在成熟市场,实证研究发现,收益和账面价值可以用于预测公司的价值。特别是,研究人员检查了收益之间的关系,账面价值,两者的结合与股票价格和发现它是重要的(球球和布朗1968;1972;卡普兰和卷,1972;柯林斯和Kothari 1989;Burgstahler Dichev,1997)。在一个重要的论文称为里程碑式的工作,Ohlson(1995),在一个著名的论文中,这个协会和建模提供了一个广泛使用的框架实证探索。Burgstahler和Dichev(1997),在这个领域一个重要的研究,表明股权价值是一个选择的风格结合递归值和适应值。递归的价值(见Burgstahler Dichev,1997)时预期收益的资本化公司递归其当前业务技术适用于其资源。适应值意味着公司的资源的价值适应交替使用。目前的收益作为递归的一个代理股票的价值和账面价值作为代理为适应值。而收益提供了一个衡量如何使用公司的资源目前,账面价值提供了一个衡量公司价值的资源独立的目前使用的资源。他们注意,特别是,当收益比账面价值高,收入是比账面价值的股本价值更重要的因素。这是因为在这样的条件下,公司更有可能继续以目前的方式使用资源。相反,当收益比账面价值低,账面价值成为股权估值比盈利更重要的因素。这种方案条件下,公司更有可能行使选项来调整其资源来更好的选择使用。
In the mature market, empirical research finds that earnings and book value can be used to predict firm value. In particular, researchers have examined the association between earnings, book value, and a combination of both with stock prices and have found it to be significant (Ball and Brown 1968; Ball 1972; Kaplan and Roll, 1972; Collins and Kothari 1989; Burgstahler and Dichev, 1997).In an important paper referred as a landmark work, Ohlson (1995), in a famous paper, modeled this association and provided a widely used framework for empirical exploration. Burgstahler and Dichev (1997), a significant study in this area, indicated that equity value is an option style combination of recursion value and adaptation value. Recursion value (see Burgstahler and Dichev, 1997) is capitalized expected earnings when the firm recursively applies its current business technology to its resources. Adaptation value means the value of the firm’s resources adapted to alternative use. Current earnings are used as a proxy for recursion value and book value of equity is used as a proxy for adaptation value.While earnings provide a measure of how the firm’s resources are used currently, book value provides a measure of the value of the firm’s resources independent of how the resources are used currently. They note that, in particular, when the ratio of earnings to book value is high, earnings is the more important factor than book value of equity value. This is because under such a condition the firm is more likely to continue using resources in its current way. In contrary, when the ratio of earnings to book value is low, book value becomes the more important factor than earnings in equity valuation. Under this alternative condition, the firm is more likely to exercise the option to adapt its resources to a better alternative use.