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ID:49834510
大小:5.91 MB
页数:75页
时间:2020-03-05
《剩余收益模型在企业价值评估中的应用研究——以同仁堂为例.pdf》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、APPLICATIONRESREACHOFRESIDUALINCOMEMODELINENTERPRISEEVALUATION—TAKETONGRENTANGASANEXAMPLEABSTRACTInrecentlytwodecades,withthedevelopmentofeconomyandsocietChinahasraduallcomeintotheaeofvaluemanaementandy,gyggvaluemanaement.Theexecutivemana
2、ementoftheenterrisecanggproduce化er-pightstrategy化atenablesenterrisest:oet化elontermpggdevelomentonlyifthetrulunderstand化edrivingfac化rsofenterprisepyyva山e;and化einvestorscanfacetheconfusinstockmarketanduyorg杏sellslacksat化erihtriceonlif化etrulu
3、nderstandtheintrinsicgpyyyvalueoftheenterprise.Thereforeitisarticularlimortanttoudethe,pypjgttvalueofheenerprisescientifically.Nowadaysitisveryrarethatusing化eaccountindatainthemainstreammethodforevaluationofenterrisegpvalue.Theresidualincom
4、emodelutstheaccountininformationasapgvariableinthevalueoftheenterrisetheinthemodeldiKctlwhichpy,afirms化eactionoftheaccountininformationi打value犯sessment.g’Whatsmorebecause化eresidualincomemodelandaccountin,ginformationarecloselylinkedtheassess
5、mentofvalueisredictedonthe,pIIIbaseofarel如ivelobectiveaccountininfbrmationratherthan化eyjg’udgmentofthefuture.Whatsmoretheresidualincomemodelmakeitj,’clearthattiiedrivingfactorsoftheenterprisesinfrinsicvalueis化eresidualincomenotthemerel
6、rofitswhichhelstheinvestorstoude,pypjg化erealvalueoftheenterrise.Themodelhassuerioritin也eory.Butppybecausetheresidualincomemodelneedasetoftheorytomodithefycurrentfinancialdataanditcannotmatchtotheuseoflargesamplesthe,modelisnotusedw
7、idelinchina.However化eobectivitand也ey,jyredictionoftheresidualincomemodelcanheltheinvestoreseciallpp,pythevalueinvestoralot.,Thereforetiiisaercounters化etwodisadvantaesofresidual,ppgtttincomemodelinractical.Oneis也ecomlexiy化atbrouhbhe
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