Corporate Valuation by Security Analysts and Evolution of Corporate Performance Measure

证券分析师的企业估值和企业绩效衡量标准的演变

基本信息

批准号：
12630145
负责人：
TANAKA Takao
金额：
$ 1.15万
依托单位：
Tohoku University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2000
资助国家：
日本
起止时间：
2000 至 2001
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-12630145/
关键词：
Performance Measure Economic Value Added Analyst Consensus Residual Income Shareholder Value EVA アナリスト・レポート

项目摘要

The major object of the research is to investigate how corporate performance measures are affected by measures of security analyst. For this purpose, I took two different steps, first one to test a hypothesis that analyst consensus is more correlated to stock prices than other measures such as reported earnings and Economic Value Added and second one to analyze the influence to corporate performance measures by security analyst's measures.According to the recent empirical studies, stock prices more correlated to residual income than other measures such as EVA and cash flow. But this does not means the superiority of the accounting measures to the others, but it does only mean the accounting measures are more frequently used to evaluate shareholder value. The empirical results should be interpreted that explanatory power of measures depends on frequency of the usage of measures for valuation.Empirical tests are on the process to verify that analyst consensus more correlated to stock prices than other measures. In this work, I had a good expectation from data analysis so far.On the other hand, many interviews with corporate managers are attempted to investigate how internal performance measures are affected by analyst measures. Many cases including Sony Corporation are found to meet the hypothesis that corporate performance measures must be affected by market valuation method such as EVA and EBITDA.

该研究的主要目的是调查公司绩效指标如何受到安全分析师措施的影响。为此，我采取了两个不同的步骤，首先是检验一个假设，即分析师共识与股票价格相比，与其他措施（例如所报告的收入和经济增值）相比，通过安全分析师的措施来分析对公司绩效衡量的影响。根据最近的经验研究，股票价格比其他衡量措施更加依赖于其他措施，例如与其他措施相比，例如EVA和现金流量。但这并不意味着会计措施对其他人的优越性，但这确实意味着会计措施更频繁地用于评估股东价值。经验结果应解释说，措施的解释能力取决于估值措施使用的频率。经验测试正在进行中，以验证分析师的共识与股票价格更相关的分析师的共识比其他措施更加相关。在这项工作中，到目前为止，我对数据分析有一个很好的期望。另一方面，与公司经理进行了许多访谈，试图调查分析师措施如何影响内部绩效指标。发现包括索尼公司在内的许多案件都符合这样的假设，即公司绩效指标必须受到EVA和EBITDA等市场估值方法的影响。