초과이익 분해에 대한 고찰: 점화식 가치평가 모형을 이용한 접근

In other to measure periodic performances, firms are using accounting-based measures such as sales, operating profits and earnings per share. These measures, however, have the limitations that they are not directly related to the creation of corporate value. The residual income is a periodic measure that is directly related to the value creation. The residual income is calculated by deducting the cost of invested capital from the after-tax operating income, and that can be decomposed into one part from operating activities and the other part from financing activities. Previous studies have been making errors of defining the tax shield of liabilities as the residual income from financial activities. The purposes of this study are to explain why the sum formula of values and that of residual incomes can’t be satisfied at the same time, and to suggest a new way of decomposing residual incomes. This study uses the recursive equations in order to reflect the mutual effects of cash flows, discount rates and values. Through the recursive equations, the circularity problem can be solved. Because just a few key variables derived from easily available financial data are used in these equations, these research results can be readily applicable to business practices.