Academic Scientific JournalsEmpirical Verification of Valuation Economic and Financial Models in Case of Polish Companies Listed 250 Plus
Keywords:
accounting, financial instruments, fair value, sharesAbstract
The valuation of shares and other financial instruments poses a number of problems in theoretical and practical accounting. These problems result from the application of the fair value category in share valuation. This concept makes a distinction between two basic types of shares: those for which prices are determined in active markets and those for which such prices and markets do not exist. The former shares are valuated on the basis of accounting principles and categories. The valuation of the latter ones is based on valuation models and techniques.
The results presented in the paper indicate that if balance sheet valuations of shares cannot rely on fair value determined by active markets, valuation methods and techniques should make use of the HEV based on risk-free returns and DCF model based on WIG20 returns and DCF model according to average monthly increase in WIG20 returns.
Downloads
References
Literatura
Bielawski P. (2007), Wycena bilansowa instrumentów finansowych na przykładzie strategii strangle, „Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie”, nr 752.
Bielawski P. (2008), The Theoretical Structure of the Accounting of Financial Instruments – an Outline, w: General Accounting Theory. Evolution and Design for Efficiency, ed. I. Górowski, Warsaw, Academic and Professional Press.
Bielawski P. (2010), Modele wyceny bilansowej instrumentów finansowych w świetle ogólnej teorii rachunkowości, „Zeszyty Naukowe, Seria specjalna: Monografie”, nr 197, Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie, Kraków.
Bielawski P. (2013), Wycena bilansowa akcji w teorii i praktyce rachunkowości, „Zeszyty Naukowe, Seria specjalna: Monografie”, nr 227, Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie, Kraków.
Bielawski P. (2015), Purchasing Price and Fair Value as the Basic Measures of the Value of Synthetic Financial Instruments, „Актуальні проблеми економіки”, № 10 (172), Kyiv.
Bielawski P. (2016), Value Measures in Accounting and Valuating Financial Instruments, „Актуальні проблеми економіки”, № 1 (175).
Brealey R.A., Myers S.C. (1991), Principles of Corporate Finance, McGraw-Hill, New York.
Dobija M. (1995), Antyinflacyjna interpretacja zasady kosztu historycznego, „Zeszyty Teoretyczne Rady Naukowej”, t. 32, SKwP, Warszawa.
Hendriksen E.S., Van Breda M.F (2002), Teoria rachunkowości, Wydawnictwo Naukowe PWN, Warszawa.
Jajuga K., Jajuga T. (1998), Inwestycje, Wydawnictwo Naukowe PWN, Warszawa.
Lintner J. (1965), Security Prices, Risk and Maximal Gains from Diversification, „The Journal of Finance”, Vol. 20, No. 4.
Luenberger D.G. (2003), Teoria inwestycji finansowych, Wydawnictwo Naukowe PWN, Warszawa.
Międzynarodowe Standardy Sprawozdawczości Finansowej (2011), IASB – SKwP, Warszawa.
Mossin J. (1966), Equilibrium in a Capital Asset Market, „Econometrica”, Vol. 34, No. 4.
Riahi-Belkaoui A. (2000), Accounting Theory, Business Press Thomson Learning, London.
Sharpe W.F. (1964), Capital Asset Prices: A Theory of Market Equlibrium Under Condition of Risk, „The Journal of Finance”, Vol. 19, No. 3.
Wolk H.I., Tearney M.G. (1997), Accounting Theory – A Conceptual and Institutional Approach, South-Western College Publishing, Cincinnati, Ohio.
