Ohlsonモデルで測定された株主価値による株価水準の検証

概要

論文の詳細を見る
The purpose of this investigation is to verify the relations between the stock price and the shareholder's value with the use of the Ohlson Model. The shareholder's value herein referred is that which adds the discounted abnormal earnings in the future to the book value at present. Firstly, a survey on the Ohlson Model is made. Secondly, some of the researches as to the shareholder's value based on the Ohlson Model previously made is introduced. According to the previous researches, it is concluded that a prediction earning by analyst has been the best index of the value. By referring to those researches previously made, the four hypothetical verification models of the value based on the Ohlson Model are herein presented. Using the models, four values are calculated in such a way as a regression analysis by use of two variables - subordination variable as a stock price and independent variables as an element of the shareholder's value. The result of regression analysis has shown that the prediction earning by analyst is the best index to work out the shareholder's value. It is concluded that the shareholder's value with the use of analyst's prediction earning is the best index, as the previous researches show, to explain the stock price level.
信州短期大学の論文
2001-12-25