补充说明以上两篇文献:
第一篇:company valuation methods. The most common errors in valuations 是由Pablo Fernandez(PWC Professor of corporate finance) 撰写的。本文主要研究了四种常用的公司价值分析方法:balance sheet-based, income statement-based, mixed methods, and cash flow discounting-based methods. 本文中作者简单的评论了其他几种概念上错误的,但是经常被用于实际应用中的方法。同时作者列举了几个显示的例子去分析公司估值模型。最后,作者例举了一系列的常见错误。
第二篇:Valuing Companies by Cash Flow Discounting: Ten methods and nine theories 也是由Prof. Pablo Fernandez 撰写的,本文主要列举了10种公司估值时候使用discounted cash flows 的方法, 其中包括:free cash flow; equity cash flows; capital cash flows; APV; business's risk-adjusted free cash flow and equity cash flow; risk-free rate-adjusted free cash flow and equity cash flow; economic profit; and EVA.