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The clean surplus accounting method provides elements of a forecasting model that yields price as a function of earnings, expected returns, and change in book value.〔Ohlson, Contemporary accounting research, 1995, Earnings, Book Values, and Dividends in Equity Valuation.〕〔Ohlson and Feltham, Contemporary accounting research, 1995, Valuation and Clean Surplus Accounting for Operating and Financial Activities.〕 ==Description== Clean surplus accounting is calculated by not including transactions with shareholders (such as dividends, share repurchases or share offerings) when calculating returns. Current accounting for financial statements requires that the change in book value equal earnings minus dividends (net of capital changes).〔Ohlson, Contemporary accounting research, 1995, Earnings, Book Values, and Dividends in Equity Valuation.〕 The theory's primary use is to estimate the value of a company’s shares (instead of discounted dividend/cash flow approaches). The secondary use is as an alternative to CAPM to estimate the cost of capital. The theory is consistent with the measurement perspective. MV (market value) of the firm (hence security returns) can be expressed in terms of balance sheet (B/S) and income statement (I/S) components. The theory assumes ideal conditions. The market value of a firm = net book value of the firm’s net assets + present value of future abnormal earnings (goodwill). This allows reading the firm's value directly from the balance sheet. Key Points: 1 Actual earnings are based on “clean surplus” - ensures that all gains or losses go through the income statement. The impact of fair values is recognized in earnings. 2 Goodwill is calculated as the difference between actual and expected earnings (the same concept as abnormal earnings). 3 Expected earnings - opening shareholders’ equity X firm’s cost of capital (similar to accretion of discount.) 4 Net worth of the firm + calculated estimate of firm’s goodwill = firm value. (Converts book value to market value. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Clean surplus accounting」の詳細全文を読む スポンサード リンク
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