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贴现现金流模型本身对于营运资本的变动及闲置资金均有所考虑,在自由现金流的计算中,已经加入了营运资本的变动因素,并且在假设条件中也对闲置资金进行了限定。但在实际的操作中,对营运资金的预测和闲置资金的预计并未显得如盈利预测中的净利润和资金预测中的净投资那么重要,对这些因素重要性的预计也有所不足。本文从实际的案例出发,对营运资本和闲置资金的因素在模型中的影响进行分析,以期发现在特定情况下营运资本和闲置资金对贴现现金流模型的结果产生何种程度的影响。
The discounted cash flow model itself takes into account changes in working capital and idle funds. In the calculation of free cash flow, changes in working capital have been added, and idle funds have also been restricted under the assumptions. However, in actual operation, the forecast of working capital and idle funds do not seem to be as important as the net profit in the profit forecast and the net investment in the capital forecast, and the estimation of the importance of these factors is not enough. Based on practical cases, this paper analyzes the impact of working capital and idle funds on the model in order to find out how the working capital and idle funds affect the outcome of the discounted cash flow model under certain conditions.