利用調整式現值模型評估工程現金流-以越南公司為例

Abstract

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.