摘要
对上市公司价值的估计历来都是证券市场各利益相关方所关注的问题,同时如何利用会计信息对上市公司价值进行估计,也是会计学术界孜孜以求的重要课题。中国证券市场的兴起,在这一方面提出了新的研究课题,即国外的Feltham-Ohlson模型等经典理论能否应用于中国这样的新兴市场、如何应用。本文对Feltham-Ohlson模型的国内外研究进行了回顾,并在详细阐述Feltham-Ohlson模型的基础上,采用2001年-2008年833家A股公司的6664个观察值作为研究样本,对Feltham-Ohlson模型三种不同形式的线性信息动态方程和估值回归方程进行了实证研究,力图完善和规范Feltham-Ohlson模型在中国的实证应用基础。本文的研究结果支持Feltham-Ohlson模型在中国A股市场上的适用性,并且发现三种不同形式的线性信息动态方程及估值方程的适用程度不同。
Valuation of listed companies has always been concerned by all stakeholders of stock market, and how to use accounting information to estimate the value of listed companies is also an important topic of accounting academics. New research topic comes up in regard of the rise of China’s stock market. That is whether foreign classical theory, such as Feltham-Ohlson model, could be applied to emerging stock market like China and if so, how to apply. In this paper, Feltham-Ohlson model studies at home and abroad are reviewed. Based on the analysis of Feltham-Ohlson model, an empirical research about the three different forms of linear information dynamic and valuation function is carried out, using a research sample of 6664 observations from 833 listed companies between 2001 and 2008. The purpose is to improve and standardize the basis of the empirical application of Feltham-Ohlson model. The result of this study supports the applicability of Feltham-Ohlson model in Chinese stock market, and the degrees of applicability of the three forms of linear information dynamic and valuation function are different.
引文
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