貼現價值 的英文怎麼說
中文拼音 [tiēxiànjiàzhí]
貼現價值
英文
discounted value-
The most significant feature of opm in m & a is its effective valuation on the uncertainty opportunity value, and a more correct valuation result will be got if the dcf and opm can be used together by dividing the value of the target enterprise to asset value and opportunity value
期權定價理論在企業並購價值評估中的優越特徵在於它能有效評估不確定性的機會價值。將目標企業價值分為現有資產價值和機會價值分別用現金流貼現法和期權定價模型進行評估的應用框架能夠將兩種方法優勢互補，從而得到比較準確的目標企業價值。A bond which is sold at a price below its face value and returns its face value at maturity. also called discounted bond
按低於面值的價格出售到期按面值反還的債券。亦稱為貼現債券。Anti dumping procedures on the one hand are a way of trade protection, at the same time they also are the expanding of their domestic political disputes into the arena of international trade. in a considerable number of cases, foreigners allege that china is not a market economy, they claim that the government grants chinese companies subsidies and that for this reason the prices of chinese export do not properly reflect their market value. therefore, they turn to the prices of third countries as a measure to determine whether chinese products are dumped onto their markets
在不少的立案中，國外對我國的經濟制度均採取了錯誤地理解，仍將我國視為非市場經濟國家，認為政府過度的給予企業的資助和補貼致使我國出口價格不能真實地反映產品的市場價值，因而參照「替代國」的價格確定我國的正常值並以此為據裁定傾銷；事實上，改革開放以來中國一直在向市場經濟轉型，經過十幾年的發展，我國大部分企業已經成功地進行了體制上的改革，實現了產權明晰，政企分開，企業作為市場經濟的主體獨立地在市場上自主經營、自負盈虧，企業正在向市場化邁進，我國已經努力實現了取消全部的指令性計劃，讓市場按市場規律發展。The main reason for this trend are as follows : first, some social ideological trends such as post - modernism and humanism are spring up in china ; second, china ' s economical system has transformed from planned to market - orientated economy ; third, a guide line for propaganda " tree familiarity " has been put forward by cpc which can greatly promote the trend of popularization. in the practice, there are some problems coming along with popularization should be noticed, such as dissolution of news value, abusing of incitement, overstepping of media ' s authority, and so on
平民化潮流出現的原因主要是后現代主義和人文主義等社會文化思潮在中國的興起，經濟體制從計劃向市場的轉軌，和黨的「三貼近」指導思想的提出等。在實踐中，與平民化同來的一些問題值得引起注意和反思，例如對新聞價值的消解，煽情主義的泛濫，媒體職能的錯位等。我們必須警惕在平民化名義下的媚俗化趨勢。Chapter 5 gives an actual case to show the procedure of valuing the equity of non - listed companies in china with dcf models
第五章以一個真實的案例演示了應用貼現現金流模型評估我國非上市公司股權價值的基本過程。The paper is composed of five chapters. chapter 1 introduces the fundamental principals, forms and preconditions of dcf model, discusses the relationship of the valuation of equity to the valuation of integrate company
本文總共分五章：第一章簡單地介紹了貼現現金流模型的基本原理、基本形式及其應用條件，並討論了公司整體價值評估與股權價值評估的關系。In the view of valuation practice, the author discusses how to apply dcf models for valuation of non - listed companies more effectively. this paper especially probes into two problems in the valuation of non - listed companies in china, one is to measure the discount ratio of the expecting cash flows, and the other is the estimation of valuation discount for the lack of marketability
本文主要是從評估實踐的角度，探討如何更有效地運用貼現現金流模型對非上市公司的股權價值進行評估，重點討論了我國非上市公司股權價值評估中貼現率及股權缺乏流動性的價格折扣的估算。To develop venture capital, firstly need to scientifically appraise its value. on the contrary, traditional dcf will not only meet insurmountable difficulties, but also ignore the value of operation flexibility in venture capital enterprises, which assumes venture investor who makes decisions only could take rigid tactics
發展創業企業首先需要對創業企業價值進行科學評估，而傳統的折現現金流量法不但在確定風險調整貼水率時會遇到難以克服的困難，而且這種方法忽視了創業投資企業中可能包含的經營靈活性的價值，假定創業投資家在進行投資決策時只能採取剛性的策略。Actual prices have to be replaced, not merely by expected prices but by the discounted values of those expected prices.
實際價格不僅要被預期價格所代替，而且要被預期價格的貼現價值所代替。Compared with each other, option pricing way has a distinguished advantage. anyway, in some sides the three ways have the similar difficulties
對風險投資項目可以從三種思路出發定價，即期末價值貼現法、貼現現金流法以及期權定價法。But if the discount factors employed by the members are positive correlated with their total incomes in the firm, even if the adjustment of compensation distribution schedule has no impact on the collective productivity of the firm, it can destroy the total value of the firm, and the compensation distribution adjustment ground on the difference among marginal production rates of the members of the firm can create value only when the difference is significant in some level
但若企業成員所採用的貼現因子與其在企業中所分配得的總收入正相關，則分配方案調整在不影響企業總生產力的情況下已可能損毀企業總價值；即使是依據邊際生產率差異進行的分配調整，也只有在被調整的企業成員間的邊際生產率差異有一定顯著性的情形下，才能創造價值。Understand the terminology of long - term debt including par value, stated versus effective interest rate, discounts, premiums, and mortgages
理解長期負債的相關術語，如面值、票面利率與有效利率、貼現、溢價以及抵押等。Because of the immature capital market, the ipo pricing process of chinese a share market is much less scientific and standardized. the pricing models such as discount cash flow and economic value added are not very feasible
由於證券市場發展的不成熟，我國a股ipo定價確定的科學性，規范性較國外市場要遠為遜色，而且由於客觀環境限制，貼現現金流，經濟附加值等估值方法在我國證券市場應用的可行度也較低。On facing the problem of financing ， the thesis brings forward the trust solution and mbo fund solution on the basis of financing theory and international experience. on facing the problem of pricing, the thesis sets forth the differences between the traditional pricing model and eva model on the basis of analyzing the reasons of improper pricing. during the process author finds out the limitation of the traditional model and modifies the details of
針對管理層收購定價問題，本文在分析價格失真原因的基礎上，闡述了傳統價值評估模型，即貼現現金流（ dcf ）模型、市盈率模型與經濟附加值（ eva ）模型的區別與聯系，提出傳統的價值評估方法存在的缺陷，修正了eva方法應用於中國管理層收購的具體參數。On this basis, the paper mainly proves that the value process { v ( t tl h, s ) ; 0 t t } of european continuous - time knock - out double - barrier put option is a martingale in the complete market without transaction costs, and the martingale property of single - barrier put option is given. at the same time, the pricing problem of american knock - out double - barrier put option is also being discussed, and the formula for determining its value at any time t ( 0 t t ) is obtained
在此基礎上，本文主要證明了在不存在交易成本的完全市場條件下連續時間歐式觸銷式雙障礙賣權貼現到0時刻的價值過程{ v （ t _ l _ h ， s _ （ t _ l _ h ） ） ； 0 t t ） }為鞅，並且給出了對應單障礙賣權價值過程的鞅性質。Topics to cover include the time value of money, net present value and other investment criteria ; use of discount cash flow for investment decision ; risk and return of investment ; project analysis, corporate financing, capital structure ; financial statement analysis, financial planning ; working capital management ; cash and inventory management ; risk management
涵蓋的主題包括金錢的時間價值，凈現值和其他投資準則；運用現金流量貼現法作投資決策；風險及投資回報，項目分析，合作融資，貨幣結構；財務報表分析，財務計劃；營運資本管理；現金和存貨管理；風險管理。Then, it introduces the traditional theory and methods of value assessment in detail. these methods are method based on assets value, market comparative method and discount method
本文首先對資產價值基礎法、市場比較法和貼現法等傳統定價方法進行了分析，分別闡述了各方法運用存在的缺陷。Part : this part is concentrated on discounted cash flow method. basic concepts and valuation procedures is introduced ， then there is an argument on factors that determine the dcf method
三、現金流量貼現法首先對現金流量貼現法的基本概念和評估程序進行了介紹，然後針對價值評估公式中各因素的確定進行了有益的分析和探討。There are several calculation methods for evaluating the value of target enterprise, for different methods fit with different m & a modes, etc. such as the cash discount method, pe method, etc. for setting the transition price
並購企業確定最高價格時，可以有不同計算方法，如現金流貼現法、市盈率法、賬面價值法等等，不同方法的選擇依據並購企業的特點和並購方式而定。According to the orthodox valuation methods, though the dcf is a more mature method, it still cannot evaluate the target enterprise ' s uncertainty value, neither do other methods, which makes them face a lot of challenge
對傳統的價值評估方法的比較分析顯示，雖然現金流貼現法是目前理論上比較成熟的方法，但是現有方法包括現金流貼現法都不能評估不確定性價值。這一缺陷使它們面臨挑戰。分享友人