使用资本收益-收费定义这accounting-based性能测量以账面价值衡量的期初乘以资本成本。异常或剩余收益市场和账面价值的差异,也就是说,他们承担公司的商誉。作为一个事实,一个特定的吝啬的善意表达是来源于直接的两步过程相关异常或剩余收益。首先,Peasnell后(1981年)和其他人,干净盈余关系表明,善意的现值等于未来预期异常或剩余收益。其次,如果一个进一步假定异常或剩余收益符合一个自回归过程,然后它遵循善意等于异常或剩余收益目前正不断扩展。结果强调价值可以由假设异常或剩余收益过程毫无参考过去或未来预期股息。不仅所有者权益会计包含清洁盈余关系,它也表明,股息减少账面价值但离开目前收入不受影响。这些额外的功能是利用检查股息的边缘效应对价值和会计数据的进化(莫迪里阿尼,米勒,1958;1958)。市场价值是流离失所的红利在美元对美元的基础上,所以股利支付不合时宜适用。除此之外,今天支付红利预期未来收益的负面影响。
英国工业工程代写论文:资本收益
Earnings minus a charge for the use of capital define this accounting-based performance measure as measured by book value that is in the beginning of period multiplied by the cost of capital. Abnormal or residual earnings hold on the difference market and book values, that is to say, they bear the goodwill of a company. As a matter of fact, a particular parsimonious expression for goodwill is derived from a straight forward two step procedure as it relates to abnormal or residual earnings.Firstly, following Peasnell (1981) and others, the clean surplus relation indicates that goodwill is equal to the present value of future expected abnormal or residual earnings. Secondly, if one further assumes that abnormal or residual earnings comply with an autoregressive process, then it follows that goodwill is equal to abnormal or residual earnings at present scaled by a positive constant. The results emphasize that value can be driven by assuming abnormal or residual earnings processes that make no reference to past or future expected dividends.Not only does owners’ equity accounting subsume the clean surplus relation, it also indicates that dividends reduce book value but leave earnings at present unaffected. This additional feature is exploited to examine the margin effects of dividends on value and on the evolution of accounting data (Modigliani, 1958; Miller, 1961). Market value is displaced by dividends on a dollar for dollar basis, so that dividend payment irrelevancy applies. In addition to that, dividends that paid today impact expected future earnings negatively.
