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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.

研究的主要目的是考察证券分析师的衡量标准对公司绩效的影响。为此，我采取了两个不同的步骤，一是检验一个假设，即分析师共识与股价的相关性高于其他指标，如报告收益和经济增加值；二是分析证券分析师的指标对公司业绩指标的影响。根据最近的实证研究，股票价格与剩余收益的相关性高于其他指标，如EVA和现金流。但这并不意味着会计计量的优越性，而只是意味着会计计量更多地被用于评估股东价值。实证结果应解释为，衡量指标的解释能力取决于评估指标的使用频率。实证检验正在进行，以验证分析师共识与股价的相关性高于其他衡量指标。在这项工作中，到目前为止，我从数据分析中得到了一个很好的期望。另一方面，许多对公司经理的访谈试图调查内部业绩衡量是如何受到分析师衡量标准的影响的。包括索尼公司在内的许多案例都满足这样一个假设，即公司业绩衡量必然受到市场估值方法的影响，如EVA和EBITDA。