The purpose of this paper is to analyze the applicability of discounted cash flow in China, targeted to make some reform initiatives, and take Wuliangye Yibin Co., Ltd as an example.

Therefore, the features of Market Comparison-introduce industrial horizon comparison and Discount Cash Flow-future finance forecast introduced in the case study to complement the traditional SER evaluation methodologies.

故本研究引进市场比较法兼顾产业中之同质厂商在同一时间点以财务比率方法进行比较，与现金流量折现法兼顾未来之财务表现之特性，以与传统之换股比例评价方法进行互补。

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There are a lot of methods to evaluate enterprise's value at present, such as assets value method, discounted cash flow method, and so on.

目前对企业价值进行评估的方法，主要有资产价值基础法、现金流量折现法、相对比较乘数法等。

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The fifth part is conclusion. Confirm the feasibility of discounted free cash flow method and significance of method improvement, offer suggestion of other deficiency existing.

第五章，得出本文的结论，肯定了自由现金流量折现法的实际可操作性以及模型改良的意义，并对该方法在理论和应用中存在的其他问题提出对策建议。

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The target enterprise independent value using discounted cash flow method to calculate by real option, strategic value model to calculate.

目标企业的独立价值本文采用现金流量折现法计算；战略价值采用实物期权模型计算。

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And using some techniques such as cautious investigation, discounted cash flow valuation to depress risks in M& A.

运用审慎调查、现金流量折现法等降低并购财务风险。

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Thirdly, explain the theory of discounted free cash flow method detailed, including its defect and improvement assumption.

第三章，从理论上详细的介绍了自由现金流量折现法，以及其理论及应用中存在的缺陷和改进设想，为后面的案例分析打下理论基础。

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The Research of Enterprise's Value Assessment Based on Discounted Free Cash Flow Method

基于现金流量折现法的企业价值评估研究

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Fourthly, use the improved method to assess the value of Mengniu Dairy.

第四章，将前面的理论应用于蒙牛乳业，使用改进后的自由现金流量折现法对蒙牛乳业进行价值评估。

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According to the different ideology of evaluation, we classified the theories of evaluation into four categories: the value of assets, the reset of the assets, discount of cash follow and the option of real assets.

按照评估思路的不同，我们将企业价值评估理论分为四类：资产价值法、对比法、现金流量折现法（DCF）和实物期权法。

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Compared with discounted free cash flow method that enterprises use currently, EVA valuation approach has double advantages, that is, it is not only relevant to enterprise value but also useful in calculating and checking the actual value effect.

EVA估价法与现行的企业自由现金流量折现法相比较，具有与企业价值相关联又便于对价值实效进行计算考核的双重优点。

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Finally, the paper calculates the value of China Yangtze Power Co. Ltd. through valuation methods as PE method, PB method and DCF method.

最后本文通过市盈率法、市净率法及现金流量折现法等价值评估方法计算了长江电力公司的价值。

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We can get the long-term influence, especially the influence to the value of enterprise by MM theory, DCF and the option thought.

使用MM理论、现金流量折现法以及期权思想来评估融资对企业的长期影响，特别是对企业价值的影响。

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In addition, water effect on freezing temperature is analyzed.

另外, 还着重分析了水对食品冻结温度的影响.

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The freezing temperature of water decreases with increasing pressure.

水的冻结温度随压力的增大而降低.

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In short, It is a brand new pattern for unIt'structure of all-round educating functions.

总之, 这是一种语文教育功能齐全的创新型单元结构模式.

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The new pattern vapor source supplying system with simplified design, easy operation and safe in use.

新型气源供应系统,简化设计, 操作简单,使用安全.

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New-pattern skirts are matching Beauty with each other.

新款裙装,争芳斗艳.

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With the new-pattern leather gloves, you may make remarkaBle opening moves.

新式真皮手套, 令您出手不凡.

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Circular economy is a new pattern of economic increase.

循环经济是一种新的经济增长模式.

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The economy should be shaped to a new pattern.

经济应该适合于一种新的模式.

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