Research On The Time—Varying Path Of The Firm’s Value Based On The Spring Oscillator Model

The human economic activities is the first time in the form of individual or family, but with the passage of time and are engaged in economic activity continues to deepen, the company. In view of the company plays an important role in the modern economy, study and evaluation on the value of the company has been a financial company is one of the most important topic, whether it is the equity investment, merger and reorganization of assets the successful premise is to confirm the value of the company. The popular method of mature companies generally have the following value measurement, asset based method, market method and discounted cash flow method and related derivative model, option pricing model and Tobin Q ratio etc.. However, the measure method is usually used to measure a static time point on the value of the company. The general law of few articles company value changes with time and show. In view of this, this paper selects the 2003 to2010 period of 841 listing Corporation as research sample, from 2003 to 2014 annual report data as panel data, reference oscillator physics model to its value curve changes with time after the listing of the Fitting Companies in the kinematics equation of vibration damping state, and try to parameters with a few statistics and finance can be explained, in the premise of interference from external factors under the variation of optimal value of description after the listing of complex company,whether the value of the company is to study the change of time effect, empirical test of China Company after the listing of its value changes with time of general law,further analysis of the significance and the parameters of the law and give areasonable explanation. To provide a new idea and method for the study of financial market investors and policymakers value and value management.This paper is divided into 4 chapters. Chapter 1 is the introduction part of this article, this part mainly discusses the background and significance of the research of the value of the company, reviewed in recent years, scholars at home and abroad on company value theories research conditions and results, and briefly introduces the research methods, research framework to innovation and the main points.The second chapter introduces the research value of the relevant theoretical research at home and abroad and the mainstream company. In this chapter, first of all to relate to the theory of company value measure were a systematic review, including the following aspects, the asset based approach, market approach, cash flow discount method, option pricing model, Tobin’s Q ratio method and, and points out that the advantages and disadvantages of above. Then the current value of the company according to the change rule of the literature review, this research is mainly developed based on the theory of enterprise life cycle. Finally, the relevant literature on the factors affect the company’s value is summarized combing the literature basically revolves around the expansion of MM theorem.In the third chapter, we make a detailed description of the physical model and related methods of the spring oscillator under the condition of under damping. At first, a brief overview of the spring oscillator model is made, including the equations of motion of the three states, including over damping, critical damping and under damping. Then the spring oscillator model can be used to describe the reasons for the change of the value of the listing Corporation. Finally, the software, algorithms and other models used in this paper are summarized.In the fourth chapter, the fitting parameters of the prior spring oscillator model are given, and then the empirical test results are obtained by using the panel data model to give a reasonable explanation. Firstly illustrates the variable selectionmethod, and then explain data screening process and standards, reasons of selecting such data, and establish the corresponding panel data model. Finally, the national2003 to 2014 A-share listed company data, respectively, for the panel regression, and the regression results were compared and analyzed. Results showed that most of the parameters a and E in 1% of the significance levels through the model test,confirmed the endogenous variation in the value of the company is consistent with the hypothesis of the spring oscillator under damping vibration model, and eliminate the market factors are better than the results did not exclude market factors, two indicators of Tobin’s Q C and Tobin’s Q D effect is better than that of Tobin’s Q A and Q B. The value of listing Corporation changes over time has internal rules.