用殘留收益來評價公司價值

最近越南的各個公司對於「殘留收益」都相當熱中，這種方法在越南越來越普遍，然而目前在越南「殘留收益」模型的相關研究很少，因此觸發本研究的動機。理論上，有以下發現：(1)伸展線性殘留收益模型，本研究已納入經濟租因此形成非線性殘留收益模型。(2)本研究導向的非線性殘留收益模型帶入Ohlson模型，並殘留收益與公司價值的關係由於起初Ohlson模型認為的線性模型改成非線性模型。為了解釋本研究建立模型，本研究使用越南上市公司2008－2017年期間25家越南大公司財務報表來實證研究。結果指出(1)及(2)都成立。進一步，當納入下一期非線性殘留收益的時候，本期線性殘留收益對本期公司價值的預先推測從顯現變成不顯現，可以說下一期非線性殘留收益可顯現。因此，非線性殘留收益模型可以說比線性殘留收益模型好。

關鍵字

殘留收益；公司價值

並列摘要

Recently, various companies have been very enthusiastic about “surplus earning”. This method is also becoming more and more common in Vietnam. However, nowadays, there are limited relevant studies on the “surplus earning” model in Vietnam, which has triggered the motivation of this study. Based on theoretical derivation, this study revealed two important findings. First, the previous surplus earning model, in which the recent period and the next period has a linear relationship, was extended. This study added economic rent to present a new model in which the recent and the next periods are nonlinear. Second, non-linear surplus earning model of this study is recreated based on the Ohlson model (linear model). In order to clarify the establishment of the model in this study, empirical research was conducted by using the annual data of 25 companies in Vietnam from 2008 to 2017. The results show that the first and second points derived from the above theories are all supported. Especially, when the surplus earning of the next period is added to the non-linearity, the linear predictive power of the surplus earning of the current period towards the company’s value in the current period will change from significant to insignificant. Similarly, the non-linear surplus earning model in the next period can be significant. Therefore, it can be concluded that the nonlinear model is better than the linear model.