基于Ohlson模型的企业权益价值自适应估计

徐伟宣;刘正林

系统科学与数学 ›› 2002, Vol. 22 ›› Issue (3) : 270-277.

PDF(406 KB)
PDF(406 KB)
系统科学与数学 ›› 2002, Vol. 22 ›› Issue (3) : 270-277. DOI: 10.12341/jssms09648
论文

基于Ohlson模型的企业权益价值自适应估计

    徐伟宣(1),刘正林(2)
作者信息 +

SELF-ADAPTIVE VALUATION OF EQUITY BASED ON OHLSON MODEL

    Wei Xuan XU(1),Zheng Lin LIU(2)
Author information +
文章历史 +

摘要

企业价值估计是投资的基础.1995年,J.Ohlson将超额收益RI(Residual Income)用于企业价值估价,形成了企业价值估价的一个分支.然而,Ohlson模型要求正确估计收益率和未来各期的超额收益,在应用上有明显的局限性.本文以Ohlson超额收益估价模型为基础,结合Gordon增长模型,建立了一个企业权益资本价值估价新模型。对该模型的参数估计,我们采取逐步迭代的方法,逐步吸收企业成长过程中的信息,不断修正模型参数,直至得到“满意”的参数。我们证明了这个参数估计过程是收敛的,因此新模型有更好的可操作性.

Abstract

The valuation of enterprises' equity is fundamental to the investors. In 1995, J. Ohlson proposed RI (Residual Income) to develop a new method for the valuation. However, J. Ohlson proposed RI (Residual Income) to develop a new method for the valuation. However, Ohlson's model requires rightly estimating the yield and RI in future stages, hence is less practical. This paper gives a new model for equity valuation based on Ohlson's and Gordon's models. They key parameter of the model can be estimated by an iterative process which is developed by utilizing new information in the growing course of the enterprises evaluated. It is proved that the estimating process is convergent and hence the model is more practical.

关键词

价值估价 / 超额收益 / 参数估计 / 永续增长

Key words

Equity valuation / residual income / parameter estimation / eternal growth

引用本文

导出引用
徐伟宣 , 刘正林. 基于Ohlson模型的企业权益价值自适应估计. 系统科学与数学, 2002, 22(3): 270-277. https://doi.org/10.12341/jssms09648
Wei Xuan XU , Zheng Lin LIU. SELF-ADAPTIVE VALUATION OF EQUITY BASED ON OHLSON MODEL. Journal of Systems Science and Mathematical Sciences, 2002, 22(3): 270-277 https://doi.org/10.12341/jssms09648
PDF(406 KB)

215

Accesses

0

Citation

Detail

段落导航
相关文章

/