企业价值评估文献综述英文版.docx

Literature Review for the Theory of Business Value measurement
ABSTRACT
Business value measurement depends on expectatesearch shows that real stock prices change significantly beyond this range. Because these uncertain information is estimated with hypothesis and data processing technology. Its disadvantage is that it required too many intuition for decision makers, but also achieving many possible distribution hypothesis [1]
In 1995， Ohlson use the conception of clean surplus
in residual income valuation model based on the use of clean-surplus (clean surplus) constructing and perfecting the concept of residual income valuation model [2]。 Felthan and Ohlson (1995) further developed this theory， that extraordinary income sources are twofold: first, monopoly rents， second， accounting for sound doctrine. Their most prominent contribution is presented for the evaluation of linear information models (1inear information model) [3]。 Evaluation of applying the residual income model， relates to the extraordinary income is not included in the current period in the time series estimates of future earnings, more difficult.
1995年，Ohlson在剩余收益定价模型的基础上利用干净盈余(clean surplus)的概念构建并完善了剩余收益估值模型】2］。Felthan和Ohlson ( 1995) 进一步发展了这一理论，认为非常收益的来源有两个方面：其一，垄断租金；其 二，会计的稳健主义。他们最突出的贡献在于提出了用以价值评估的线性信息模 型(1inear information model)。］。运用剩余收益模型进行价值评估，涉及到对 没有包含在当期非常收益中的未来非常收益的时间序列估计，难度较大。
Jackson (1997)认为，计算E