了自由现金流量假说。
The study provides empirical evidence suggests that free cash flow is positively related to audit fees, confirming the free cash flow hypothesis.
在用资产产生的预期自由现金流量，以加权平均资金成本为折现系数进行折现后的现值称为营业价值。
The PV of their expected future free cash flows, discounted at the WACC, is the value of operations.
本文介绍国外企业价值评估理论及主流的价值评估手段，通过比较分析得出自由现金流量折现模型更适于对互联网企业价值的评估。
This paper introduces enterprise valuation theory and the means to assess the value of the mainstream. Discounted Cash Flow model is more suited to the assessment of the value of Internet companies.
由于各国会计制度的不同，相对价值法在跨国并购估价中存在缺陷，因此以自由现金流量为基础的估价方法在跨国并购中占有重要地位。
Owing to differences in accounting system among different countries, there are imperfections in the relativevalue approach in the assessment of crossborder mergers and acquisitions.
经由自由现金流量折现模型的评估，可以得到目前互联网企业的价值在股市上是被低估还是高估，进而为投资者的投资决策提供参考价值。
Internet companies can be present in the value of the stock market is undervalued or overvalued. The model provides a reference value of the investor's investment decision.
上市公司出于减少自由现金流量的目的而派发现金股利，本文的实证检验仅提供了比较微弱的证据。
Listed companies distribute cash dividends for the purpose of reducing free cash flow, the empirical tests in this paper only provide a relatively weak evidence.
本研究提供的经验证据表明： （1）自由现金流量和审计费用显著正相关，验证了自由现金流量假说；
The study provides empirical evidences suggest: (1) free cash flow is positively related to audit fees, confirming the free cash flow hypothesis;
本研究提供的经验证据表明： （1）自由现金流量和审计费用显著正相关，验证了自由现金流量假说；
The study provides empirical evidences suggest: (1) free cash flow is positively related to audit fees, confirming the free cash flow hypothesis;
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