论文部分内容阅读
(一)介绍折现现金流量分析法(DCF Discounted Cash FlowTechniques)在澳洲运用已久,形式多样,主要用于资产的市场价值评估、可行性研究,以及投资分析等。随着计算机技术的迅速发展,DCF法评估模型现在还可以用多种假设的灵敏性分析来构造。DCF法多年来的运用证明它是一种行之有效的评估方法,特别是在评估复杂的投资项目方面,以及评估可出让土地的市场价值方面。DCF法与传统的净收入资本化法没有本质的差别,但净收入资本化永远是用不确定的假设条件折现未来的收入,这类假设包括企业未来的发展、资本支出和风险。而DCF法是
(a) The introduction of DCF Discounted Cash Flow Techniques has been used in Australia for a long time in various forms. It is mainly used for asset market valuation, feasibility studies, and investment analysis. With the rapid development of computer technology, DCF assessment models can now be constructed using a variety of hypothesized sensitivity analyses. The use of the DCF method over the years has proven that it is an effective method of assessment, especially in assessing complex investment projects and assessing the market value of land that can be sold. There is no essential difference between the DCF method and the traditional net income capitalization method, but the capitalization of net income always uses the uncertain assumptions to discount the future income. Such assumptions include the future development of the company, capital expenditure and risks. The DCF method is