在一个直观的意义上,它拥有因为适应值的增加提供了额外的下行保护固定的预期收益水平。此外,更高层次的适应价值与预期收益的固定水平有关,更大的市场价值相对于修订的修订适应值。如果适应值与预期收益的资本化,大公司的商业技术目前不如选择,和适应值成为股权的市场价值的主要决定因素;递归价值只是一个次要的权益市场价值的决定因素。正如上面提到的,Burgstahler和Dichev(1997)发现,协会的资产价值的程度与收益和账面价值取决于公司的成功。当公司成功的(高收入),收益是股权价值的更重要的决定因素。当公司不成功(低收入),账面价值是股权价值的更重要的决定因素。这一发现进一步证实了柯林斯et al。(1999)。具体地说,它是由柯林斯et al .(1999)得出结论,账面价值是一个重要的因素,以确定股票价格,特别是对于生产企业的损失。对公司清算的可能性很高,因为他们的经济损失,账面价值代表代表他们称为“放弃选择”。
澳洲社会学论文代写:直观的意义上
In an intuitive sense, it holds because an increase in adaptation value provides additional downside protection for a fixed level of expected earnings. Furthermore, the higher the level of adaptation value associated with the fixed level of expected earnings, the larger the revision in market value relative to a revision in adaptation value. If the adaptation value is large associated with capitalized expected earnings, the business technology of the firm at present is inferior to alternatives, and adaptation value becomes the main determinant of market value of equity; recursion value is only a secondary determinant of market value of equity.As is mentioned above, Burgstahler and Dichev (1997) found that the extent of association of equity values with earnings and book value depended on the level of success of the firm. When the firm is successful (high earnings), earnings is the more important determinant of equity value. While when the firm is less successful (low earnings), book value is the more important determinant of equity value. This finding is further confirmed by Collins et al. (1999). Specifically, it is concluded by Collins et al. (1999) that book value is an important factor to determine stock prices, especially for firms making loss. For firms that have a high probability of liquidating because of their financial losses, book value represents as a proxy for what they referred to as the “abandonment option”.
