Modelos de valoración basados en magnitudes contables: limitaciones del modelo de resultado residual

Abstract

Capital markets accounting research has recently redirected its interest towards valuation models. During the past decade, the Residual Income Valuation Model (RIVM) has become prominent in the literature. The objective of this paper is to analyze the conceptual foundations of the RIMV. After indicating its advantages in comparison with the traditional valuation models, we focus on the description of its limitations from a theoretical and empirical point of view. The most significant shortcomings which are analyzed are: the violation of the clean surplus relationship, the scale effect, and the estimation of terminal value.