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題名:企業生命週期、產業別與股權評價:Real Option與Ohlson Model之比較
書刊名:會計評論
作者:吳博欽 引用關係鄭哲惠 引用關係
作者(外文):Wu, Po-chinCheng, Che-hui
出版日期:2006
卷期:43
頁次:頁95-121
主題關鍵詞:Ohlson評價模式實質選擇權評價模式企業生命週期固定效果模型Ohlson valuation modelReal option valuation modelBusiness life cycleFixed effect model
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(11) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:11
  • 共同引用共同引用:79
  • 點閱點閱:74
本文以我國上市電子公司為對象,考量不同生命週期階段及電子次產業,以比較Ohlson(1995)的會計基礎評價模式及Schwartz and Moon (2001)的實質選擇權評價模式的績效。理論上實質選擇權模型適用於評估成長期公司價值;Ohlson評價模式適用於評估成熟期公司價值。實證結果發現,劃分企業生命週期後,雖然Ohlson評價模式與實質選擇權評價模式均以評估成長期公司價值為最佳;惟實質選擇權評價模式並未明確地優於Ohlson評價模式。對於成熟期公司而言,Ohlson模式的評價結果亦未優於實質選擇權評價模式。若進一步將電子業區分為七個次產業,則不同次產業所適用的評價模式也不同。處於成長期的通訊網路公司適用實質選擇權評價模式,而成熟期的通訊網路公司則適用Ohlson評價模式;成熟期的IC產製公司反而較成長期的IC產製公司適用實質選擇權評價模式。因此,在選用評價模式時,除了考慮企業所處的生命週期階段外,產業別因素也應納入考量,以期獲得更精確的評估績效。
This paper tries to compare the eatimation results derived from Ohlson (1995) valuation model and Schwartz and Moon (2001) real option pricing model and proves whether the results depend on different business life cycle stage and the characteristic of industry. The empirical results show that it is not absoluately suitable for the electronic companies in the growth (or maturity) stage to use real option model to evaluate their value than use Ohlson valuation model and vice versa. Moreover, if we further split the electronic industry into seven sub-industries above results will become more divergent. In spite of this, we must add business life cycle and the characteristic of industry into each valuation model to approve the evaluation performance.
期刊論文
1.陳威光、郭維裕、林家帆(2002)。以實質選擇權法評估高科技產業股價。管理評論,21(3),97-113。new window  延伸查詢new window
2.Anthony, J. H.、Ramesh, K.(1992)。Association between accounting performance measures and stock prices。Journal of Accounting and Economics,203-227。  new window
3.Bernard, V.(1995)。The Feltham-OhIson framework: Implication for empiricists。Contemporary Accounting Research,11(2),733-747。  new window
4.Black, E. L.(1998)。Life-cycle impacts on the incremental value-relevance of earnings and cash flow measures。Journal of Financial Statement Analysis,40-56。  new window
5.Lee, C. M. C.、Myers, J.、Swaminathan, B.(1999)。What is the intrinsic value of the Dow。The Journal of Finance,54(5),1693-1740。  new window
6.Trigeorgis, L.(1993)。Real options and interactions with financial。Financial Management Journal,2002-2024。  new window
7.Ohlson, J. A.(1995)。Earning, book value, and dividends in equity valuation。Contemporary Accounting Research,11(2),661-687。  new window
8.Gebhardt, William R.、Lee, Charles M. C.、Swaminathan, Bhaskaran(2001)。Toward an Implied Cost-of-capital。Journal of Accounting Research,39(1),135-176。  new window
9.Lo, Kin、Lys, Thomas Z.(2000)。The Ohlson Model: Contribution to Valuation Theory, Limitations, and Empirical Applications。Journal of Accounting, Auditing and Finance,15(3),337-367。  new window
10.Trigeorgis, L.、Mason, S. P.(1987)。Valuing Managerial Flexibility。Midland Corporate Finance Journal,5(1),14-21。  new window
11.Francis, Jennifer、Olsson, Per、Oswald, Dennis R.(2000)。Comparing the Accuracy and Explainability of Dividend, Free Cash Flow, and Abnormal Earnings Equity Value Estimates。Journal of Accounting Research,38(1),45-70。  new window
12.Kazanjian, R. K.、Drazin, R.(1989)。An empirical test of stage of growth progression model。Management Science,35(12),1489-1503。  new window
13.Penman, S.、Sougianns, T.(1998)。A Comparison of Dividends in Equity Valuation。Contemporary Accounting Research,15(3),343-384。  new window
14.金成隆、林修葳、邱煒恒(20050900)。研究發展支出與資本支出的價值攸關性:以企業生命週期論析。中山管理評論,13(3),617-643。new window  延伸查詢new window
15.Schwartz, E. S.、Moon, M.(2000)。Rational pricing of internet companies。Financial Analysts Journal,56(3),62-75。  new window
16.Brennan, M. J.、Schwartz, E. S.(1982)。An equilibrium model of bond pricing and a test of market efficiency。Journal of Financial and Quantitative Analysis,17(3),301-329。  new window
17.Feltham, Gerald A.、Ohlson, James A.(1995)。Valuation and clean surplus accounting for operating and financial activities。Contemporary Accounting Research,11(2),689-731。  new window
18.Feltham, G. A.、Ohlson, J. A.(1996)。Uncertainty resolution and the theory of depreciation measurement。Journal of Accounting Research,34(2),209-234。  new window
19.Myers, James N.(1999)。Implementing Residual Income Valuation with Linear Information Dynamics。The Accounting Review,74(1),1-28。  new window
20.Myers, Stewart C.(1977)。Determinants of Corporate Borrowing。Journal of Financial Economics,5(2),147-175。  new window
21.金成隆、林修葳、紀信義(20040400)。專利權的價值攸關性:從企業生命週期論析。管理學報,21(2),175-197。new window  延伸查詢new window
22.Frankel, Richard M.、Lee, Charles M. C.(1998)。Accounting valuation, market expectation, and cross-sectional stock returns。Journal of Accounting and Economics,25(3),283-319。  new window
研究報告
1.Schwartz, E. S.、Moon, M.(2001)。Rational pricing of internet companies revisited。  new window
學位論文
1.吳仁杰(2003)。時間序列及橫斷面評價模式應用之比較(碩士論文)。中原大學。  延伸查詢new window
2.曾永泉(2001)。不確定性情況下公司價值衡量之研究(碩士論文)。高雄第一科技大學。  延伸查詢new window
3.周庭楷(2002)。會計保守原則對權益評價影響之實證研究(碩士論文)。國立成功大學。  延伸查詢new window
4.管玉儷(2003)。經濟附加價值、異常盈餘和異常現金流量與公司權益價值之關聯性研究(碩士論文)。中原大學。  延伸查詢new window
5.藍心梅(2001)。會計基礎評量模式在台灣股市適用性之研究(碩士論文)。中原大學。  延伸查詢new window
 
 
 
 
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