第四部分，自由现金流量折现估值模型基本框架及各参数研究。
The fourth part is the basic framework of discounted free cash flow valuation model and the parameters study.
最后本文通过用自由现金流量折现法和市盈率法计算了中兴通讯公司价值。
At last, I calculate the company's value through the method of discount of free cash flow and earnings ratio.
第四章以中石化为例，使用现金流量折现法对中石化的股权价值进行了评估。
Chapter four, Regard Sinopec as example, use discounting cash flow model assesses at the stock values of Sinopec.
现金流量折现(DCF)—使用NPV将预期现金收支折算到某一时间的价值。
Discounted cash Flow (DCF) - The value of expected cash receipts and expenditures at a common date calculated using NPV.
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.
根据图表9，这是霍尼韦尔公司的财务数据的预测，现金流量折现和乘数估值方法的使用。
According to exhibit 9, which is the forecast of the finance data of Honeywell, the discounted cash flow and multiplier valuation methods are used.
目前对企业价值进行评估的方法，主要有资产价值基础法、现金流量折现法、相对比较乘数法等。
There are a lot of methods to evaluate enterprise's value at present, such as assets value method, discounted cash flow method, and so on.
本文在自由现金流量折现法评估企业价值理论基础上，用一个完整的案例——三全食品股份有限公司，对该方法进行实证研究。
This article makes empirical research on this method by using a complete case---Sanquan Food Ltd based on the existing theory.
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.
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.
通常的理由是基于一个折现现金流量模型；较低的债券收益率意味着降低贴现率，从而提高股票的现值。
The reasoning is usually based on a discounted-cashflow model; a lower bond yield means a lower discount rate and thus a higher present value for shares.
企业价值是企业在未来若干年里通过经营活动所能创造的现金流量的折现值。
Corporation value is the present value of cash flow which company will create in the future.
计算机：你必须有一部计算机，而且是附计算折现现金流量及内含回报率财务功能的。
Calculator: a financial calculator is required, of a type that can do discounted cash flow and internal rate of return calculations.
本文利用内含价值法的原理推导出企业价值增值的折现现金流量模型和经济利润模型。
This paper deduces the Discounted Cash Flow model and Economic Profit model based on the principle of inherent value method.
详细探讨了折现现金流量法、市场比较法和期权定价法的原理、价值评估模型及其适用条件。
It discusses the principles, the model of value assessment and the suitable conditions for Discount Cash Flow (DCF), market comparative method and option pricing method.
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.
概述折现现金流量估价模型的基本原理及两个基本要素。
Summarize the principles of the "cash flow-discounted model" and the two elements of the model.
探讨折现现金流量法与现行财务报告体系的契合问题及改进。
Probe into how the cash flow-discounted method and the present finance report system agree with and the improvement measure.
现金流量可以分为资本成本、资本回收额与剩余收益三部分，因此当折现时不同的现金流量应与不同的相关折现率相匹配。
Cash flow can be divided into three parts: capital cost, capital withdrawal and residual income, so different cash flow should be matched with different relevant discounted rate while discounted.
传统的价值评估的方法主要有四种：调整帐面价值法、市场价值法、直接比较法和折现现金流量法。
There are four traditional means of valuation. They are book value adjusted, market value, directly comparing, discount cash flow .
在企业估价中，折现现金流量模型已成为估价中的主流模型得到广泛的应用。
In valuation of firms, the DCF model has been the mainstream model and has been widely used in valuation.
预计资产未来现金流量的现值，应当综合考虑资产的预计未来现金流量、使用寿命和折现率等因素。
To predict the current value of the future cash flow, the enterprise shall take into comprehensive consideration the expected future cash flow, service life, discount rate, and other factors.
如果资本成本低，再由本公司产生未来现金流量的折现值高，造成了高公司整体价值。
If the cost of capital is low, then the discounted value of future cash flows generated by the company is high, resulting in a high overall company value.
想要对于某高足意进行估值，你只有要主宰它从而今入手下手直到玩完的从容现金流量意向然后把它们以一个公平的扣头率折现归来。
To value something, you simply have to take its free cash flows from now until kingdom come and then discount them back to the present using an appropriate discount rate.
第四章通过具体案例，采用折现现金流量法对目标公司价值进行评估分析，并探讨评估过程中出现的问题。
Chapter 4 set forth the problem in using the method of discount cash flows to analyse the goal enterprise.
查表即根据现金流量的年份和适当的利率确定折现系数。
To use the table, simply find the discount factors by referring to each year of the cash flows and the appropriate interest rate.
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.
本文对折现现金流量法在物流企业的并购中的应用作了分析。
This article should serve as the analysis to the commutation cash current capacity law in the physical distribution enterprise's merger and acquisition.
以贴现模型为基础，首先利用类比法等方法确定了资产剥离前后的不同折现率，然后分析了实质性资产剥离前后的净现金流量。
Based on the discount model, this paper confirms different discount rates of before-and-after virtual divestiture through ways, such as analogy.
以贴现模型为基础，首先利用类比法等方法确定了资产剥离前后的不同折现率，然后分析了实质性资产剥离前后的净现金流量。
Based on the discount model, this paper confirms different discount rates of before-and-after virtual divestiture through ways, such as analogy.
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