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摘要企业价值评估是为适应企业经济活动的需求和发展而产生的。随着我国证券交易市场的逐步标准化和资本市场的运作效率的提高，实现公司的目标——股东财富的最大化，价值管理理念成为投资者越来越关注的话题，企业价值的评估在业界受到了广泛的关注。如何评估企业的价值，不仅是证券业的一个长期的探索，也是众多投资者较为关注的的问题。46212
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如今，房地产行业是中国经济发展的一个支柱产业，房地产行业对GDP的贡献以及对百姓的生活质量都起到了决定性的作用。本文把房地产公司的企业价值评估方法作为研究对象，对比不同企业价值评估方法的的不同之处，从而挑选出适合房地产的企业价值评估方法——现金流量折现模型。资金周转是房地产公司的根本所在，公司的现金流量，特别是实体现金流量，也就是公司在使公司正常经营之后能够发放给股东以及债权人的现金流量，是公司资金流动性的重要体现。
毕业论文关键词：收益法；价值评估；现金流量折现模型
ABSTRACT
Business Valuation is to meet the needs of enterprises and the development of economic activity generated. As China's securities market and the gradual standardization of the operational efficiency of the capital market to improve, to achieve the company's goal - to maximize shareholder wealth, value-based management philosophy Investors are increasingly concerned about the topic, assess enterprise value in the industry by wide attention. How to assess the value of the enterprise is not only a long-term exploration of the securities industry, the issue is more concerned about the large number of investors.
Today, the real estate industry is a pillar industry of China's economic development, the contribution to GDP of the real estate industry as well as the quality of life of the people have played a decisive role. In this paper, the real estate company's business valuation method as an object of study, comparing different companies of different valuation methods in place, so pick out the valuation method for the real estate business - discounted cash flow model. Cash flow is the essence of the real estate company, the company's cash flow, in particular solid cash flow, that is, in the normal operation after the company cash flow can be distributed to shareholders and creditors, the company is an important manifestation
Keywords: income method; valuation; discounted cash flow model
目 录
摘 要 I
ABSTRACT II
第一章 引言 1
1.1研究背景和意义 1
1.2研究框架 2
1.2.1研究内容 2
1.2.2研究方法及创新 2
第二章 企业价值评估的主要方法概述 4
2.1收益法 4
2.2市场比较法 4
2.3成本法 5
2.4期权估价法 5
第三章 现金流量折现法简介 7
3.1现金流量法的介绍 7
3.2现金流量折现法的基本公式 8
3.3现金流量折现模型参数估计 8
3.3.1预测期间 8
3.3.2现金流量 9
3.3.3折现率 9
第四章 冠城大通股份有限公司的价值评估 11
4.1冠城大通股份有限公司的基本情况 11
4.2冠城大通发展环境分析 11
4.2.1宏观经济环境分析 11
4.2.2房地产行业发展环境分析 11
4.3基于现金流量折现法的价值评估 12
4.3.1计算历史现金流量 12