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首页> 外文期刊>Review of quantitative finance and accounting >Economic growth potential creating a real put and the resulting valuation of the firm
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Economic growth potential creating a real put and the resulting valuation of the firm

机译：经济增长潜力创造了一个真实的认沽权，并产生了公司的估值

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摘要

What do innovative new firms in our dynamic economy do to the value of existing firms? Using Schumpeter's creative destruction idea, we expand the valuation model to incorporate these dynamics. Our model shows that these dynamics should have a greater effect on smaller firms, those in closer to perfect product market competition and those with less financial market following, as they get less market feedback for warning of new competition. This additional consideration in valuation is named the "real put" as it is an optionagainst value. Simply stated, it is an amount subtracted from a firm's market value of capitalized earnings, plus any growth potential (that might create destructive competition against other producers) to get its net value. Following Schumpeter, new entrepreneurs and larger firms that mimic existing entrepreneurs are the innovators of new products and services. They create the real put against value in their potential competitors. We empirically test this using Morningstar's "moat" classification of firms. We find firms with "wider moats" meaning greater product market power have much lower delisting rates that indicate smaller puts against value being exercised. While we are not the first in finance to view Schumpeter's ideas, this is the first paper to consider its direct effect on valuation.
机译：在充满活力的经济中，创新型新公司对现有公司的价值有何作用？利用熊彼特的创造性破坏思想，我们扩展了估值模型以纳入这些动态。我们的模型表明，这些动态应该对较小的公司，更接近完美产品市场竞争的公司和金融市场关注程度较小的公司产生更大的影响，因为它们会收到较少的市场反馈来警告新竞争。估值中的这种额外考虑称为“实际认沽”，因为它是相对于价值的选择。简而言之，这是从公司的资本化收益的市值减去任何增长潜力（可能与其他生产商形成破坏性竞争）相抵后的净额。继熊彼特之后，新企业家和模仿现有企业家的大公司成为新产品和服务的创新者。他们在潜在的竞争者中创造了真正的价值抵制。我们使用晨星公司的“护城河”分类进行实证检验。我们发现，公司的“护城河更宽”意味着更大的产品市场力量具有更低的退市率，这表明较小的看跌期权正在行使价值。尽管我们并不是金融界第一个了解熊彼特想法的人，但这是第一篇考虑熊彼特对估值产生直接影响的论文。

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