利用調整式現值模型評估工程現金流-以越南公司為例

APPLICATION OF ADJUSTED PRESENT VALUE MODEL IN CASH FLOW VALUATION FOR VIETNAM's CONSTRUCTION COMPANIES

黎懷南(Hoai Nam Le)

指導教授 ： 曾惠斌

國立臺灣大學/工學院/土木工程學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.00390

摘要

無資料

關鍵字

Weight Average Cost of Capital ； Capital Cash Flows ； Adjusted Present Value ； cash flow valuation

並列摘要

Cash flow always plays an important role in investment activities because of its characteristics
of showing the profitability, the value and the risk that a company or a project will have and face.
Moreover, considering and calculating a project’s cash flow becomes more and more complicated
and difficult in a present market, including many changes, especially in construction industry
where exists much more risk than other industries. Therefore, the effective cash flow valuation
method is very necessary, and the aim of this study is finding a proper method to apply for
Vietnam’s construction companies.
Methods stated throughout this study are: Weight Average Cost of Capital (WACC), Capital
Cash Flows (CCFs) and Adjusted Present Value (APV). While WACC is the method used popular
in Vietnam today, CCF method is more proper than WACC method in the situation of happening
the changes in capital structure. However, APV method, with its flexibility, is the most
appropriate method in comparison with two other methods mentioned above.
Three models will be applied for 36 construction companies listed in Vietnam’s stock market.
The results are analyzed through paired samples T-Test to show that three methods will have
the equivalent results in the same condition of capital structure and financing effects. However,
the research proves the advantages of APV method, then suggests that this method deserves to
be applied in cash flow valuation for Vietnamese firms.

並列關鍵字

Weight Average Cost of Capital ； Capital Cash Flows ； Adjusted Present Value ； Cash flow valuation

參考文獻

Arumugam, T. T., 2007. An analysis of discounted cash flow (DCF) approach to business

the award of the degree of Doctor of Philosophy in Financial Management, pp. 8-12.

HarVard Business School, pp. 1-8.

Cau, N. H., 2013. Cash Flow Valuation Using Capital Cash Flow Model for Vietnamese

Construction Firms. Master Thesis - Department of Civil Engineering, College of Engineering,