亏损上市公司价值评估模型的演变与启示

Evoluation and Inspiration of the Evaluating Model of Loss-making Listed Companies

奥尔森(1995)和费森、奥尔森(1995)将以会计信息观为基础的传统公司价值评估模型拓展到了以会计计量观为基础的现代价值评估模型,使学者们研究价值评估问题的视角从价值分配转移到了价值创造上,进而引发了国内外学者们对亏损上市公司会计信息的价值相关性进行探讨。他们自Hayn(1995)开始相继提出了一系列评估亏损公司价值的理论模型,然而,无论是国外还是国内学者提出的亏损上市公司价值评估模型,在研究角度、研究内容、研究对象和研究方法上均存在一些问题,由此,笔者在考虑到亏损上市公司未来发展潜力的预测性和可变性情形下,提出运用投资者预期理论重新评估亏损上市公司的价值。

Olson （1995） and Feltham ＆ Olson （1995） expand the traditional evaluating models based on accounting information to the modem ones based on accounting measurement, as a result, the research perspective of scholars transfers from value distribution to value creation, and then domestic and for- eign scholars are encouraged to explore the value relevance of accounting information for loss listed companies. Since Hayn （ 1995 ）, series of theoretical models to assess the value of the loss companies have been provided. However, the evaluating models that whether foreign or domestic scholars have established and developed are of problems in the research perspective, the content, the subject and methods used. As the predicability and variability of the future development potential are taken into consideration, the author advises to use the investor expectation theory to re-evaluate the value of loss-making listed companies.