기업가치 평가이론과 회계정보의 공시
Equity Valuation and Disclosure of Accounting Information

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서울대학교 경영대학 경영연구소
경영논집, Vol.37 No.1, pp. 1-27
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.
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College of Business Administration/Business School (경영대학/대학원)Institute of Management Research (경영연구소)경영논집경영논집 vol.37 (2003)
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