公司价值评估:奥尔森模式及其启示

主要包括3个部分。第一，通过对公司价值评估的基本界定，指出公司价值评估是对一个公司净资产的市场价值进行评估；第二，简要评介了美国纽约大学奥尔森教授于1995年提出的一个公司价值评估的新模式，该模式最大的特点是把公司价值表示为其账面价值和未来异常盈余的折现值之和；第三，针对如何理解EVA、评价财务报告的相关性以及评价不同国家的会计制度给出了该模式对我们的启示．

Corporate valuation: ohlson''s model and the inspirations

This paper falls into 3 parts. In the first one, we point out that corporate valuation is to valuate the corporation's equity rather than to valuate the corporation's asset; In the second part, we introduce a new model which is developed by Professor Ohlson in 1995. According to this model, a firm's value equals its book value adjusted for the present value of anticipated abnormal earnings. In the last part, some inspirations are given, such as how to understand EVA, to valuate the relevance of financial report and to valuate the accounting models of different countries.