Empirical Study on Adaptability of Enterprise Valuation Model ---Comparative Study of DCF (discount cash flow) and RIV (residual income valuation) Pricing Model

摘要：

On the basis of section data of the Chinese capital market, this paper gives an empirical test on the adaptability of DCF and RIV pricing model in enterprise valuation. A comparative study is also carried on between the two methods, the result of which indicates that there is a positive correlation between the result of enterprise valuation given by DCF and RIV pricing model and the market value of enterprises; the results of enterprise evaluation given by these two models have remarkable explanatory capability of enterprises market value and are therefore effective to evaluate enterprises value, RIV model has stronger explanatory capability than DCF model, while the valuation result given by RIV model is better than DCF model.

关键词： enterprise valuation DCF pricing model RIV pricing model adaptability

作者: Xiangbin LIU

作者单位: School of Finance,Harbin University of Commerce,Harbin 150028,China

会议类型: 国际会议

会议名称: 2008 International Conference on Risk and Relianility Management(2008风险与可靠性管理国际会议)

会议地点: 北京

会议语种:英文

页码: 831-835

在线出版日期: 2008-11-10（万方平台首次上网日期，不代表论文的发表时间）