贴现现金流估值工具包:风险现金流估值的一致和不一致方法

Q4 Economics, Econometrics and Finance
Schueler Andreas
{"title":"贴现现金流估值工具包:风险现金流估值的一致和不一致方法","authors":"Schueler Andreas","doi":"10.1515/JBVELA-2016-0012","DOIUrl":null,"url":null,"abstract":"The DCF method or multiples are used to value companies in practice. Starting with the value additivity principle, the paper presents a general framework for DCF valuation. This framework allows defining stepwise and aggregated approaches to value risky cash flows and identifying inconsistent approaches. The framework helps to integrate sales, contribution margin, operating leverage, and financial leverage into valuation approaches and shows the assumptions implied when multiples are used.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"13 1","pages":"1-16"},"PeriodicalIF":0.0000,"publicationDate":"2018-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/JBVELA-2016-0012","citationCount":"5","resultStr":"{\"title\":\"A Tool Kit for Discounted Cash Flow Valuation: Consistent and Inconsistent Ways to Value Risky Cash Flows\",\"authors\":\"Schueler Andreas\",\"doi\":\"10.1515/JBVELA-2016-0012\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The DCF method or multiples are used to value companies in practice. Starting with the value additivity principle, the paper presents a general framework for DCF valuation. This framework allows defining stepwise and aggregated approaches to value risky cash flows and identifying inconsistent approaches. The framework helps to integrate sales, contribution margin, operating leverage, and financial leverage into valuation approaches and shows the assumptions implied when multiples are used.\",\"PeriodicalId\":39482,\"journal\":{\"name\":\"Journal of Business Valuation and Economic Loss Analysis\",\"volume\":\"13 1\",\"pages\":\"1-16\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2018-02-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1515/JBVELA-2016-0012\",\"citationCount\":\"5\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Business Valuation and Economic Loss Analysis\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1515/JBVELA-2016-0012\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"Economics, Econometrics and Finance\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Business Valuation and Economic Loss Analysis","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1515/JBVELA-2016-0012","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
引用次数: 5

摘要

在实践中,通常采用DCF法或乘数法对公司进行估值。从价值可加性原理出发,给出了DCF估值的一般框架。该框架允许定义逐步和汇总的方法来评估风险现金流,并识别不一致的方法。该框架有助于将销售额、贡献利润率、运营杠杆和财务杠杆整合到估值方法中,并显示了使用倍数时隐含的假设。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
A Tool Kit for Discounted Cash Flow Valuation: Consistent and Inconsistent Ways to Value Risky Cash Flows
The DCF method or multiples are used to value companies in practice. Starting with the value additivity principle, the paper presents a general framework for DCF valuation. This framework allows defining stepwise and aggregated approaches to value risky cash flows and identifying inconsistent approaches. The framework helps to integrate sales, contribution margin, operating leverage, and financial leverage into valuation approaches and shows the assumptions implied when multiples are used.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
Journal of Business Valuation and Economic Loss Analysis
Journal of Business Valuation and Economic Loss Analysis Economics, Econometrics and Finance-Finance
CiteScore
0.40
自引率
0.00%
发文量
3
期刊介绍: The Journal of Business Valuation and Economic Loss Analysis (JBVELA) is a refereed academic journal that publishes continuously throughout the year and is co-edited by Bradley Ewing and James Hoffman. The mission of the Journal of Business Valuation and Economic Loss Analysis is to improve the practice of business valuation, economic loss analysis, and risk management by helping to inform academics, practitioners, and attorneys about theoretical and practical developments in these fields.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信