배당 가치 평가법과 할인현금흐름 가치 평가법을 활용한 외식기업의 가치배수 평가에 대한 연구

Abstract

Different from the previous market-based accounting studies, recent research on firm valuation using multiples is necessary in valuation measurement perspective. While multiples are used extensively in practice, there is little published research in academic literature documenting the absolute and relative performance of different multiples. The main interest is to measure firm value using multiples as an appropriate foodservice company valuation measurement system and to provide empirical evidence on accuracy of the multiple valuation estimates. Valuation method using multiples estimates a target firm’s price based on multiples of that firm’ s comparable firm. In this study we examine the proximity to enterprise value (EV) generated by multiplying a value drivers (such as earnings) by the corresponding multiples, where the multiple is obtained ratios from a group of comparable restaurant firms in the same industry and the same year. T-test shows some average means differences by the effect of valuation methods such as a stock dividend valuation method and a discount cash flow method. The findings imply that a multiple contains reliable information, which is useful for the improvement of the valuation accuracy.