中文摘要：

笔者将企业价值概念修正为企业价值最大化模型的最优解,从企业自由现金流量模型出发,构建了一个实用企业价值评估模型——净现值折现模型。基于我国沪深上市公司数据的实证检验结果表明,净现值折现模型在估计误差、对股价的解释能力以及用于股票投资的获利能力方面都显著优于当前主流的股权自由现金流量模型、企业自由现金流量模型和剩余收益模型。

英文摘要：

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.