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1、Eamings,BookValues,andDividendsinEquityValuation*JAMESA.OHLSONColumbiaUniversityAbstract.Thepaperdevelopsandanalyzesamodelofafirm'smarketvalueasitrelatestocontemporaneousandfutureeamings,bookvalues,anddividends.Twoowners'egui-tyaccountingconstructsprovidetheunderpinningso
2、fthemodel:thecleansurplusrela-tionapplies,anddividendsreducecurrentbookvaluebutdonotaffectcurrenteamings.Themodelsatisfiesmanyappealingproperties,anditprovidesausefulbenchmarkwhenoneconceptualizeshowmarketvaluerelatestoaccountingdataandotherinfonnation.Resume.L'auteur6Iab
3、oreetanaly.seunmodeledanslequelilconceptualiselarelationentreIavaleurmarchanded'uneentrepriseetsesbenefices,sesvaleurscomptablesetsesdividendesactuelsetfuturs.Deuxpostulatsdelacomptabilisationdescapitauxpropresserventdecharpenteaumodule:a)larelationduresultatglobals'appli
4、queetb)lesdiv-idendesreduisentlavaleurcomptableactuellesansinfluer,cependant,surlesbeneficesactuels.Lemodeleprfisentedenombreusesproprietesinteressantesetilpeut,fortutile-ment,servirdereperedanslaconceptualisationdelarelationentrelavaleurmarchandeetlesdonneescomptableseta
5、utresrenseignements.Accountingassignsanimportantintegrativefunctiontothestatementofchangesinowners'equity.Thestatementincludesthebottom-lineitemsinthebalancesheetatidincomestatement—^bookvalueandeamings—anditsformatrequiresthechangeinbookvaluetoequalearningsminusdividends
6、(netofcapitalcontributions).Werefertothisrelationasthecleansurplusrelationbecause,asarticulated,allchangesinassetsAiabil-itiesunrelatedtodividendsmustpassthroughtheincomestatement.'Accountingtheorygenerallyembracesthisschemewithoutconnectingittoauser'sperspectiveonaccount
7、ingdata.Yettheunderlyingideathat(net)stocksofvaluereconcilewiththecreationanddistributionofvalueraisesabasicquestioninanequityvaluationcontext:canonedeviseacohesivetheoryofafirm'svaluethatreliesonthecleansurplusrelation*AcceptedbyMichaelGibbins.TheauthorwishestothankM.Bro
8、mwich,P.Easton,P.Fairfield,G.Feltham,F.Gjesdal.T.Harris,R.Lundholm,S.Penman,andR.RamakHshnanform
