The PV of their expected future free cash flows, discounted at the WACC, is the value of operations.

在用资产产生的预期自由现金流量，以加权平均资金成本为折现系数进行折现后的现值称为营业价值。

Based on the public data, the paper analyzes the effect of those characteristics and deposit of those free cash flows.

本文对银行债权特征对自由现金流约束方面进行了实证分析。