Accounting Information, Capital Investment Decisions, and Equity Valuation: Theory and Empirical Implications
构建理论模型重新审视盈余和账面价值在股权估值中的作用，并解释估值函数为何在不同公司间存在差异，对理解会计信息与市场定价的关系有帮助。
This paper develops a theoretical model to reexamine the roles of earnings and book value for equity valuation and to explore cross-sectional differences in the properties of the valuation function. Ohlson [1995] and Feltham and Ohlson [1995; 1996] show that, assuming the clean surplus relation and a specific linear information dynamic, equity value can be represented as a linear function of earnings and book value. However, recent empirical evidence indicates linear valuation functions do not fully capture the effects of earnings and book value on equity value. For instance, Burgstahler and Dichev [1997] find the valuation impact of either earnings or book value depends on the levels of these two variables, and the valuation function is convex, not linear; similarly, Hayn [1995] and Collins, Pincus, and Xie [1999] report that the valuation effect of earnings is asymmetric between positive and negative earnings. Also, as Collins, Pincus, and Xie [1999] show, the relative and the incremental importance of earnings versus book value in explaining equity