决策有用性的计量观

661096.13456.26.2.1,,,6.2.25,ERC(Lev1989)5-1,25[1]5.3.2ERC0ERC341254.525(Collins,Kothari,ShankenandSloan1994)6.2.354.419736019685-2[2](Foster,Olsneand110Shevlin1984)5.3.3(BernardandThomas1989)1974198606018[3][4]18503-25.8RRA(LevandThiagarajan1991)(5.4.1)6111,,,,OuandPenman1989681965~1972166816161973~19831968~19721973~19830.630.4242481014.53014.5314.53112HolthausenandLarcker19921978~1988Greig1992Banz,1981(Stober1992)66CAPM4.3Ball1992Tinic1990CAPM(Hanley,Leeandseguin1996)198811198933165(IPO)[5](AMEX)1006.830IPO611311430IPO306.84.5.1100Foster19795.35.4ERC710318,14.53IPOIPO[6]6.2.4CST(FelthamandOhlson1995)2-2P.V.2-2P.V.2-2P.V.1P.V.2P.V.12$100$200112Rf=0.10P.V.111$100$100tbvtgtPA1=0.51.10(110+100)+0.51.10(110+200)=95.45+140.91=$236.36PA1=100+0.5×1001.10+0.5×2001.10=100+136.36=$236.36PAt=bvt+gt6115116P.V.1bvt=$236.362-202-2PAtP.V.bvtgt0bvtgtbvtgt6.2.3gtoxtatt2-2001=02-202-2$501ERC5.4.1ERC36-12-2=0.4$50452P.V.02-2˜tPA1=236.36+0=$236.36oxta=oxt-1a+˜t1=260.33136.36=123.972=136.360=136.36$260.3311P.V.4022-21236.36218.18=18.18$20PAt=bvt+(t)/1+Rf[7]t=1=100.00260.33123.97=136.36bvt$236.3640405.55.4.1ERC5.4.16117PA1=0.51.10(110-0.4×50+100)+0.51.10(110-0.4×50+200)=0.51.10×190+0.51.10×290=86.36+131.82=$218.18PA1=236.36+0.401.10×(-50)=236.36-18.18=218.18118ERC5.3.3EastonandHarris1991Fairfield19946.2.51994311(Resolution)(DeloitteandTouche)(FederalDepositInsurance)144.53ErnstandYoung4Jensen1993252.42.5GAAP6.36.3.1[8]6.3.2APB21(1971)6-219941231$8869.9210$1000012$1130.08123110200412311994123112=10000(1.12)10+5.65022×1000=$3219.70+$5650.22=$8869.92=[phone]$1000125.6502212$8869.922.21212$8869.92$8869.92199412311219951231199512319$8934.311995123164.3964.39$8,934.31$8,869.92$8,934.3112$1000.0064.39$1064.3912$8869.9212=$1064.396-22-16-212SFAS107SFAS107(SFAS13,1977),SFAS87(1986)120=10000(1.12)9+5.32821×1000=$8934.31[9]SFAS872-26.3.3APB43(1953)APB43(1)(2)6.3.4GAAPSEC(SAB54)6.3.5(Weil1990)GAAP6.46.4.1FASB1990SFAS106(PRB)6121SFAS106PRBSFAS106PRBSFAS87PRBPRBSFAS106,PRB(199322)$208075(49)(20)PRBSFAS106PRB6.4.21993SFAS114SFAS1146.4.3SFAS86(1985)exceeds,SFAS90(1986)SFAS1211995SFAS121SFAS1216.56.5.1[10]12261231984SFAS80SFAS80SFAS80[11]100801001008020100SFAS802080,18$1500$130015001300=1.151$1500$1300[12]1.151SFAS80$1300[13]80198963.65SFAS80(ThriftSupervision)3.653.8SFAS80$1500$1300$200$200SFAS806.5.2SFAS1051990[14]$20006SFAS105SFAS1056.5.3SFAS1071992124SFAS107SFAS1076.5.4SFAS1051071994SFAS115SFAS115SFAS115SFAS115SFAS115SFAS115SFAS1156.5.1,SFAS1156125SFAS115SFAS107SFAS115SFAS107SFAS115FASBSFAS1156.5.5$20/SFAS105107SFAS1056$10000$10000SFAS105SFAS107SFAS107(Black-Scholes,1973)$10/XX$9/$105X$9X$101126X[15]SFAS107SFAS105107SFAS1050SFAS107SFAS1071994SFAS119SFAS806.6SFAS114SFAS115SFAS106PRBSFAS105107119RRA19941990[16]461275RRAMD&A25ERC[1]R2[2]5-2GN0128BN0[3]3.43.53.6[4]555[5][6]11[7]P.V.[8][9][10]SFAS1073a.12b.12[11]SFAS80SFAS52SFAS80[12][13](MarkFinn)(Milligan1991)[14]SFAS105SFAS1076129[15]4.7[16]SFAS1071992SFAS11519941.2.3.1989a.b.c...GAAP6.7.8.9.1992125a.b.13010()195320606131()-20802080(calendareffects)11(RobertShiller)(WarrenBuffett)(KenFroot)(StephenTaylor)199110148132()(FischerBlack)6133()TheEconomist.December5,1992©(1992)TheEconomistNewspaperGroup,Inc.Reprintedwithpermission.Furtherreproductionprohibited.10.199480(DeloitteTouche151431341997Ernst&Young486500a.b.GAAP11.(19931/2)SECFASBa.b.c.d.SFAS14SEC(RichardBreeden)1986FASBEDFASB19929E.W.J.FASBJ.SECSEC,AICPA90-11FASB126012FASB107()6135,,,?,,,,,,,,,,?:(),107198612,SEC28,FASB(FASB,,19926)FASBFASB13619924$1000198313$1000$1000://FASBFASB107107FASBSECSECFASBSEC:231076137GAAPOPEB(106):FASB,:SECFASBSECFASBSEC1386139100950000KPMGSEC::::SEC107FASB:FASB:LDC:::?::SECFASB:SEC:AICPA()::FinancialExecutive.ExcerptedwithpermissionfromFinancialExecutive,January/February1993,©1993byFinancialExecutivesInstitute,10MadisonAvenue,P.O.Box1938,Morristown,NewJersey07962-1938;[phone].140614112.FASBa.b.SFAS107SFAS107c.SFAS107d.13.SFAS519931213SECSECSEC199365SEC,5,,SECSEC5SECSECa.b.SEC14.199491450199250(LeeRaymond)2005058.7511.560.25199312311414.19891994521994a.19949191993b.15.1992SECPRA1992417SECSEC-1219915000a.b.c.16.199314212H.A.1SEC614381512144FinancialExecutive.ExcerptedwithpermissionfromFinancialExecutive,January/February1993©1993byFinancialExecurivesInstiture10MadisonAvenue,P.O.Box1938,Morristown.NewJersey07962-1938:[phone]a.SFAS115b.Ohlsonc.d.17.SFAS6910PRASFAS87SFAS89442016145a.b.SFAS8754c.SFAS87SFAS6918.1992923SECSECSEC1989SEC19890.2071989SECa.SFAS115b.SECSEC146