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借助Ohlson模型中股票内在价值与会计信息之间准确的数学逻辑关系,假定企业按利润大小的固定比率支付给股东股利,在借鉴Kormendi和Lipe盈余可持续模型的基础上,运用Ohlson模型对Kormendi和Lipe的盈余可持续模型进行了优化,并构建出了更符合现实条件的盈余可持续性指标模型.接着,对求得的盈余可持续性指标和Kormendi和Lipe的盈余可持续性指标的有用性进行了比较性的实证检验.我国34家上市公司的意外盈余反应系数的实证分析表明:所求的盈余可持续性优化模型对我国上市公司的盈余反应系数具有更强的相关性,从而进一步证明了该模型更符合现实假设之下的盈余可持续性模型的有用性.
With the exact mathematical logic between the intrinsic value and the accounting information in the Ohlson model, assuming that the firm pays dividends to the shareholders at a fixed rate of profit, based on the Kormendi and Lipe Earnings Sustainability Models and the Ohlson model, Lipe’s earnings sustainability model is optimized and a more realistic model of earnings sustainability is built.Furthermore, the usefulness of the earnings sustainability indicators and earnings sustainability indicators of Kormendi and Lipe A comparative empirical test is carried out.The empirical analysis of the unexpected earnings response coefficients of the 34 listed companies in China shows that the model of the earnings sustainability optimization has a stronger correlation with the earnings response coefficient of the listed companies in our country and further proves The model is more in line with the usefulness of the earnings sustainability model under realistic assumptions.