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首页> 外文学位 >Accounting conservatism, firm growth, earnings persistence, and earnings -based valuation.
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Accounting conservatism, firm growth, earnings persistence, and earnings -based valuation.

机译：会计稳健性，公司成长，收益持续性和基于收益的估值。

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摘要

This paper examines how accounting conservatism, firm growth, and earnings persistence are related to the estimation of firm value from the Ohlson (1995) earnings-based valuation framework. The study tests the associations between the three aforementioned factors and both model-based valuation errors and a measure which stems from the Ohlson (1995) framework and represents the perpetual growth in cum-dividend abnormal earnings. The valuation errors are the difference between firm stock price (which is used as a proxy for firm intrinsic value) and estimated firm value from an Ohlson (1995) valuation model within the framework. Signed valuation errors are used in the tests. The proxy for the perpetual growth in cum-dividend abnormal earnings is calculated three different ways. First, it is computed as a finite time period cum-dividend growth in abnormal earnings. Also, it is imputed two different ways using one of the models from the Ohlson (1995) framework. The proxies for accounting conservatism, firm growth, and earnings persistence are derived using measures from the financial statements or parameters from a linear information model developed by Feltham and Ohlson (1995). The results show that accounting conservatism, firm growth, and earnings persistence cause the Ohlson (1995) earnings-based valuation framework to underestimate firm value relative to stock price. Also, the results show that accounting conservatism and firm growth are positively related to the proxy for the perpetual growth in cum-dividend abnormal earnings.
机译：本文研究了会计保守性，公司增长和收益持久性与Ohlson（1995）基于收益的估值框架对公司价值的估计之间的关系。这项研究测试了上述三个因素与基于模型的估值误差之间的关联，以及一种基于Ohlson（1995）框架的方法，该方法代表了股息非正常收入的持续增长。估值误差是公司股票价格（用作公司内在价值的代名词）与框架中根据Ohlson（1995）估值模型估算的公司价值之间的差额。测试中使用签名的估值错误。用三种不同的方法来计算累积和异常股息收入的永久增长的代表。首先，将其计算为非正常收入的有限时间段和股息增长。同样，使用Ohlson（1995）框架中的一种模型，可以用两种不同的方式来推导它。会计保守性，公司增长和收益持久性的代理是使用财务报表中的度量或Feltham和Ohlson（1995）开发的线性信息模型中的参数得出的。结果表明，会计保守性，公司成长和收益持续性使Ohlson（1995）基于收益的估值框架低估了公司相对于股价的价值。此外，结果还显示，会计稳健性和公司增长与代收红利异常收益永久增长的代理关系正相关。

著录项

  • 作者

    Lacina, Michael John.;

  • 作者单位

    Purdue University.;

  • 授予单位 Purdue University.;
  • 学科 Business Administration Accounting.
  • 学位 Ph.D.
  • 年度 1998
  • 页码 176 p.
  • 总页数 176
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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