دانلود رایگان مقاله انگلیسی تاثیر هزینه های خالص مالی در ارزیابی سهام - نشریه الزویر

Abstract

This study investigates the relevance of net financial expenses with respect to equity valuation in an IFRS accounting regime. According to the residual earnings valuation model, income related to balance sheet items that are recorded at fair value is not applicable for valuation purposes. There are no residual earnings associated with these items because the balance sheet provides ‘perfect’ value estimates for the items in question. In accordance with the contention that under IFRS, aggregate net financial liabilities are recorded at a book value that is close to fair value, this study demonstrates that net financial expenses are not associated with the market prices of stocks. The investigation discusses the empirical findings in light of the enduring controversies regarding the use of fair value accounting.

6. Conclusion

The empirical analysis performed in this study suggests that on average, net financial liabilities are recorded at values that are close to their fair values. This finding is in accordance with Penman’s (2013, p. 441) contention that “. . .book value is usually a reasonable approximation to market value”. Thus, there are no residual earnings associated with net financial liabilities. The ‘true’ values of these assets and liabilities can be found on the balance sheet, and net financial expenses do not need to be incorporated into the valuation models. Therefore, the study indicates that the residual operating income model can approximate the residual earnings model. However, it should be noted that this conclusion does not necessarily hold for companies with relatively high quantities of financial items that are measured at historical cost. Moreover, this conclusion may also be invalid in unstable financial markets that feature rapidly changing interest rates. Thus, the conjecture that for certain firms and specific economic states, the residual operating income model is a poor alternative and the ‘full’ residual earnings model must be used cannot be discounted.