摘要
价值评估理论起源于20世纪60年代,折现现金流法是其中最常用的一种方法。该方法的理论相对比较简单,但在针对企业进行估值的过程中却有着很大的灵活性。“中国石油”由于具有稳定的容易预测的现金流量和能够合理取得相应折现率的特点,利用折现现金流法对其进行价值评估是比较适用的。对“中国石油”进行价值评估大致上可以分为企业经营环境与经营战略的理解、经营前景与财务的预测和企业价值的计算三个步骤。计算结果表明,“中国石油”的股票价格基本上反映了公司的内在价值。
Valuation theory was put forward in the 1960s. Discount Cash Flow （DCF） Model is one of the most important and widel yaccepted methods. The basic theory and method of valuation is comparatively simple but great flexibility in practice makes it much more complex. Because of PetroChina＇s stable, predictable cash flow and easy access to the discount rate, the DCF Model is practicable. The process of valuation can be divided into tree steps： understanding of corporation operation, performance forecast （ including finance forecast ） , and calculation. The result displays that the valuation of common stocks of PetroChina probably matches its intrinsic valuation.
出处
《石油大学学报（社会科学版）》
2005年第4期16-19,共4页
Journal of the University of Petroleum，China(Edition of Social Science)
