The ＂differential pattern＂ is an important thesis raised by Fei Xiaotong in his early sociology theory and possesses unique theoretical intension and practical value. From different dimensions, the study of the ＂di...The ＂differential pattern＂ is an important thesis raised by Fei Xiaotong in his early sociology theory and possesses unique theoretical intension and practical value. From different dimensions, the study of the ＂differential pattern＂ theory and its contemporary value has been one of the hot issues in domestic sociology. With these studies, the contents of the ＂differential pattern＂ theory are enriched, and also its value boundary and contemporary significance are revealed.展开更多
The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multipli...The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.展开更多
文摘The ＂differential pattern＂ is an important thesis raised by Fei Xiaotong in his early sociology theory and possesses unique theoretical intension and practical value. From different dimensions, the study of the ＂differential pattern＂ theory and its contemporary value has been one of the hot issues in domestic sociology. With these studies, the contents of the ＂differential pattern＂ theory are enriched, and also its value boundary and contemporary significance are revealed.
文摘The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.
