discount cash flow 中文意思是什麼
discount cash flow
解釋
貼現現金流通法-
The key tasks of this paper mainly include : ( 1 ) puting forward the emphases and difficulties of enterprise m & a decision, and holding that decision - makers should make decision according to the principle of value creation ; ( 2 ) setting up estimation model of value creation in m & a, including synergy effect model, m & a transaction and evaluation model, m & a net income model, etc. ; ( 3 ) explaining the application of virous valuation method and discussing how to choose proper valuation method in m & a decision ; ( 4 ) studying the valuation of synergy effect after calculating the independet value of both enterprises respectively before m & a and the combined enterprise after m & a by discount cash flow method ; ( 5 ) studying the valuation of the target enterprise ' s expected value, in which general target enterprises are valuated with several kinds of valuation techniques while high - tech target enterprises are valuated by option pricing model
在研究過程中，本文試圖運用價值評估技術，在並購決策中確立一套較為完整的價值分析方法，以使決策者有效的判斷並購能否創造價值，從而作出正確的並購決策。本文的核心工作主要包括： （ 1 ）提出了企業並購決策的重點與難點，認為決策者應根據價值創造原則進行並購決策。 （ 2 ）建立了並購創造價值的估測模型，具體包括協同效應模型、並購交易估價模型和並購凈收益模型。 -
In order to choice the appraisal approach ? iscount cash flow model that it is look as a perfect and abreast on the theory and practice, in addition, the paper give a minute description about the two main element ? ash flow and the discount ratio of the model. so can know how to apply the model further in new high technology enterprise, of course, any theory including cash flow model is comparative when looked as perfect and the best theory, this approach has many difficult point also when use the model appraise the value of new high technology
本文從高新技術企業特點及評估特性入手，闡述了傳統價值評估方法和國際上提出的一種新思路在高新技術企業中的應用利弊，從而選擇了目前比較完整、具有理論意義的評估方法? ?折現現金流量模型，對高新技術企業進行價值評估，並對這個模型的兩大基本要素?現金流量和折現率進行了詳盡的分析，以便更明確如何在高新技術企業中運用此模型。當然，任何理論說其比較完整、具有理論意義都是相對而言的，折現現金流量模型也不例外，採用折現現金流量法評估高新技術企業也存在著難點，此論文對其進行了探討，並對傳統評估方法和新思路加以結合，使高新技術企業價值能更好的得到體現。 -
The cash flow discount method is the most basic pricing principal among the varied financial asset pricing measures, and the main ideas of this method is that : firstly, the cash flow of the financial asset should be estimated, and the proper discount rate should be chosen ; secondly, the assessed cash flow is discounted with the chosen interest rate, and the results are added together to get the theoretical price of the financial asset
在金融資產定價的方法中，現金流貼現定價是最基本的定價原理，其主要的思路就是首先估計金融資產的現金流，選擇恰當的貼現利率，然後將估計的現金流以選擇的利率進行貼現，最後加總得到金融資產的理論價格。 -
The key factors to apply revenue method is to forecast the cash flow of the enterprises and to select appropriate discount
運用收益法時關鍵要預測被評估企業的現金流量，並選取恰當的折現率。 -
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。 -
Net present value is the cumulative present value of income ( positive values ) and a series of future payments ( negative values ) from a series of investment cash flow using a discount rate to handle time values of money
凈現值是指在項目計算期內，按行業基準折現率或其他設定折現率計算的各年凈現金流量現值的代數和。 -
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。 -
13 the discount window provides banks access to overnight liquidity to facilitate their cash flow management, and hence helps to ensure the smooth functioning of the interbank payment system
13 .貼現窗是為銀行提供隔夜流動資金而設，以協助銀行的資金管理，因而有助確保銀行同業支付系統運作保持暢順。 -
Where an adjustment has been made to the specific risks of the asset when an estimate of the future cash flow of an asset is made, it does not need to take into consideration these specific risks when making an estimate of the discount rate
在預計資產的未來現金流量時已經對資產特定風險的影響作了調整的，估計折現率不需要考慮這些特定風險。 -
There are 3 main valuation models : income model, capital model and discount cash flow model
價值評估基本上有三種主要的估價模型：收益的模型；資產的模型與貼現現金流模型。 -
Discount cash flow model ( dcf ) is supposed to be the most scientific and consummate valuation method in most literature concerning corporation merger and acquisition
貼現現金流模型被大多數關于公司收購的文獻認為是最科學、最成熟的價值評估方法。 -
This paper conducted a relatively deep and systematic exploration from the following aspects : 1. the course of choosing the merger was systematically demonstrated, and 4 modes of assessing the objective agribusiness " value ( asset basement method, income method, discount cash flow method and formulary assessment ) were presented and discussed. 2
本文主要從以下幾個方面作了較深入和系統的探索： 1 、系統地論證了企業並購的選擇過程，論述企業並購重組過程中適用價值評估的四種定價模型：資產價值基礎法、收益法、貼現現金流量法和公式評估法。 -
From the perspective of discounted cash flow, enterprise value is the currunt value of future cash flow, thus there are two factors that determine the enterprise value, namely, future cash flow and discount rate
通過科學的投資決策，企業可以創造理想的經營活動現金流量，結合合理的風險控制，實現企業價值最大化，進而實現企業利益相關者財富的最大化。 -
By using the business valuation methods that widely adopted in the world, the thesis analyzes the banking valuation theories and methods comparatively, such as the comparative model, discount model of free cash flow ( dcf ), option pricing model and three - factor pricing model. in view of the real situation of chinese banks, the thesis also discussed the applicability of these models
然後對目前國內外普遍採用的企業價值評估方法對銀行價值評估的理論進行了綜合比較，具體分析了相對估價法、現金流折現法（ dcf ） 、期權定價法和「三要素」定價法的基本模型及其擴展，並結合我國的實際情況，對各種方法的適用性進行了探討。 -
The model of discount cash flow is very mature in theory but it was little used in practical research
折現現金流模型在理論上已經非常成熟，但是在眾多研究中卻鮮有人採用。 -
After that, it is very easy to calculate china stock market inner value by discount cash flow model
在完成上述工作后，利用折現現金流模型很容易得到我國股市內在價值的大小。 -
Then it expounds and analyzes the researching statu of the enerprise ' s valuation of the world, especially on the discount cash flow valuation. among them it detailed analys how to determine the discount rate, the increase rate and the cash flow. at the same time it introduces the two other means that is the ratio and the option valuation and theirs scope of application, promoting some valuation model fitting for different enerprise and different asset for the especially case of m & a, and it expound how to use the cash flow discount to value the enterprise been placed in the circumstance of periodic company, operating the company in the difficulty, not listed company
本文正文部分首先對企業並購研究的相關知識進行了一下簡單的介紹，然後對國內外企業的價值評估方法及研究現狀進行了詳細和深入的闡述，特別是對貼現現金流估價法的分析比較詳細和深入，其中對其貼現率、增長率、現金流等基本參數的確定作了較詳細的分析，同時也介紹了另外兩種估價法即比率估價法和期權估價法的基本情況及其適用范圍。 -
Chapter ii presents an analysis of the theoretical model of the discount cash flow ( dcf ) method, and expounds the application of the dcf method in actual practice and the major problems encountered and their solutions
第二章分析了折現現金流量法（ dcf ）的理論模型，探討折現現金流量法在實際當中的應用，遇到的主要問題及其解決辦法。 -
The keystone on china stock market bubble size research is how to calculate china stock market inner value. to calculate china stock market inner value, the basically model is the discount cash flow model
研究中國股市泡沫大小的重點是計算中國股市的內在價值，而計算中國股市的內在價值首選模型是折現現金流模型。 -
However, there is not much study on evaluation of enterprise value about sustainable operating enterprises. even though there is relative evaluation method such as discount cash flow model ( dcfm ), it is static too, and the dynamic change of enterprise ' s value and cash flow are not been reflected well. those parameters in this model such a
而對持續經營的企業價值進行估價的研究並不明顯，即使有相關的估價方法如折現現金流量方法，也只是靜態的現金流量方法，企業價值和現金流量的動態變化沒有得到很好的反映，關于這個模型的參數（如折現率和企業存續期）也缺乏定量與定性分析。
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