Best Mix of Earnings Model and Book Value Model

本研究考虑两种相反会计模式的最佳组合来估计企业价值。一种是“帐面价值模型”，在这种模型中，净资产代表根据市场价值和管理层的估计推定的企业价值。另一种是“收益模型”，其中收益作为永久（可持续）收入的代理变量对投资者最有用。本文从历史、理论和实证三个方面对这两种模式进行了考察，并提出了两种解决方案。一个是“混合模型作为账面价值模型之一”，另一个是“混合模型作为收益模型之一”。两者都基于同一个目标假设。前者在理论上不明确，但在实践上是可行的。另一方面，后者在理论上是明确的，但由于在公允价值评估中难以识别自创商誉的存在，实践中存在一定的难度。

This study considers the best mix of two opposite accounting models to estimate enterprise value. One is 'Book Value Model,' in which net assets represents enterprise value to be presumed based on both market value and the estimates of management. The other is 'Earnings Model,' in which earnings as a proxy variable of the permanent (sustainable) income are most useful for investors. This study examines these two models historically, theoretically and empirically and proposes the two solutions. One is 'a mixture model as one of the book value models' and the other is 'a mixture model as one of the earnings models. Both are based on the same goal hypothesis. The former is theoretically unclear, but it is practically feasible. On the other hand, the latter is theoretically clear, but it is difficult to practice due to the difficulty in identifying the existence of internally generated goodwill in fair valuation.