The income approach of asset valuation estimates the asset value according to the asset-discounted future earnings or the capitalizing process. As a result, a reasonable prediction of asset-expected future returns has...The income approach of asset valuation estimates the asset value according to the asset-discounted future earnings or the capitalizing process. As a result, a reasonable prediction of asset-expected future returns has become one of the core contents of the income approach. The forecast on expected future earnings is generally based on many uncertain factors, such as strict conditions of assumption and the complexity of environment. However, the current valuation practice in this aspect varies greatly and sometimes depends on personally experienced judgment of appraisers. Therefore, the obtained valuation results tend to be simplified and absolutized. This paper takes a listed company in China as an example to explore the way of inserting an uncertainty analysis into the prediction of the income approach, and then to obtain a series of valuation results within a certain probability fluctuation range. Finally, it puts forward some suggestions about the Monte Carlo simulation （MCS）.展开更多
Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ow...Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ownerships, have attracted investments in the Malaysian property market. This research studies the factors affecting the performance of 36 property firms listed on the Main Board of Bursa Malaysia from 2003 to 2007. This research employed ordinary least squares （OLS） method to represent all the variables comprising stock performance, return on assets （ROA）, return on equity （ROE）, debt ratio （DR）, net profit margin （NPM）, effective tax rate （ETR）, earnings per share （EPS）, and price earning （PE） ratio. Results show that ROA, ROE, and EPS have strong significant relationships with the property stock performance. Although it is a small sample size, some relevant changes and modifications can be included in future studies to obtain better results.展开更多
文摘The income approach of asset valuation estimates the asset value according to the asset-discounted future earnings or the capitalizing process. As a result, a reasonable prediction of asset-expected future returns has become one of the core contents of the income approach. The forecast on expected future earnings is generally based on many uncertain factors, such as strict conditions of assumption and the complexity of environment. However, the current valuation practice in this aspect varies greatly and sometimes depends on personally experienced judgment of appraisers. Therefore, the obtained valuation results tend to be simplified and absolutized. This paper takes a listed company in China as an example to explore the way of inserting an uncertainty analysis into the prediction of the income approach, and then to obtain a series of valuation results within a certain probability fluctuation range. Finally, it puts forward some suggestions about the Monte Carlo simulation （MCS）.
文摘Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ownerships, have attracted investments in the Malaysian property market. This research studies the factors affecting the performance of 36 property firms listed on the Main Board of Bursa Malaysia from 2003 to 2007. This research employed ordinary least squares （OLS） method to represent all the variables comprising stock performance, return on assets （ROA）, return on equity （ROE）, debt ratio （DR）, net profit margin （NPM）, effective tax rate （ETR）, earnings per share （EPS）, and price earning （PE） ratio. Results show that ROA, ROE, and EPS have strong significant relationships with the property stock performance. Although it is a small sample size, some relevant changes and modifications can be included in future studies to obtain better results.
