经济利润及折现现金流在企业价值评估中的应用研究

几个世纪以来，经济学家一直在试图说明，只有经济利润才能够真正反映企业的价值创造能力，而会计利润则或多或少地扭曲了企业所创造的价值，因此必须进行会计调整才能使会计利润与经济利润一致。经济利润在企业价值评估中起着非常重要的作用，本文从折现现金流的方法入手，推导出企业价值和经济利润之间所存在的必然联系。

A Research into the Application of Economic Profit and Discount Cash-flow in Enterprise Value Assessment

Over the past few centuries, economists have been all along in an attempt to show that only economic profit can reflect genuinely an enterprise's value creation capacity, and yet accounting profit distorts, more or less, the value created by an enterprise. Thus accounting regulation must be done so as to be able to reach the consensus between accounting profit and economic profit. Economic profit plays an important role in an enterprise value assessment. Starting from the approach to discount cash flow, this paper derives the necessary link between enterprise value and economic profit.