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The usefulness of accounting and non -financial information in explaining revenues and valuations for Internet firms.

机译：会计和非财务信息在解释互联网公司的收入和估值方面的有用性。

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摘要

This dissertation examines the usefulness of accounting and non-financial information in the analysis of internet firms. It provides additional structure on the analysis of these firms in two main ways. The first chapter is devoted to the specification of business models and the separate valuation of each firm type. The second chapter focuses on linkages between website activity measures and firm revenues.;The first chapter distinguishes seven business models employed by internet firms and suggests potential value-drivers for each. Whereas prior literature has found earnings to be unpriced (or negatively priced) for internet firms in general, ISP/infrastructure and portal-based firms are shown to have positive and significantly priced earnings. This chapter develops a conceptual framework that motivates the collection of a more comprehensive set of non-financial value drivers. In empirical tests, several of these (e.g., the size of the internet audience reached and the number of advertisements seen) are significantly related to firm valuations. Finally, it constructs a larger sample of firms and examines changes in the pricing of financial and non-financial variables during boom (through February 2000) and bust (since) periods in the market for internet stocks. Results indicate that, since the crash, earnings for the full sample and most business models are positively priced. Furthermore, reach and other activity measures continue to have explanatory power despite the increasing value-relevance of earnings.;The second chapter examines the financial and non-financial determinants of firm revenue, while addressing the endogenous and multicollinear nature of these measures. Specifically, a path diagram specifies causal relationships from expenditures on SG&A and R&D through activity generation to revenue creation. Results from this analysis suggest that both SG&A and R&D have explanatory power over the other variables, consistent with these expenditures representing investments in website quality. Evidence also indicates that both accounting and non-financial measures, in particular SG&A and pageviews, are significantly associated with firm revenues.
机译：本文探讨了会计和非财务信息在互联网公司分析中的有用性。它以两种主要方式为这些公司的分析提供了额外的结构。第一章专门介绍业务模型的规范以及每种公司类型的单独评估。第二章着重介绍网站活动度量和公司收入之间的联系。第一章区分了互联网公司采用的七种商业模式，并提出了每种商业模式的潜在价值驱动因素。以前的文献发现，对于互联网公司而言，收益通常是未定价的（或负定价的），而ISP /基础设施和基于门户的公司则显示出正价和高定价的收益。本章建立了一个概念框架，该框架鼓励收集更全面的非金融价值驱动因素。在实证检验中，其中一些（例如，达到的互联网受众规模和看到的广告数量）与公司估值显着相关。最后，它构建了一个更大的公司样本，并研究了互联网股票市场在繁荣时期（直到2000年2月）和萧条时期（自此）期间金融和非金融变量的定价变化。结果表明，自崩盘以来，整个样本和大多数业务模型的收益都被定价了。此外，尽管收益的价值相关性不断提高，但覆盖率和其他活动度量仍然具有解释力。;第二章探讨了公司收入的财务和非财务决定因素，同时探讨了这些指标的内在性和多重共线性。具体而言，路径图指定了从SG＆A和R＆D支出到活动生成到创收的因果关系。分析结果表明，销售，一般管理和研发费用对其他变量都具有解释力，这与代表网站质量投资的这些支出是一致的。证据还表明，会计和非财务指标，特别是SG＆A和综合浏览量，都与公司收入显着相关。

著录项

  • 作者

    Kozberg, Anthony R.;

  • 作者单位

    New York University, Graduate School of Business Administration.;

  • 授予单位 New York University, Graduate School of Business Administration.;
  • 学科 Business Administration Accounting.
  • 学位 Ph.D.
  • 年度 2001
  • 页码 95 p.
  • 总页数 95
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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