发帖
雷达卡
摘要翻译：
本文仔细研究了广泛使用的贴现现金流量(DCF)估值方法的理论和实践方面。它评估了它的潜力和几个弱点。特别强调使用DCF方法对公司的估值。本文发现贴现现金流量法是分析复杂情况的有力工具。然而，DCF方法会受到巨大的假设偏差的影响，即使在分析的基础假设中发生微小的变化，也会极大地改变估值结果。使用情景分析给出了这些含义的一个实际例子。
---
英文标题：
《The Validity of Company Valuation Using Discounted Cash Flow Methods》
---
作者：
Florian Steiger
---
最新提交年份：
2010
---
分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
--
一级分类：Quantitative Finance 数量金融学
二级分类：Pricing of Securities 证券定价
分类描述：Valuation and hedging of financial securities, their derivatives, and structured products
金融证券及其衍生产品和结构化产品的估值和套期保值
--
---
英文摘要：
This paper closely examines theoretical and practical aspects of the widely used discounted cash flows (DCF) valuation method. It assesses its potentials as well as several weaknesses. A special emphasize is being put on the valuation of companies using the DCF method. The paper finds that the discounted cash flow method is a powerful tool to analyze even complex situations. However, the DCF method is subject to massive assumption bias and even slight changes in the underlying assumptions of an analysis can drastically alter the valuation results. A practical example of these implications is given using a scenario analysis.
---
PDF链接：
https://arxiv.org/pdf/1003.4881
京公网安备 11010802022788号
