这种关系称为干净盈余关系因为所有资产和负债的变化与股息必须通过损益表。一般来说,这个方案是接受会计理论没有连接到一个用户的角度对会计数据。尽管潜在的想法,股票的净值结算价值的创造和分发股票估值上下文生成一个基本的问题:是否可以创建一个有凝聚力的理论,一个公司的价值取决于干净盈余关系来识别不同的角色的三个变量:利润,账面价值和股息。Ohlson(1995)在一个新古典框架解决了问题。在这种情况下,分析从假设价值等于预期股利的现值(Rubinstein,1976)。然后可以假设一个干净盈余关系取代股息收益和账面价值的现值的公式。multiple-date同时,不确定的模型,这样收益和账面价值作为互补的价值指标是由假设导致会计数据的随机行为,在一个特定的方式,主要的估值函数表达值的加权平均(i)资本化收益目前(调整股息)和(2)目前账面价值。极端的参数化模型的生产资本化收益或账面价值提出了唯一的价值指标。
英国工业工程代写论文:资产和负债
This relation is referred as the clean surplus relationship because all changes in assets and liabilities which are unrelated to dividends must pass though the income statement. Generally, this scheme is accepted by accounting theory without connecting it to a user’s perspective on accounting data. While the underlying idea that net stocks of value settle with the creation and distribution of value produces a basic question in an equity valuation context: whether one can create a cohesive theory of a firm’s value that depends on the clean surplus relation to identify a distinct role for each of the three variables: earnings, book value and dividends. Ohlson (1995) resolves the question in a neoclassical framework.In this case, the analysis starts from the assumption that value is equal to the present value of expected dividends (Rubinstein, 1976). Then one can assume the clean surplus relation to replace dividends with earnings and book values in the formula of present value. At the same time, a multiple-date, uncertain model such that earnings and book value act as complementary value indicators is led to by assumption on the stochastic behavior of the accounting data, In a specific way, the main point of the valuation function expresses value as a weighted average of (i) capitalized earnings at present (adjusted for dividends) and (ii) book value at present. Extreme parameterizations of the model produce either capitalized earnings or book value at presents the only value indicators.