企业自由现金流量

EVA估价法与现行的企业自由现金流量折现法相比较，具有与企业价值相关联又便于对价值实效进行计算考核的双重优点。

Compared with discounted free cash flow method that enterprises use currently , EVA valuation approach has double advantages , that is , it is not only relevant to enterprise value but also useful in calculating and checking the actual value effect .

接下来对企业价值评估的基本方法进行了描述，包括企业自由现金流量贴现法、经济增加值评估法、相对估价评估法、实物期权评估法。

Then it draws the description about fundamental methods in evaluation such as discounted free cash flow of enterprise , EVA ( economic value-added ) evaluation , relative value evaluation and material option evaluation .

然而，虽然欧洲企业的自由现金流量高，却继续缩减投资。

However , European companies have been cutting investment despite strong free cash flow .

继承上文财务战略优化动因中财务资金流的提法，文章赋予企业的自由现金流量战略性指标的使命。

Inherit the formulation of the financial funds of the foregoing paragraphs ; the article gives the mission of the strategic indexes of cash flow of freedom .

非效率投资支出与自由现金流量之间的回归结果表明，过度投资和投资不足都对企业的自由现金流量呈现出敏感性，其中过度投资的敏感性更高。

The regression results of inefficient investment and free cash flow indicate that both overinvestment and underinvestment present high sensitivity of free cash flow , and overinvestment has a higher sensitivity .

本文认为，当成熟企业的自由现金流量水平较高时，容易引发自由现金流量代理成本，表现为随意性支出增加，并导致企业业绩增长减缓，降低了企业经营效率。

The conclusion is that a mature enterprise , which has vast cash flow , is ease to have free cash flow agency issue . Discretionary expenditure increasing leads to the slower growth and lower efficiency .

而从自由现金流量形成的角度探讨企业业绩与自由现金流量关系的研究尚属空白。

Meanwhile , Free Cash Flow is the results of enterprises'activities , so there are reasons to believe that the formation of Free Cash Flow is closely related with current Enterprise Performance .

企业价值评估中自由现金流量分析

Analysis on Free Cash Flow in Valuation of Firm

从而说明当企业拥有丰富的自由现金流量时，管理层出于自身利益的考虑更有可能进行损害股东利益的不当并购行为，说明代理问题是损害我国上市公司并购绩效的一个重要因素。

And it validates that when a company has rich free cash flow , its managers are more likely to take improper M A activities , just taking their own benefits into consideration , and that the agency problem is an important factor that harms the performance of M A.

通过对企业价值含义的分析，本文认为企业价值等于未来企业各个时期自由现金流量的现值，这样就可以找出企业价值的影响因素，如现金流量、折现率等。

After analyzing the meaning of enterprise value , we know that the enterprise value is equal to the present value of cash flows , so that you can find out the influencing factors of enterprise value ; such as cash flow and discount rate .

定量评估，重视企业未来现金流量的预测情况，利用回归分析等方法，预测出企业的自由现金流量，使用合适的折现率来确定企业的价值。

Qualitative evaluation emphasizes the prediction of the cash flow of an enterprise in the future via regression analysis so that prediction can be made about the free cash flow of an enterprise . So , evaluation of an enterprise can be ascertained through reasonable rate of depreciation .