기업가치 평가이론과 회계정보의 공시

Abstract

Based on the following two assumptions, Ohlson(1995) developes a theoretical model

which explains a relation between equity value and accounting data.

① The market value of a stock is equal to the present value of future expected dividends.

② The ending book value of the equity can be stated as follows :

The ending book value = the beginning book value + net income – dividends This relationship is called the clean surplus relations(CRS). Feltham and Ohlson(1995) expand the Ohlson model. Under the Ohlson model, the market value of a stock is characterized by book value and expected abnormal earnings. In spite of the fact that if is not certain how severe the CRS

assumption is, a model based on net income is very attractive.

Although, the Ohlson model is very simple, it possesses a generality.

The main contribution of Ohlson(1995) and Feltham-Ohlson(1995) is to develop a logically consistent framework that links the dividend discount model to accounting numbers. In particulars they show that under a set of assumptions, if the value/price of a firm

is determined by the dividend discount model, the same value/price can be expressed by a

combination of accounting numbers (such at an beginning book value and current earnings)and non-accounting information.