Inflation and the Constant Growth Model: Reconciling the Literature
提出了一个包含通货膨胀和资本维护的广义恒定增长估值模型，发现增长源于资本维护和净新投资，并调和了现有文献中不同资本维护定义下的模型，指出各模型适用于特定公司类型。
We formulate a generalized constant growth valuation model incorporating inflation and capital maintenance. We find that in general there are two sources of growth: growth due to capital maintenance and growth due to net new investments. The generalized version of the constant growth model allows the reconciliation of the existing literature, particularly the works of G ordon and S hapiro (1956), L ally (1988), and B radley and J arrell (2008), which all employ particular definitions of capital maintenance. Evaluating the practical relevance of either model we find that each model is best suited for a very particular company set‐up, which does not necessarily correspond to the commonly observed business models. The generalized version of the constant growth valuation model, however, presents a flexible approach that is capable of capturing various conceptions of capital maintenance.