工學院: 土木工程學研究所指導教授: 曾惠斌黎懷南Le, Hoai NamHoai NamLe2017-03-132018-07-092017-03-132018-07-092015http://ntur.lib.ntu.edu.tw//handle/246246/278158Cash 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.1876063 bytesapplication/pdf論文公開時間: 2015/8/6論文使用權限: 同意有償授權(權利金給回饋學校)Weight Average Cost of CapitalCapital Cash FlowsAdjusted Present Valuecash flow valuationCash flow valuationthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/278158/1/ntu-104-R02521725-1.pdf