DCF模型中自由现金流量的合理估算

投资理财已成时尚的当今社会，人们更关注所投资的企业的价值。DCF模型作为评估企业价值的一种主流方法，已被广泛运用于实践。但现实中的问题是，DCF模型被滥用、泛用现象严重，特别是在估算企业价值的重要驱动因素-FCF时评估者的主观随意性太大，从而影响到价值结果的客观性。本文着重阐述了对FCF的分析、理解、合理选择和估算时应注意的重要问题。以期在评估实践中能起到一定的指导作用。

Choosing and evaluating the free cash flows in using the DCF Modei

The people pay close attention to the value of the investod business enterprises when the investment becomes more and more fashionable nowadays. As a main method in evaluating businesses, the DFC model is used in practice widely. However, the problem we face now is that the misuse of DFC is very severe. The subjectivity in evaluating is out of control, especially when an important business value driver - the DFC is assessed. Thus the objectivity of the results in evaluating must be affected. The paper emphasizes the material problems in analyzing, understanding, choosing and evaluating the FCF so that it may be expected to play some instructive role in evaluating by using the DFC model.