Equity Value of Slovenian Publicly Traded Companies on the Basis of Discounted Free Cash Flows, 2006–2011
研究了2006-2011年金融危机前后斯洛文尼亚上市公司的股权价值，用折现自由现金流模型计算内在价值并与市场价值比较，发现危机后市场价值相对内在价值更低，对管理者和外部利益相关者有参考意义。
The purpose of the paper is to assess the equity value of Slovenianpublicly traded companies, before and after financial-economic crises,on the basis of discounted free cash flows to equity and to compare itwith market equity values of companies. The fundamental equity valueof the selected companies (25) is calculated by a two-stage model. Themethod of paired-samples t-tests did not confirm the hypothesis thatthe fundamental value of Slovenian publicly traded companies betterreflects market values currently in financial and economic crisis (2011)as before (2006). However we found out that the market equity valueof companies in relation to the fundamental equity value of companiesis lower in 2011 than in 2006. Fundamental value of company isimportant for both management, as well as external stakeholders. Thewide variation in market and fundamental values are the basis for highvalue adjustments, which reduces confidence in the capital market.This has a negative impact on the operation of financial institutions,individual and companies investment. There are various models of thebasic calculations used in the model evaluation. This study shows theproblem of company valuation on small and emerging capital marketswith a short history of data.