Using Surplus Earning to Evaluate the Value of Company
| Autor: | Thanh Anh Pham, 范成英 |
|---|---|
| Rok vydání: | 2018 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 106 Recently, various companies have been very enthusiastic about “surplus earning”. This method is also becoming more and more common in Vietnam. However, nowadays, there are limited relevant studies on the “surplus earning” model in Vietnam, which has triggered the motivation of this study. Based on theoretical derivation, this study revealed two important findings. First, the previous surplus earning model, in which the recent period and the next period has a linear relationship, was extended. This study added economic rent to present a new model in which the recent and the next periods are nonlinear. Second, non-linear surplus earning model of this study is recreated based on the Ohlson model (linear model). In order to clarify the establishment of the model in this study, empirical research was conducted by using the annual data of 25 companies in Vietnam from 2008 to 2017. The results show that the first and second points derived from the above theories are all supported. Especially, when the surplus earning of the next period is added to the non-linearity, the linear predictive power of the surplus earning of the current period towards the company’s value in the current period will change from significant to insignificant. Similarly, the non-linear surplus earning model in the next period can be significant. Therefore, it can be concluded that the nonlinear model is better than the linear model. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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