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    ���þ�γ 2016 Issue (1) :96-100
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    A Practical Corporate Valuation Model: Model Construction and Empirical Evidence
    YUAN Ming-zhe, PAN Ai-ling
    School of Management, Shandong University, Jinan 250100, China
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Abstract�� Corporate Valuation Models have important applications in corporate mergers and acquisitions, equity transfer, initial public offerings and other economic activities. The Paper takes the optimum solution of a corporate value optimization model and a practical corporate valuation model, builds up a net present value discount model, which is constructed based on free cash flow to firm model (FCFF model). The empirical results based on data of China��s capital market show that the net present value discount model is significantly superior to free cash flow to equity model(FCFE model), FCFF model and abnormal earnings model in the estimation error, explanatory power for stock prices, as well as in the stock investment profitability.
Keywords�� Net Present Value   Corporate Value   Free Cash Flow to Equity   Free Cash Flow to Firm   Residue Income   Net Present Value   Corporate Value   Free Cash Flow to Equity   Free Cash Flow to Firm   Residue Income   Net Present Value   Corporate Value   Free Cash Flow to Equity   Free Cash Flow to Firm   Residue Income   Net Present Value   Corporate Value   Free Cash Flow to Equity   Free Cash Flow to Firm   Residue Income     
�ո����� 2013-11-09; �������� 2016-01-19;
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Ԭ����,�˰���.ʵ����ҵ��ֵ����ģ��:��ģ��ʵ֤[J].  ���þ�γ, 2016,1: 96-100
YUAN Ming-zhe, PAN Ai-ling.A Practical Corporate Valuation Model: Model Construction and Empirical Evidence[J]  Economic Survey, 2016,V33(1): 96-100
���ӱ���:  
http://www.jjjw.org/CN/     ��     http://www.jjjw.org/CN/Y2016/V33/I1/96
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