信息、会计与权益估值:回顾与拓展

Information,Accounting and Equity Valuation:Review and Extension

文章回顾和评述了自Williams(1938)以来的系列经典权益估值理论,包括股利贴现模型、固定增长估值模型、剩余收益估值理论、超常盈余增长估值模型以及股利风险调整估值模型等;此外,建立在线性信息演化机制假定之上,文章对上述权益估值理论进行了深入拓展,分别提出了广义股利政策估值模型、广义剩余收益估值模型以及广义超常盈余增长估值模型等权益定价方法。文章不仅对研究权益定价的理论工作者有一定借鉴意义,而且也对资本市场权益资产评估实践有重要参考价值。

We review the equity valuation literature since Williams(1938),including Dividend Discount Model,Constant Growth Model,Residual Income Valuation Model,and Abnormal Earnings Growth Model,we also introduce the Dividend Risk Adjusted Valuation Model.In addition,based on the Linear Information Dynamics,we make some generalizations about the above models,and therefore we propose some new valuation models,including the Valuation Model with Generalized Dividend Policy,Generalized Residual Income Model,and Generalized Abnormal Earnings Growth Model.The research would be beneficial not only to the academia,but also to the investment practice in the capital markets.