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

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2018-02-23 DOI:10.1515/JBVELA-2016-0012

Schueler Andreas

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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。

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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.

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来源期刊

Journal of Business Valuation and Economic Loss Analysis Economics, Econometrics and Finance-Finance

CiteScore

0.40

自引率

0.00%

发文量

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.