摘 要:隨著我國社會主義市場經(jīng)濟(jì)的蓬勃發(fā)展，資本市場的逐步完善，國有企業(yè)的改革創(chuàng)新不斷深化，公司管理層的目標(biāo)也從只追求利潤最大化和所有者權(quán)益化轉(zhuǎn)變?yōu)楦雨P(guān)注企業(yè)價(jià)值的最大化。為此，如何科學(xué)的進(jìn)行企業(yè)價(jià)值的評估，便于更好的進(jìn)行并購，逐步成為企業(yè)投資者、經(jīng)營管理者、所有者、債權(quán)人最為關(guān)心的問題。在我國資本市場，采用成本法和市場法都不能夠準(zhǔn)確的計(jì)量企業(yè)價(jià)值。基于自由現(xiàn)金流量折現(xiàn)的方法，考慮企業(yè)的現(xiàn)狀和公司的未來發(fā)展，成為并購企業(yè)中對目標(biāo)企業(yè)價(jià)值評估的關(guān)鍵方法。本文利用該方法對2011年中國平安收購上海家化案例進(jìn)行具體分析，并與最終受讓價(jià)格進(jìn)行比較，根據(jù)上海家化2011年年報(bào)，2011年上海家化市值約為144億元，而經(jīng)過本文計(jì)算得出，運(yùn)用自由現(xiàn)金流量折現(xiàn)法，上海家化未來價(jià)值為137億元，與2011年市場價(jià)值相差不多，基本合理。因此分析得出自由現(xiàn)金流量方法在基于并購的前提下，在進(jìn)行企業(yè)價(jià)值評估時(shí)，相比成本法和市場比較法有其優(yōu)越性，值得鼓勵(lì)和推廣。

關(guān)鍵詞：企業(yè)價(jià)值；自由現(xiàn)金流量；價(jià)值評估

ABSTRACT:Along with the booming development of the socialist market economy in our country , capital market gradually improved, innovation continuously deepen the reform of state-owned enterprises, the company's management goal is to shift from only to pursuit the profit maximization and the owner's equity to pay more attention to the enterprise value maximization. Therefore, how to scientifically assess the enterprise value, facilitate mergers and acquisitions and joint ventures, gradually become the most concerned problems among enterprise investors, business managers, owners, creditors. In our capital market,cost method, market method is not able to accurately measure the enterprise value. And based on free cash flow discount method, not only takes into consideration the future value of enterprise, but also contact the enterprise present situation and the company's future development, which become the key for the target enterprise value assessment in m&a enterprises. So this article focuses on free cash flow discount method and its concrete application, using the method that in 2011, China's ping an acquisition of Shanghai jiahua for a case specific analysis, and finally accepting price comparison,  according to the Shanghai jahwa annual report in 2011, the value of Shanghai jahwa market is about 14.4 billion yuan in 2011, and through calculated in this paper, using the free cash flow discount method, Shanghai jahwa united future value is 13.7 billion yuan, with comparision of  2011 market value, basic is reasonable.analysis of related conclusions.The analysis free cash flow method based on the premise of mergers and acquisitions, in enterprise value assessment, compared to the cost method and market comparison method has its advantages and is worthy of encouragement and promotion.

Keywords:  Enterprise mergers ；Free cash flow；Assessment method