| 股票定价的奥尔森模型成立条件 |
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| 引用本文： | 王文辉,张维.股票定价的奥尔森模型成立条件[J].商业研究,2009(8). |
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| 作者姓名： | 王文辉 张维 |
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| 作者单位： | 天津大学管理学院,天津,300072 |
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| 摘 要： | 根据奥尔森(Ohlson)1995年提出的RIV模型,对公司股票的估值只需预测其未来的盈利而不用考虑现金流和股息政策。通过研究不同的股息分配政策,利用会计理论模型,推导出该模型的成立条件。研究表明该模型在许多正常的经营情况下并不成立,股票定价模型不能回避未来现金流和股息的影响。
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| 关 键 词： | 股票定价 奥尔森模型 股息政策 |
Conditions of Establishment of RIV Model of Stock Pricing |
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| WANG Wen-hui,ZHANG Wei.Conditions of Establishment of RIV Model of Stock Pricing[J].Commercial Research,2009(8). |
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| Authors: | WANG Wen-hui ZHANG Wei |
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| Institution: | School of Management;Tianjin University;Tianjin 300072;China |
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| Abstract: | According to the RIV model given by Ohlson in 1995,we only need predict its future earnings and no longer forecast cash flow and dividend policy in valuating corporate stock.We derive conditions of establishment of RIV model by studying different dividend payout policies and using accounting theory model.Study shows that the model cannot set up in many normal operating cases and stock pricing model cannot evade the future cash flow and the impact of dividend. |
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| Keywords: | stock pricing RIV model dividend policy |
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