運用營運資金推估模式評價營建財務公司之研究-以越南公司為例

Cash Flow Valuation Using Capital Cash Flow Model for Vietnamese Construction Firms

阮友求(Nguyen Huu Cau)

指導教授 ： 曾惠斌 教授

國立臺灣大學/工學院/土木工程學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.02814

摘要

無資料

關鍵字

Capital Cash Flow ； Weight average Cost of Capital ； Capital asset pricing model ； Expected asset return ； Earnings before interest and tax ； Value tax shield

並列摘要

In recent years, Vietnam has been fallen in a terrible crisis for local economic because of bubble real estate and breaking bank credit fun which have made cash flow pouring into projects fluctuation continuously. Calculating cash flow and value for projects can be less exact easily coming from changing capital structure. Therefore, this study aimed to find a new methodology to calculate for projects which have risky cash flows.
This research introduces methods of valuing companies and projects: Capital Cash Flows, Capital Asset Pricing Model and Weighted Average Cost of Capital methods. Capital Cash Flows method develops the appropriated WACC and beta leveraging formulae appropriate for each valuation model, so that given a particular valuation model the correct CCF values can be determined from the WACC value.
In the next part, CCF will be used to calculate for Vietnamese companies listed on the market and compare with the common method is using to improve its efficiency in Vietnam market.
Those companies listed on Vietnam market were selected as sample and their financial information for three-year financial period from 2010-1012 were collected and analyzed by paired Student’s t-test. Research results showed that using an appropriate discount rate will make the value calculated by Capital Cash Flow method will get the same result with common method Free Cash Flow.

並列關鍵字

Capital Cash Flow ； Weight average Cost of Capital ； Capital asset pricing model ； Expected asset return ； Earnings before interest and tax ； Value tax shield

參考文獻

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Laurence Booth, “Capital Cash Flow, APV and Valuation” European Financial Management, Vol.13, No 1, 2007, 29-48.

Modigliani, F. and M. Miller (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, 48, pp. 261-297.

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