政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/84423

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Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/84423

Title:	會計基礎評價模式及其實證研究 On Accounting-Based Valuation: Model Construction and Empirical Test
Authors:	傅鍾仁
Contributors:	鄭丁旺劉啟群傅鍾仁
Date:	1998
Issue Date:	2016-04-14 13:58:04 (UTC+8)
Abstract:	股份有限公司為近代社會最具開創性與影響力之組織型式，其股權之評價亦相對複雜且重要。本文首先從公司組織型式所具有之性質出發，探討股權價值之來源，並結合財務會計理論體系及財務報表資訊特性，將調適選擇權與重整選擇權概念納入基本評價模式中。其次將折溢價因素部份由調適價值中獨立出來，俾便於將此模式與基本之股權評價資訊一帳面價值相結合，以發展出一整體之會計基礎評價模式。此模式將股權價值表示成股權之帳面價值(B)加上四個調整項，包括：(1)來自超額盈餘資本化之價值(E)；(2)公司可選擇調整營運方式、資產組合、或進行清算之淨調適買權價值(A)；(3)來自有限責任制之重整買權價值(C)；及(4) 其他影響股權價值之折溢價因素部份(D)。其中折溢價因素部份主要來自資產之調適價值與帳面價間之差額（調適溢價），本文另透過產品生命週期之觀念，找出影響折溢價幅度之可能原因，並指出因為股權價值中存在此折溢價因素部份，使股利政策對公司之股價有所影響。 The corporate form of organization is the most creative and influential entity in the modern society, but the valuation of its equity value is relatively more complex and important. In order to investigate the sources of equity value, the paper starts from the attributes of corporation. Combining the theoretical systems of financial accounting with information characteristics of financial statement, the paper includes the concepts of net adaptation option value and restructured option value to form the basic valuation model. Next, the paper separates the discount/premium factors from the adaptation value to combine the basic valuation information of equity, book value, and develops and integral accounting basic valuation model finally. The model characterizes the equity value in terms of book value (B) and four adjustments:(1) the value of capitalization of excess earnings (E); (2) net adaptation or liquidation (A); (3) the restructured value of call option from the system of limited responsibility (C); (4) other discount/premium factors affecting equity value. The discount/premium factors mainly come from the difference between assets` adaptation value and book value. By the concept of product life cycle, the paper points out some causes affecting the magnitude of discount/premium factors. Due to the discount/premium factors in the equity value, the dividend policy affects the share price.
Description:	博士國立政治大學會計學系
Source URI:	http://thesis.lib.nccu.edu.tw/record/#A2002000780
Data Type:	thesis
Appears in Collections:	[Department of Accounting] Theses

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