Corporate Valuation by Security Analysts and Evolution of Corporate Performance Measure

本研究的主要目的是探讨公司绩效指标如何受到证券分析师指标的影响。为此，我采取了两个不同的步骤，第一个是检验一个假设，即分析师共识与股价的相关性比其他指标（如报告收益和经济增加值）更大，第二个是分析证券分析师的指标对公司绩效指标的影响。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和现金流量。但这并不意味着会计措施优于其他会计措施，而只是意味着会计措施更频繁地用于评估股东价值。实证结果应解释为，计量的解释力取决于使用计量进行估值的频率。实证检验是在过程中验证分析师共识与股价的相关性高于其他指标。在这项工作中，从数据分析到目前为止，我有一个很好的期望。另一方面，许多与公司经理的访谈试图调查内部绩效指标如何受到分析师指标的影响。包括索尼公司在内的许多案例都符合假设，即公司绩效衡量必须受到EVA和EBITDA等市场估值方法的影响。

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.