Among the three evaluation methods of enterprise value,the application of income method is the most common.It is necessary to determine three parameters in evaluating enterprise value by income method,which are expected income,discount rate and income period.The selection of discount rate in the assessment of enterprise value by income method is closely related to the selection scale of expected income.The discount rate used in the free cash flow of enterprises is the weighted average cost of capital,while the discount rate used in the free cash flow of equity is the discount rate of equity derived from the capital asset pricing model.The process of obtaining discount rate is affected by many factors.This paper makes a detailed analysis on the method of obtaining discount rate,introduces specific cases for analysis,and further explores the relevant considerations of discount rate in the assessment of enterprise value by income method.
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