我国企业财务决策中价值评估模型选择

27220063ScienceResearchManagementVol.27No.2Mar20062005-02-19.1963.10-1977.9-②1000-2995200602-005-0140100083F275A1②2Strichek19832214133.11958ModiglianiMiller3discountedcashflowap-proachVt=Σ∝i=0CFi1+riVttCFiir11freecashflowFCFLeeXiao20021200410①3.21995Ohlson7cleansurplus②Vt=bt+Σ∝т=0EtXαt+т1+rтVti①②199510P40-421422006btiXαt+тtrEXαt+т=ωXt+vt+ε1t+1vt+1=γvt+ε2t+1Vt=bt+α1Xαt+α2vtα1=ω1+r-ωα2=1+r1+r-ω1+r-γXttvtωγεitFelthanOhlson19955Xαt+тXαt+1=ω11Xαt+ω12bt+v1t+ε1t+1bt+1=ω22bt+v2t+ε2t+1v1t+1=γ1v1t+ε3t+1v2t+1=γ2v2t+ε4t+1Vt=bt+α1Xαt+α2bt+β1v1t+β2v2tα1=ω111+r-ω11α2=1+rω121+r-ω111+r-ω22β1=1+r1+r-ω111+r-γ1β2=1+rω121+r-ω111+r-ω221+r-γ2ω11ω12ω22v1tv2tγ1γ2v1tv2tOhlson1995FelthanOhlson1995linearinformationmodelOhlson1995FelthanOhlson1995HandLandsman19981999Dechow19999Ota200280≤r1①②4①②PatriciaM.DechowAmyP.HuttonRichardG.SloanAnempiricalassessmentoftheresidualincomevaluationmodelJour-nalofAccountingandEconomics2619991-342143123112CFCi=Ci-IiCFCiiCiiIiiCFCi=EBITi1-T+DEPRi-Ii-ΔWCi+INTEiTEBITiiDEPRiiΔWCiiINTEiiT2①i=1+if1+I1-iERP-1ifIiERP②i=Rf+βRm-RfRfβRm③i=D/P+gDPgββββBildersee197561442006①β①βΔEit=^ai+^biΔEMt=^eit310-1551C.W.LeeandX.XiaoCashDividendsandLargeShare-holderExpropriationinChinaJworkingpaperTsinghuaUniversity2002.2DevStrichekHowtoDeterminetheValueofAFirmJManagementAccountingJanuary1983P42-49.3F.ModiglianiandMertonH.MillerTheCostofCapitalCorporationFinanceandTheTheoryofInvestmentJTheAmericanEconomicReviewJune1958P261-297.4F.ModiglianiandMertonH.MillerCorporateIncomeTa-xesandTheCostofCapitalACorrectionJTheAmericanEconomicReviewJune1963P433-443.5FelthamG.A.OhlsonJ.A.ValuationandCleanSurplusAccountingforOperatingandFinancialAcitvitiesJCon-temporaryAccountingResearch11689-732.6GeorgeForsterFinancialStatementAnalysisMSeconde-ditionPrentice-Hall1986.7OhlosnJ.AEarningsBookValuesandDividendsinEq-uityValuationJContemporaryAccountingResearch111995P661-687.8KojiOtaAtestoftheOhlson1995modelEmpiricalevi-dencefromJapanJTheInternationalJournalofAccounting372002P157-182.9PatriciaM.DechowAmyP.HuttonRichardG.SloanAnem-piricalassessmentoftheresidualincomevaluationmodelJJournalofAccountingandEconomics261999P1-34.10.J.20041412.11..-M.1998.12...M.2002.Thechoiceofcorporatevaluationmodelsincorporatefinancialdecision-makinginChinaXiaoMingHuZhi-YingUniversityofScienceandTechnologyBeijingBeijing100083ChinaAbstractThispaperstartswithmaximizationofvalueasthejudgmentprincipleinfinancialdecisionsanddiscussesthechoiceofcorporatevaluationmodelsunderthepresentbackgroundoffinancialdecision-makinginChina.Itisfoundthatthediscoun-tedcashflowapproachisthemostrealisticandapplicablechoiceforpresentinChina.Basedonthediscussionabovethepaperanalyzesthethreeproblemsmetwithintheapplicationofdiscountedcashflowapproach.Keywordsfinancialdecisioncorporatevaluationdiscountedcashflowapproachresidualincomevaluation