중국 홍콩 H주식의 기업가치평가모형의 검증
Testing of the Firm Valuation Model on China Hongkong H Stock
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This paper tests the firm valuation model to Hongkong H stocks. The Ohlson model regards the firm value determined by the future excess profit, and the Option model regards determined by the future cash flow. This paper test which model is more appropriate to the firm valuation model, Ohlson model and Option model, to the Hongkong H stock. And we use 42 enterprise’s data from 2003 to 2011, use the panel regression method. We test five hypothesis. First, the hypothesis 1 testing result suggests that the Ohlson model and Option model have significance to the firm valuation model in Hongkong H stock. Second, the hypothesis 2 testing result suggests that the Ohlson model has more positive significance than the Option model to the Hongkong H stocks, but it is not absolute. Third, the hypothesis 3 testing result suggests that the per share net asset has more significance than another variables in Ohlson model and Option model, to the Hongkong H stock. Fourth, the hypothesis 4 testing result suggests that the per share excess profit of the proxy variable of the future excess profit has significance in Ohlson model. Fifth, the hypothesis 5 testing result suggests that the per share net profit of the proxy variable of the future cash flow has more significance than another proxy variables.
Abstract
This paper tests the firm valuation model to Hongkong H stocks. The Ohlson model regards the firm value determined by the future excess profit, and the Option model regards determined by the future cash flow. This paper test which model is more appropriate to the firm valuation model, Ohlson model and Option model, to the Hongkong H stock. And we use 42 enterprise’s data from 2003 to 2011, use the panel regression method. We test five hypothesis. First, the hypothesis 1 testing result suggests that the Ohlson model and Option model have significance to the firm valuation model in Hongkong H stock. Second, the hypothesis 2 testing result suggests that the Ohlson model has more positive significance than the Option model to the Hongkong H stocks, but it is not absolute. Third, the hypothesis 3 testing result suggests that the per share net asset has more significance than another variables in Ohlson model and Option model, to the Hongkong H stock. Fourth, the hypothesis 4 testing result suggests that the per share excess profit of the proxy variable of the future excess profit has significance in Ohlson model. Fifth, the hypothesis 5 testing result suggests that the per share net profit of the proxy variable of the future cash flow has more significance than another proxy variables.
참고문헌 (27)
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