摘要当企业逐渐转化角色成为市场上可供交易的商品，对于其价值的判定就关系到投资者的各项利益。目前，企业价值评估运用在方方面面，包括但不仅限于投资、企业收购决策和银行借贷业务等等，在控制投资风险、提高资金利用效率等方面有着重要作用。然而在企业价值评估的过程可能受到多方面因素的影响导致评估的失真甚至是主观上的造假，这是由于市场监管不力或是会计政策调整带来的财务信息缺少了真实性，另外不同的企业价值评估所参考的数据指标诸如利润、销售收入、折旧会受到核算方法、资本运营手段、高层决策等主客观因素影响。企业财务管理中很重要的一个观点就是企业运营管理中要尽可能地实现企业价值最大化，即采用最佳资本结构并充分考虑资金时间价值和风险，确保企业能够稳定地、持续地发展，在发展中满足相关利益者的需求并达到企业整体价值价值的最大化。所以企业价值评估方法的选择就有着举足轻重的地位。84057

企业价值具有不同的表现形式，根据不同的形式可以分为三大类评估方法，综合比较三种方法分析各自的优缺点从而选择自由现金流量贴现法来对目标企业进行价值的评估。自由现金流量针对企业整体价值而不是单项资产进行评估，结合历史数据与企业目前经营状况，再合理预估企业未来盈利能力，更全面地反映了公司整合各项资产下的实际价值，反馈了企业的综合价值。

理论分析完成后对新大陆公司进行数据上的分析及计算，预测未来自由现金流量和企业价值，提出相关建议。

毕业论文关键词  企业价值评估  现金流量贴现法  折现率  自由现金流

毕 业 论 文 外 文 摘 要

Title   Analysis of Enterprise Value Evaluation Based on   Free cash flow - A Case Study of Fujian Newland  Computer Co。，Itd                                 

Abstract When companies transform roles gradually and become available for trading on the commodity market, determining the value of enterprises is related to the interests of investors。 Currently, evalustion of enterprise value can be used in all aspects including, but not limited to investments, acquisitions and bank lending decisions, etc。, it plays an important role in controlling investment risk, improving capital efficiency and so on。 However, in the process of valuation, many factors lead to distortion or even false result, this is due to the lack of supervision or sufficient information。 In addition, different enterprises valuation  indicators such as profit, sales revenue, depreciation accounting will be affected by subjective and objective factors。 In Enterprise Financial Management, there is a very important point that business operations manage to achieve maximize enterprise value, which uses the best capital structure and take full account of the time value of money and risk and companies can own a stable and sustained development to meet the needs of stakeholders and to maximize the overall value of the enterprise。 So choose right enterprise evaluation method is quite important。

Enterprise Value has different forms and can be pided into three categories of evaluation methods, comprehensive analysis of the three methods will be told as well as their advantages and disadvantages。 Then we select the discounted free cash flow method to assess the value of the target company。 Free cash flow focus on the overall value of the enterprise rather than inpidual asset assessment。 With the combination of historical data and the current operating conditions of the enterprise, then we reasonably expect the company's future profitability to  reflect the real value of the enterprise。