摘 要:随着现代管理的蓬勃发展，公司管理的目标发生了较明显的变化，由原来的只追求利润最大化和所有者权益最大化转变为更加关注公司价值最大化。公司价值是衡量一个公司当前及未来发展状况的关键指标，对合理进行公司管理、并购、重组等有显著的指导作用，为公司投资者、管理者、债权人等利益相关者进行有效的决策提供了有力的参考。但传统的公司价值评估方法存在着计量不准确等缺陷。而基于自由现金流量的公司价值评估方法克服了传统公司价值评估方法的很多不足，不仅考虑到了公司的经营现状，同时结合了对公司未来发展的预期，并考虑了资金的时间价值。因此基于自由现金流量的评估方法能更加准确地衡量公司业绩以及投资价值，更加准确客观地估计公司的价值，确保了该方法在评估公司价值方面的崇高地位，越来越广受欢迎。
关键词：自由现金流量；公司价值；评估
ABSTRACT:With the fast development of modern management, the company's management objectives gradually undergone significant changes, from the pursuit of profit maximization and the owner's equity maximization to pay more attention to the maximization of enterprise value. Enterprise value is a key indicator to measure the current and future development of an enterprise. It plays significantly guiding role in management, mergers and acquisitions, restructuring etc . It provides useful information for the enterprise investors, managers, creditors and other stakeholders for the decision making. What’s more ,it provides a powerful reference for effective decision-making. But traditional enterprise value evaluation methods have many defects ,such as the measurement is not accurate. And the enterprise evaluation method based on free cash flow overcomes many of the shortcomings of traditional enterprise valuation.It’s not only taking the operating status of the enterprise into account, but also combined with the expectation of future development. What’s more,it’s also taking the time value of money into account.So assessment methods based on free cash flow can measure corporate performance and investment value more accurately.And it can estimate the value of the business more accurately and objectively to ensure that the lofty status of the method in assessing the value of the company. So it’s more and more popular.
Keywords: Free Cash Flow; Enterprise Value; Assessment
