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1、Accounting-BasedValuation：impactonBusinessPracticesandResearch'1999AmericanAccountingAssociationAccountingHorizonsVol.13No.4December1999pp.413-425COMMENTARYCharlesM.C.LeeCharlesM.C.LeeisaProfessoratCornellUniversity.Accounting-BasedValuation:imp
2、actonBusinessPracticesandResearciiINTRODUCTIONValuationresearch,whichfocusesontheuseofaccountinginformationtoestimateshareholdervalue,hasemergedasacentralthemeintheaccoimtingresearchofthe1990s.Thisliteraturehashadanimpactnotonlyontheresearchagendasof
3、academ-ics,butalsoontheday-to-dayworkofpractitioners.Lookingahead,itpromisestobeanareaofcontinuedgrowth,withmanynewopportunitiesandchallenges.Inthiscommentary,Isummarizetheprogressionofthevaluationresearchtodateanddiscussitsimplications.Mysumistoprov
4、ideas3Tiopsisofthekeydevelopments,toreflectonemergingtrends,andtoaddresssomefrequentlyaskedquestionsaboutthisliterature.Iattempttokeepthetechnicalaspectsofvaluationincheck,andfocusin-steadonthekeyimplicationsofthisliteratureforaccountingresearchandpr
5、actice.MyfocusisonthediscountedResidualIncomeModel(RIM),whichhasbeenusedextensivelybybothempiricalandtheoreticalresearchers.Irelatethismodeltovariousbranchesofmarket-basedresearch,aswellastotheValue-BasedManagement(VBM)systemsthatnowseemubiquitousint
6、heexecutivecompensationliterature.However,Idonotdiscussothervaluationtechniques,suchasthosebasedonmarketmultiplesfrom;comparable;firms,orcontingent-claimmodelsbasedonoptionpricingtheory.^Myremarkswillfollowthedevelopmentoftheliteratureinroughlychrono
7、logicalorder.First,Iclarifysomebasicconceptsabouttheroleandlimitationsofhistoricalfinancialaccountingsystemsinvaluation.Second,Idiscussthetheoreticalunderpinningsofvaluationresearch,andhowthistheoryhasevolved.Finally,Iexplorehowthetheoryhasbeenapplie
8、dinempiricalstudies.Throughoutthisdiscourse,Iwilltrytoclarifypotentialpointsofconfu-sions,andoffermyviewsonthereseairchchallengesandopportunitiesineacharea.’Forreadersinterestedintheseothervaluationtechniques,goodreferencesourcesincludeDamodaran(199>
