Building Valuation Model of Enterprise Values for Construction Enterprise with Quantile Neural Networks
學年 104
學期 2
出版（發表）日期 2016-02-01
作品名稱 Building Valuation Model of Enterprise Values for Construction Enterprise with Quantile Neural Networks
作品名稱（其他語言）
著者 Yi-Cheng Liu; I-Cheng Yeh
單位
出版者
著錄名稱、卷期、頁數 Journal of Construction Engineering and Management 142(2), 04015075(12 pages)
摘要 This paper aims to overcome the drawbacks of current business valuation models. The authors have developed a novel model: Growth Value Model by employing the Income-Asset-Hybrid-based approach and with the application Quantile Neural Networks. This model is greatly strengthened with the main assumption of stockholders equity growth rates following the mean reversion principle. This makes the discounted present value of stockholders equity in the infinite future converge to a bounded value. The empirical findings have significant contributions to the business valuation of property development and construction industries. They include (1) the business valuation model of the above two industries is quite different from those of other industries. The enterprise values of these two can be significantly overestimated if the business valuation model for total industry is applied. (2) The patterns of Price-to-Book value ratio (PBR) curves indicate that the Growth Value Model is highly useful and effective in various industries only if the Return on Equity Ratio (ROE) is larger than zero.
關鍵字 Quantile regression analysis;neural network;construction enterprise;enterprise value
語言 en_US
ISSN 0733-9364 1943-7862
期刊性質 國外
收錄於 SCI
產學合作
通訊作者
審稿制度 是
國別 USA
公開徵稿
出版型式 ,電子版,紙本
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/106193 )