上市公司自由現(xiàn)金流量的測(cè)算.pdf

1、中南民族大學(xué)碩士學(xué)位論文上市公司自由現(xiàn)金流量的測(cè)算姓名：羅云申請(qǐng)學(xué)位級(jí)別：碩士專(zhuān)業(yè)：企業(yè)管理指導(dǎo)教師：陳衛(wèi)平20030501內(nèi) 容 摘 要 公司的價(jià)值等于其未來(lái)預(yù)期產(chǎn)生的自由現(xiàn)金流量以公司資本成本折現(xiàn)的現(xiàn)值之和 而未來(lái)自由現(xiàn)金流量的預(yù)測(cè)很大程度上取決于對(duì)公司歷史自由現(xiàn)金流量的分析 本文試圖通過(guò)對(duì)自由現(xiàn)金流量涵義的理解 并借鑒西方成熟的理論原理與操作經(jīng)驗(yàn)對(duì)上市公司歷史的自由現(xiàn)金流量進(jìn)行計(jì)算分析 繼而預(yù)測(cè)公司未來(lái)的自由現(xiàn)金流量關(guān) 鍵 詞

2、自由現(xiàn)金流量 稅后凈營(yíng)業(yè)利潤(rùn) 非現(xiàn)金支出 營(yíng)運(yùn)資本資本支出 Abstract The value of a company is equal to the sum of the present value of expected future f ree cash flows discounted at the capital cost. However, future free cash flow

3、is determined by the free cash flow past to a large extent. This text tries to calculate and analyze free cash flows past, subsequently estimate future free cash flows of the public company with the compre

4、hension of the free cash flow and the utility of principle and operation experience of the west. Keywords: Free Cash Flow Net Operating Profit less Adjusted TaxDepreciation and Amortization Working C