The comprehensive research on accounting-based firm valuation

我们广泛研究了基于会计信息评估公司价值的各种问题。然后，我们获得了许多有价值的结果，包括(i)基于会计的公司估值是否在高效股票市场的背景下具有实际用途，（ii）一个基于会计的公司估值是否比其他估值模型更具优势，以及（iii）作为公司估值模型输入所需的财务/资本成本数据的特征以及如何在未来时期预测它们。

We extensively investigated various issues of evaluating firm value based on accounting information. We then obtained many valuable results about (i) whether accounting-based firm valuation has actual usefulness in the context of highly efficient stock markets, (ii) whether one accounting-based firm valuation has more advantages than other valuation models, and (iii) what are characteristics of financial/capital cost data necessary as inputs of firm valuation models and how to predict them in the future periods.