What Determines Residual Income?
研究剩余收入（以账面权益标准化后的异常净资产收益率）的决定因素，发现行业集中度、进入壁垒和保守会计因素能解释行业异常ROE，而企业市场份额、规模和自身保守会计因素能解释企业与行业的差异，将这些因素纳入剩余收入估值模型可显著提高对市账率变化的解释力。
This paper investigates the determinants of residual income scaled by book value of equity, i.e., abnormal return on equity (ROE), by analyzing the impact of value-creation (economic rents) and value-recording (conservative accounting) processes on abnormal ROE. I rely on economic theories to characterize economic rents and develop an empirical measure—the conservative accounting factor—to capture the effect of conservative accounting. As expected, industry abnormal ROE increases with industry concentration, industry-level barriers to entry, and industry conservative accounting factors. Also as expected, the difference between firm and industry abnormal ROE increases with market share, firm size, firm-level barriers to entry, and firm conservative accounting factors. Integrating these determinants into the residual income valuation model significantly increases its explanatory power for the variation in the market-to-book ratio.