第1页共61页第03讲企业财务估价..............................................3第一节企业价值评估概述..............................................3一、企业价值评估的概念............................................3（一）企业价值评估的含义......................................3（二）企业价值评估的特点......................................3（三）企业价值评估提供的信息..................................4（四）企业价值评估的目的......................................4二、企业价值评估的对象............................................6（一）一般对象................................................6（二）企业整体经济价值的类别..................................8三、企业价值评估的模型............................................9（一）现金流量折现模型........................................9（二）经济利润模型............................................9（三）相对价值模型............................................9第二节现金流量折现法...............................................11一、现金流量折现模型的种类.......................................11（一）基本模型...............................................11（二）股权（利）现金流量折现模型.............................11（三）实体现金流量折现模型...................................11（四）债务现金流量折现模型...................................12（五）模型的比较.............................................12二、折现率的确定.................................................13（一）资本成本...............................................13（二）必要报酬率.............................................13*三、现金流量持续年数的确定......................................13（一）理论上.................................................13*（二）实践上→分段..........................................14＊四、现金流量的估计.............................................18（一）从融资角度计算.........................................18（二）从形成角度计算.........................................19（二）现金流量的平衡关系.....................................26（三）后续期现金流量的估计...................................29＊（四）综合举例.............................................30※五、现金流量折现模型的应用.....................................35（一）股权现金流量折现模型的应用.............................35（二）实体现金流量折现模型的应用.............................40第三节经济利润法...................................................41一、经济利润模型的基本原理.......................................41＊（一）基本原理.............................................41＊（二）模型的基本思想.......................................41二、经济利润模型的应用...........................................44第四节相对价值法...................................................45一、基本思想.....................................................45（一）原理...................................................45第2页共61页（二）前提...................................................45（三）程序...................................................45（三）常用模型...............................................47二、相对价值模型的应用...........................................49（一）市价/净利比率模型......................................49（二）市价/净资产比率模型→托宾Q模型........................53（三）市价/收入比率模型......................................54三、相对价值模型应用中...
