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公司价值的评估始终是证券市场的灵魂和金融财会领域的研究热点,如今,市场投资者、监管层和管理层持续关注上市公司的价值。对公司价值评估的管控是监管层制定监管政策的重要依据,合理的评估公司价值有利于投资者做出正确的投资决策,大部分管理层都拥有公司的期权,关注公司价值是个人利益与公司利益的统一。Oswald和Ohlson研究表明,将会计信息与公司价值相结合的剩余收益模型对股票价格和公司价值的解释力最强,充分利用具有较高参考价值和公信力的会计数据,是剩余收益模型的突出优势。本文将在剩余收益模型的基础上,在企业经营过程中嵌入实物期权~([1,2])。利用二叉树期权定价模型,得到更具有实证解释力的公司价值评估模型,并以碧桂园为例,分析模型的有效性。
The valuation of the company has always been the soul of the securities market and the research hotspot in the field of financial accounting. Today, market investors, regulators and management are constantly concerned about the value of listed companies. The management and evaluation of the company’s value assessment is an important basis for regulators to make regulatory policies. A reasonable assessment of the company’s value helps investors to make the right investment decisions. Most management companies own the options and pay attention to the value of the company as a personal benefit. Unification of interests. Oswald and Ohlson studies show that the residual income model that combines accounting information with the company’s value has the strongest explanatory power for the stock price and the company’s value. Making full use of the accounting data with high reference value and credibility is the outstanding advantage of the residual income model . Based on the model of residual income, this paper embeds real options in the course of business operation ([1,2]). By using binary tree option pricing model, a more empirical evaluation model of company value is obtained. Taking Country Garden as an example, the validity of the model is analyzed.