SELF-ADAPTIVE VALUATION OF EQUITY BASED ON OHLSON MODEL
基于Ohlson模型的企业权益价值自适应估计

The valuation of enterprises' equity is fundamental to the investors. In 1995, J. Ohlson proposed RI (Residual Income) to develop a new method for the valuation. However, Ohlson's model requires rightly estimating the yield and RI in future stages, hence is less practical. This paper gives a new model for equity valuation based on Ohlson's and Gordon's models. The key parameter of the model can be estimated by an iterative process which is developed by utilizing new information in the growing course of the enterprises evaluated. It is proved that the estimating process is convergent and hence the model is more practical.