Feltham Ohlson Valuation and Clean Surplus Accounting for O and F教程

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1、ValuationandCleanSurplusAccountingforOperatingandFinancialActivities*GERALDA.FELTHAMUniversityofBritishColumbiaJAMESA.OHLSONColumbiaUniversityAbstract.Thispapermodelstherelationbetweenafirm'smarketvalueandaccountingdataconcemingoperatingandfinancialactivities.Bookvalueequalsmarketvalueforfinan

2、cialactivities,buttheycandifferforoperatingactivities.Marketvalueisassumedtoequalthenetpresentvalueofexpectedfuturedividends,andisshown,undercleansur-plusaccounting,toalsoequalbookvalueplusthenetpresentvalueofexpectedfutureabnormaleamings(whichequalsaccountingeamingsminusaninterestchargeonopen

3、-ingbookvalue).Alinearmodelspecifiesthedynamicsofaninformationsetthatincludesbookvalueandabnormalearningsforoperatingactivities.Modelparametersrepresentpersistenceofabnormaleamings,growth,andaccountingconservatism.Themodelissufficientlysim-pletopermitderivationofclosedformexpressionsrelatingma

4、rketvaluetoaccountingdataandotherinfonnation.Threekindsofanalysesdevelopfromthemodel.Thefirstsetdealswithvalueasitrelatestoanticipatedrealizationsofaccountingdata.Thesecondsetexaminesinprecisetermshowvaluedependsoncontemporaneousrealizationsofaccountingdata.Thethirdsetexaminesasymptoticrelatio

5、nscomparingmarketvaluetoeamingsandbookvalues,andhowearningsrelatetobeginningofperiodbookvalues.Thepaperdemonstratesthatinallthreesetsofanalysestheconclusionshingeontheextenttowhichtheaccountingisconservativeasopposedtounbiased.Further,theabsence/presenceofgrowthinoperatingactivitiesisrelevanti

6、f,andonlyif,theaccount-ingisconservative.Resume.Lesauteurspresententsousformedemodelelarelationentrelavaleurmarchandcd'uneentrepriseetlesdonndescomptablesrelativesksesactivit6sd'exploita-tionetsesactivitesfinancieres.Lavaleurcomptableest6galeklavaleurmarchandelorsqu'ils'agitd'activitfisUnanci^

7、res,maisellepeutetredifferentedanslecasdesactiv-itdsd'exploitation.Lesauteurssupposentquelavaleurmarchandeest6galeklavaleuractualis6enettedesdividendesfutursprdvusetdemontrentque,lorsqu'onappliquelamethodeduresultatglobal,lavaleurmarcha