摘要
从预期股利折现模型出发 ,依据企业投资价值最大化原则 ,分析了股权融资情况下 ,企业投资决策选择 ,给出一个期权形式的股权价值模型。证明了在这一模型中 ,保持帐面净资产不变 ,股权价值是盈余的增函数 ;股权价值与帐面净资产的关系取决于企业投资效率 ;股权价值是盈余和帐面净资产的凸函数。
Starting from the expected dividend discount model, based on the principle of maximizing firm value, we analyze the investment decision-making process of firms with possible new share issuance, and present a valuation model. In the model, equity value is an increasing function of earnings, its relationship with book values depends on the firm's operation efficiency. Equity value is a convex function of both earnings and book values.
出处
《系统工程理论方法应用》
2003年第3期199-203,共5页
Systems Engineering Theory·Methodology·Applications
