创业板在我国大陆开通不久，对于在创业板上市企业价值评估，本文选取吉峰农机公司为例，用折现现金流量法对此企业的价值加以评估。在企业价值评估方面，当代流行的方法很多，但总的来说主要有折现现金流量评估法、基于乘数的评估法和期权评估法等。这些方法主要是通过对企业现金流量的预测并用一定的折现率将现金净流量折现来计算企业价值，其特点主要依靠财务报表所提供的财务数据。我们用折现现金流量价值评估模型对吉峰公司进行了价值评估。在深层次分析历史财务数据的基础上，预测自由现金流量、自由现金流量的增长率、可清晰预测企业价值期间以及最后持续经营期间的资本成本。然后将所有的未来现金流量折成现值，加总，再减去债务的市场价值，得到吉峰公司理论上的股权价值和每股价值。通过折现现金流量价值评估法评估的结果，与吉峰公司的发行价格比较接近； 通过基于乘数的价值评估法评估的结果，与吉峰公司的发行价格差距较大。

The growth enterprise market has just been opened in the mainland China and this article takes gifore agricultural machinery factory for example to evaluate the enterprises listed on the GEM, using the technique of discounted cash flow valuation.A lot of prevailing methods are being used in the corporate value evaluation process. Generally speaking, discount on cash flow method is widely used, as opposed to multiplier-based valuation approach, and option approach. These methods calculate the value of the enterprise mainly by forecasting the cash flow and discount the net cash flow by a certain discount rate; And its main characteristic is its dependence on the fiscal data provided by the financial statements.This article applies DCF model to evaluate Gifore Agriculture Machinery Factory. Based on deep analysis of the historical financial data, it forecasts the free cash flow, the free cash flow growth and the capital cast during the clearly predicable enterprise value period and continued operations period. And then it discounts and adds up all of the future cash flow to the present value and subtracts the market value of the debt, and finally gets the theoretical value of equity and the per-share value of Gifore Agriculture Machinery Factory.The result obtained by applying DCF model is comparatively consistent with the issue price, and there is a large gap between the result from and the issue price.