| 基于动态现金流量的折现率定量模型 |
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| 引用本文： | 李延喜,李莉,刘巍.基于动态现金流量的折现率定量模型[J].科研管理,2004,25(2):59-64. |
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| 作者姓名： | 李延喜 李莉 刘巍 |
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| 作者单位： | 大连理工大学管理学院,辽宁大连,116024 |
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| 摘 要： | 本文论述了折现率的定义与内涵，分析了以现金流量为基础的资本资产定价理论、套利定价理论和加权平均资金成本理论存在问题，指出目前折现率量化中应注意事项，建立以动态现金流量为基础的折现率定量模型，充分考虑资本结构、流动性风险、动态变化等因素对折现率的影响，对科学、正确、客观地确定折现率具有参考价值。
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| 关 键 词： | 企业价值评估 现金流量 折现率 定量模型 风险防范 |
| 文章编号： | 1000-2995(2004)02-006-0059 |
| 修稿时间： | 2003年2月11日 |
Quantitative model of discount rate on the basis of the dynamic cash flow |
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| Li Yan-xi,Li Li,Li Wei.Quantitative model of discount rate on the basis of the dynamic cash flow[J].Science Research Management,2004,25(2):59-64. |
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| Authors: | Li Yan-xi Li Li Li Wei |
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| Abstract: | This paper describes the definition and intension of the discount rate, analyses the existing problems of capital assets pricing theory, arbitrage pricing theory and weighted average cost of capital theory based on cash flow and then points out the precautions in discount rate quantization at present , sets up the quantitative model of discount rate based on dynamic cash flow , fully considers the impacts on discount rate of the factors such as structure of the capital, mobile risk and dynamic change, which has reference value to ascertain the discount rate objectively and scientifically. |
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| Keywords: | cash flow discount rate dynamic |
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