企业价值评价文献综述英文版

Literature Review for the Theory of Business ValueLiterature Review for the Theory of Business Value measurementmeasurement ABSTRACTABSTRACT Business value measurement depends on expectations for the future earnings， there are many ways to assess earnings， and the mainly s are DCF ， Residual Income valuation theory, Economic Value Added valuation and Real Options Valuation . This article bases on the development of domestic and foreign business value theory， and gives a brief summary of the latest research， then compares the different valuation theory at home and abroad.Finally， combining with practical features of Chinese enterprise value assessment concluded that assessments of the latest theories in Chinese enterprises。 KEY WORDS :KEY WORDS :Business Value， Measurement Theory, Literature Review 1 1、、IntroductionIntroduction Business value measurement theory rose in the United States in the early 1960th of the 20th century。 With the 50 years’ development and application , Western developed countries have been greatly applied in practice. At present, the theory and of enterprise value uation in Western developed countries have been more and more mature,and it has been used to assess in practice. In China, the application of business value measurement theory is later than western countries which is now relatively slowly。 Therefore, arranging the present research results and analysis the theory structure have been an important aspects so as to a tight,coherent theory system. On the guidance of the business valuation practice it can establish new s of business valuation in China, and it is essential to promote the development of theoretical study. 2 2、、Studies AbroadStudies Abroad Business value measurement have a history of hundreds of years as an industry in Western countries. During those hundreds of years， many scholars in Western countries on business valuation have done a large number of theoretical studies. Shiller （1981） used the discounted cash flow model to describe stock prices fluctuating boundaries， and the research shows that real stock prices change significantly beyond this range. Because these uncertain ination is estimated with hypothesis and data processing technology. Its disadvantage is that it required too many intuition for decision makers, but also achieving many possible distribution hypothesis［1］ In 1995，Ohlson use the conception of clean surplus in residual income valuation model based on the use of clean-surplus （clean surplus） constructing and perfecting the concept of residual income valuation model ［2]。 Felthan and Ohlson (1995） further developed this theory， that extraordinary income sources are twofold: first, monopoly rents， second， accounting for sound doctrine. Their most prominent contribution is presented for the uation of linear ination models （1inear ination model) ［3］。 uation of applying the residual income model， relates to the extraordinary