企業価値評価モデルDCF,DDM,DGMの比較検討
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概要
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Although the values of DCF, DDM, and RIM should be theoretically equal under a perfect market and clean surplus accounting, differences are observed in their actual values and stock relevance. This paper discusses DGM, which is a developed model of DDM, by using the MM theory, and compared the values and stock relevance of DCF, DGM, and DDM. It concluded that the values were greatest in order of DCF, DGM, and DDM, and that of stock relevance were DDM, DCF, and DGM.