The Feltham-Ohlson (1995) Model: Empirical Implications
The Feltham-Ohlson (1995) Model: Empirical Implications
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Feltham-Ohlson (1995) 模型：经验意义
DOI：
10.1177/0148558x0001500309
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发表时间：
2000
期刊：
影响因子：
--
通讯作者：
James A. Ohlson
中科院分区：
文献类型：
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作者：
Jing Liu;James A. Ohlson
本文发展了Feltham和Ohlson(1995)模型的经验含义，该模型将公司的市场价值与会计数据及其预期实现联系起来。关键问题涉及如何概念化/衡量公司的预期增长，以解释其市场价值，而该模型还包括反映其当前业绩的更基本的会计衡量标准。结果表明，市场价值可以用(1)系数为1的金融资产(负债)、(2)非负系数的经营收益预期变化、(3)正系数的预期经营收益、(4)非负系数的流动(净)经营资产、(5)正系数的(净)经营资产的预期变化来表示。一种是通过将最后一个变量与当前(净)运营资产进行归一化来确定公司预期增长的衡量标准。当且仅当会计是保守的时，该变量才是相关的。
This paper develops empirical implications of the Feltham and Ohlson (1995) model, which relates a firm's market value to accounting data and their expected realizations. The key issue concerns how one conceptualizes/measures a firm's expected growth to explain its market value when the model also includes more basic accounting measures reflecting its current performance. It is shown that market value can be expressed in terms of (1) financial assets (liabilities) with a coefficient of 1, (2) the expected change in operating earnings with a nonnegative coefficient, (3) the expected operating earnings with a positive coefficient, (4) current (net) operating assets with a nonnegative coefficient, and (5) the expected change in (net) operating assets with a positive coefficient. One identifies the measure of a firm's expected growth by normalizing the last variable with current (net) operating assets. The variable will be relevant if and only if the accounting is conservative.