The reasearch purpose of this paper is realizing the value appraisal theoretical model applied in the real - estate industry . at first discussed entire present situation of the real - estate industry , then explored enterprise ' s present situation and character , mainly about the amount of land purchase , the growth scope of capital and profit , the debt situation of trade property . based on these materials we can discover certain problem . then i did some certain statistical survey of some representative listed company , and forecasted the whole industry development tendency . after researched in real - estate industry , i analysised four kind of value appraisal theoretical model , evaluated the property , the cash flows discount , relative evaluate , equity evaluate , and has made the narration to each estimate method in the real - estate ; through the fundamental research , infered intrinsic value appraisal method of the project company which occupies a great proportion in the real - estate : npv and 本文把价值评估理论模型在房地产业的应用研究作为论文课题,首先对房地产业的整个现状做了论述:房地产开发企业的现状特征,主要是土地购置开发、资本金和利润增长幅度、行业资产负债情况,从这些资料可以发现行业存在的某些问题,进而对有一定行业代表性的上市公司做了一定的统计研究,预测行业的发展趋势;其次在房地产行业研究的基础上,系统分析了四种价值评估理论模型:以资产为基础的估价、贴现现金流估价、相对估价和期权估价法,并对每种估价方法在房地产的适用性作出了评述,通过理论研究,推导出占据房地产业大部分数量比例的项目公司内在价值评估方法: npv 、 eva ;三是对在房地产行业具有引领作用的房地产上市公司价值评估方法进行理论上的探索,主要是针对应用广泛、简单便捷的现金流贴现理论模型,并对公司现金流与eva 、 ddm与fcfe 、 fcfe与fcff作出比较研究,确定本文理论应用模型:公司现金流折现;最后选择最具代表性的房地产开发企业? ?万科作实证研究,得出相关结果。
Acoording to company valuation theory , based on ananlysis and comparison of present company valuation model and valuation technology , combining characteristics of biopharmacy company of high technology , high risk , high profits , i take sichuan dikang science and technology pharmacy , a biomedical listing company for dcfm model value ' s valuation . through analysing dikang ' s past achievements and value - driving business , i made 本文根据公司价值的有关理论，对目前运用的公司价值评估模型和评估技术的进行分析和比较基础上，结合生物制药上市公司高技术、高风险、高收益等高新技术企业特点，选择贴现现金流模型对物制药上市公司? ?四川迪康科技药业股份有限公司的价值进行评估。
In the view of valuation practice , the author discusses how to apply dcf models for valuation of non - listed companies more effectively . this paper especially probes into two problems in the valuation of non - listed companies in china , one is to measure the discount ratio of the expecting cash flows , and the other is the estimation of valuation discount for the lack of marketability 本文主要是从评估实践的角度，探讨如何更有效地运用贴现现金流模型对非上市公司的股权价值进行评估，重点讨论了我国非上市公司股权价值评估中贴现率及股权缺乏流动性的价格折扣的估算。
Lastly checking it through a success case and bring up how to evade the lose of the state - owned property and insure that the state - owned property is worth to increase in value . be sure that this will be the reference and theory guidence to the coming m & a 最后，通过实际案例运用贴现现金流估价法对并购中目标企业的价值评估进行了验证，从而提出在并购重组中如何有效地规避国有资产的流失，确保国有资产的保值增值的，这将对以后一浪胜过一浪的并购具有一定的参考价值和理论指导意义。
Then it expounds and analyzes the researching statu of the enerprise ' s valuation of the world , especially on the discount cash flow valuation . among them it detailed analys how to determine the discount rate , the increase rate and the cash flow . at the same time it introduces the two other means that is the ratio and the option valuation and theirs scope of application , promoting some valuation model fitting for different enerprise and different asset for the especially case of m & a , and it expound how to use the cash flow discount to value the enterprise been placed in the circumstance of periodic company , operating the company in the difficulty , not listed company 本文正文部分首先对企业并购研究的相关知识进行了一下简单的介绍，然后对国内外企业的价值评估方法及研究现状进行了详细和深入的阐述，特别是对贴现现金流估价法的分析比较详细和深入，其中对其贴现率、增长率、现金流等基本参数的确定作了较详细的分析，同时也介绍了另外两种估价法即比率估价法和期权估价法的基本情况及其适用范围。
