这些估计应用到资产负债表披露所有的公司作为样本为他们提供估计的清算价值。在实证结果,他们报告说,在控制了期权的行使价格,公司股票的市场价值的增加近似为一个与增加息后现金流的现值。多余的清算价值的显著正估计运动继续支持放弃选择的推理使更重要和重大贡献公司的股权的市场价值比由现金流的现值。调查随时间变化在放弃期权价值和清算价值之间的联系,并解决这个问题,集中观察可能不是独立的,因为它包含相同的公司很多年了。进一步研究的结果继续显示积极强烈的关系估计清算价值和市场价值的公司的股票。此外,进一步减少担心,推断可能影响清算价值衡量捕获一部分真正的现金流的现值是省略了从他们的代理,他们在改变进行分析。
英国萨里论文代写:资产负债表
Applying these estimates to the balance sheet disclosures of all the firms used as samples provides them with estimated liquidation values. In the empirical results, they report that after controlling for the option’s exercise price, the market value of a firm’s equity increases in a close approximation one for one with increases in the present value of after-interest cash flows. The significant positive estimate on the excess liquidation value movements continues to support the inference that the abandonment option makes a more important and significant contribution to the market value of a firm’s equity than that made by the present value of cash flow.To investigate the change over time in the association between abandonment option value and liquidation value, and to solve that problem that the pooled observations may not be independent, because it includes the same firm for many years. The results of their further research continue to show a positive, strong relation between the estimated liquidation value and the market value of the firm’s equity. Moreover, to further reduction of the concern that the inferences may be influenced by the liquidation value measure capturing a portion of true present value of cash flow that is omitted from their proxy, they perform an analysis in changes.
