目前收益法评估中,大家对折现现金流方法的运用已很娴熟,但是当问到为什么标的公司的评估明显是增值或减值,有什么核心竞争力或经营劣势,与同行业相比所处地位如何时,却很少有评估师能够准确地回答出来,这就使得评估师在与客户、监管方或其他报告使用者进行估值沟通时,显得比较被动。那么,公司价值的驱动因素是什么呢?本文将就这个问题进行阐述。一、公司价值的首要驱动因素——投入资本回报 At present, in the assessment of revenue approach, everyone has been adept at using the method of discounted cash flow. However, when asked why the subject company’s appraisal is apparently value-added or impaired, what are the core competitiveness or operating disadvantages compared with those in the same industry However, few assessors can accurately answer this question, which makes the appraisers more passive in their valuation communication with clients, regulators or other report users. So, what is the driving force behind the value of the company? This article will elaborate on this issue. First, the primary driver of corporate value - investment return on capital