费尔森-奥尔森估价模型的实证检验

Empirical Tests on the Feltham and Ohlson Model

费尔森和奥尔森在1995年完整地提出了关于公司市场价值和会计数据关系的模型——剩余收益估价模型。国内外相关实证文献,并没有抓住这一模型的实质。运用国内数据对该模型进行实证检验的结果表明:剩余收益模型所依赖的理论基础仍然是股利折现模型,但其估价并不依赖股利或现金流的预测,而是建立在会计数据信息动态性的特征之上。

In 1995 ,Feltham and Ohlson put forward perfectly to the model of the relationship between the market value and accounting data of companies,i, e. Residusl Income Valuation Model whose essence is not well focused at home and a- broad in the related empirical literatures. It is indicated in the empirical tests on the model by use of the data collected in Chi- na that the theoretical foundation depended by residual income model is still on the dividend discount model whose valuation does not depend on the prognosis of dividend or cash flow but on the dynamic features of accounting data information.