Ohlson(1995)模型的非財務資訊解釋：管理品質觀點

Abstract

由於許多研究質疑會計資訊的有用性及效率性，本論文試圖以非財務資訊來解釋公司市場價值及帳面價值的差異，我們採Ohlson(1995)股權評價模式，將會計報表所無法涵蓋的資訊如管理品質，納入評價模型中。Chemmanur et al. (2005, 2009) 提到好的管理品質代表管理團隊投資時傾向選擇高淨現值的投資計劃，進而增加公司價值。根據2000年至2009年美國企業資料，我們發現管理品質確實對Ohlson (1995)中提到的非財務資訊具有解釋能力。

Many studies question the usefulness and effectiveness of accounting information. Therefore, this study attempts to explain the gap between the market value and book value of a firm by using non-financial information by using the data of American firms from 2000 to 2009. Chemmanur et al. (2005, 2009) argue that high quality managers tend to choose positive NPV projects and enhance the value of the company. Therefore, this research adopts Ohlson (1995) equity valuation model and takes management quality as a non-financial factor into the valuation model. Empirical results conclude that good management quality significantly explain the gap between firm’s market value and book value.