摘 要:随着我国社会主义市场经济的蓬勃发展，资本市场的逐步完善，国有企业的改革创新不断深化，公司管理层的目标也从只追求利润最大化和所有者权益化转变为更加关注企业价值的最大化。为此，如何科学的进行企业价值的评估，便于更好的进行并购，逐步成为企业投资者、经营管理者、所有者、债权人最为关心的问题。在我国资本市场，采用成本法和市场法都不能够准确的计量企业价值。基于自由现金流量折现的方法，考虑企业的现状和公司的未来发展，成为并购企业中对目标企业价值评估的关键方法。本文利用该方法对2011年中国平安收购上海家化案例进行具体分析，并与最终受让价格进行比较，根据上海家化2011年年报，2011年上海家化市值约为144亿元，而经过本文计算得出，运用自由现金流量折现法，上海家化未来价值为137亿元，与2011年市场价值相差不多，基本合理。因此分析得出自由现金流量方法在基于并购的前提下，在进行企业价值评估时，相比成本法和市场比较法有其优越性，值得鼓励和推广。
关键词：企业价值；自由现金流量；价值评估
ABSTRACT:Along with the booming development of the socialist market economy in our country , capital market gradually improved, innovation continuously deepen the reform of state-owned enterprises, the company's management goal is to shift from only to pursuit the profit maximization and the owner's equity to pay more attention to the enterprise value maximization. Therefore, how to scientifically assess the enterprise value, facilitate mergers and acquisitions and joint ventures, gradually become the most concerned problems among enterprise investors, business managers, owners, creditors. In our capital market,cost method, market method is not able to accurately measure the enterprise value. And based on free cash flow discount method, not only takes into consideration the future value of enterprise, but also contact the enterprise present situation and the company's future development, which become the key for the target enterprise value assessment in m&a enterprises. So this article focuses on free cash flow discount method and its concrete application, using the method that in 2011, China's ping an acquisition of Shanghai jiahua for a case specific analysis, and finally accepting price comparison, according to the Shanghai jahwa annual report in 2011, the value of Shanghai jahwa market is about 14.4 billion yuan in 2011, and through calculated in this paper, using the free cash flow discount method, Shanghai jahwa united future value is 13.7 billion yuan, with comparision of 2011 market value, basic is reasonable.analysis of related conclusions.The analysis free cash flow method based on the premise of mergers and acquisitions, in enterprise value assessment, compared to the cost method and market comparison method has its advantages and is worthy of encouragement and promotion.
Keywords: Enterprise mergers ；Free cash flow；Assessment method
