基于剩余收益模型的价值评估与管理
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摘要
摘要：本文基于竞争优势理论,并以新会计准则实施为契机,从经济因素和会计因素两个角度实证分析并检验了影响剩余收益模型适用性的因素,发现了这些因素能够提高剩余收益模型适用性的证据。并以竞争优势分析为出发点,结合剩余收益的体现价值创造的优势,通过对会计信息的价值动因分析建立了基于该模型的价值管理框架体系。本文研究发现，剩余收益在我国有一定的适用性,而行业和企业两个水平下经济影响因素,如行业进入壁垒、行业集中度、公司竞争优势持续期,能够有效增强对未来剩余收益的预测能力,并提高模型的适用性。新会计准则的实施有助于提高会计信息的价值相关性,剩余收益在新准则下的价值相关性明显提高,模型的适用性在新准则下明显增强。本文还通过对剩余经营收益模型价值动因的三层次分解,发现该模型在三个层次上对企业战略决策、管理控制、绩效评价等方面均有指导作用。在此基础上建立了基于剩余收益模型的价值管理框架。该体系包含战略规划、业绩管理和预算管理等方面内容。基于剩余收益模型的价值管理体系从企业价值出发,结合了价值管理思想、价值管理流程和价值管理工具,对价值管理有指导作用。本文的研究有助于价值评估及价值管理实践,并丰富了国内关于剩余收益模型的研究。
ABSTRACT:This paper based on theory of competitive advantage, and the opportunity of new accounting standards implementation, examined the the applicability factors of the Residual income model from both economic and accounting perspectives,and found that these factors can improve the applicability of the residual income model in China. And more, this paper take competitive advantage analysis as a starting point, combined with residual income advantage which emphasize on value creation, establish a value based management framework of the model system.through the analysis of the value of drivers of RIM. This study found that the residual income has some applicability in China, and both industry and firm level economic factors, such as barriers to entry, industry concentration, the duration of the company's competitive advantage, can effectively enhance the prediction of the future residual income, and improve the model's applicability. The implementation of new accounting standards can help improve the value relevance of accounting information, and the value of relevance residual income.The applicability of the model significantly increased under the new standards.This paper also decompose the value drivers of RIM in three level, and found these can guide enterprise strategic decision-making, management control, performance evaluation. Based on these, this paper established the value management framework based on RIM which includes strategic planning, performance management and budget management.
ABSTRACT:This paper based on theory of competitive advantage, and the opportunity of new accounting standards implementation, examined the the applicability factors of the Residual income model from both economic and accounting perspectives,and found that these factors can improve the applicability of the residual income model in China. And more, this paper take competitive advantage analysis as a starting point, combined with residual income advantage which emphasize on value creation, establish a value based management framework of the model system.through the analysis of the value of drivers of RIM. This study found that the residual income has some applicability in China, and both industry and firm level economic factors, such as barriers to entry, industry concentration, the duration of the company's competitive advantage, can effectively enhance the prediction of the future residual income, and improve the model's applicability. The implementation of new accounting standards can help improve the value relevance of accounting information, and the value of relevance residual income.The applicability of the model significantly increased under the new standards.This paper also decompose the value drivers of RIM in three level, and found these can guide enterprise strategic decision-making, management control, performance evaluation. Based on these, this paper established the value management framework based on RIM which includes strategic planning, performance management and budget management.
引文
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