利潤(rùn)操縱背景下的企業(yè)產(chǎn)權(quán)定價(jià)及價(jià)值增長(zhǎng)評(píng)價(jià)研究.pdf

1、Yl們22；O分類(lèi)號(hào)UDC廈門(mén)大學(xué)博士后研究工作報(bào)告利潤(rùn)操縱背景下的企業(yè)產(chǎn)權(quán)定價(jià)及價(jià)值增長(zhǎng)評(píng)價(jià)研究李延喜工作完成日期2004年2月—20帖年6月報(bào)告提交日期2006年‘月廈門(mén)大學(xué)20嘶年6月AbstractInthebeginningof20“’centuryIrvingFishercomprehensivelyexplainedtherelationshipbetweenrevenueandassets，discussedthesou

2、rceofthevalue，andputforwardtheprofoundthoughtusingthefuturerevenuetomeasuretheValueofthepropertyright，allofwhichestabhshedthetheoreticalbaseofpropertyrightpricingInthemiddleof20centurybasedonFisher’StheoryModiglianiandMi

3、llersystemicallyintroducedtheuncertaintyintothepricingtheoryforthefirsttimeTheyestablishedthemodempricingtheoryandbroughtforwardfourkindsofpricingapproachesforpropertyright，whichwereDiscountedCashFlowInvestmentOpportunit

4、ies，StreamofDividendsandStreamofEarningsFromthenon，theforeignscholarsfurtherexploredthepricingtheoryforpropertyrightextensivelyandprofoundly，comingtosevenkingsofevaluationmodelsrelatedwithcashflowTheresearchandpracticeof

5、pricingforpropertyrighthavebeenstartedinChinasince1990s，andtherearethreemainapproaches：EarningsEvaluation，WeightedEvaluationandP／t3MultipliernleirIformationdistortionwhichisauniversalproblemthatexistsinthetransactionofth

6、epropertyrightsofthefirms，isalwaysthefocusforbothacademicandpracticingfieldThepaperexplicatestheappearancesofinformationdistortioninthetransactionofthepropertyrightsofthefirms，explorestheimmnnentreasonandtheinfluenceofth

7、edistortionandstressesontheanalysisofthemethodsmotivationandcauseforthelistedcompaniesinChinaandabroadtoconductearningsmanipulationAlthouIghithasalreadygottentheabundantachievementsonidentifyingtheearningsmanipulation，bu

8、ttheresearchresultsa11showmoreorlesslimitationsinthecomplexandchangefulmarketenvironmentConsideringthespecificmarketandlawenvironmentjnChinaandtheinformationdistortionexistinginthepricingofthepropertyrights，especiallythe

9、distortionofthefinancialinformation，thepaperdesignsaseriesofindexestorecognizeearningsmanipulationandcreatestheF—modeltorecognizethebehaviorsofearningsmanipulationbyusingtheprincipalcomponentanalysistoconductdimensionred

10、uctionThevalueofpropertyrightisthereflectionofthefirm’Scomprehensiveprofitabilityandthemaximizationofthefirm’SvalueisthefinalobiectofthefirmTherefore，asthebaseofevaluation，thecashflowshouldbethecomprehensivecashflowinclu

11、dingalltheactivitiesofthefirmsratherthanthecashflowfromoperatingactivities，freecashflowcashflowfromsharesordebtsSincethecashflowhassomecharacteristics，suchasvolatilityrandomnessanddynamism，itisimpossibletousesingleapproa

12、chtoforecastcashflowscientificallyandexactlyThestudytakesthemethodsofexponentialsmoothingandmovingsmoothingtoeliminatetheinfluenceofrandomfactorsUSeSseasonalindextoavoidthevolatilityofcashflowcausedbyseasonchanging，emplo