Implied terminal value is composed of three components-estimated implied terminal value, realized implied terminal value and revision in the implied terminal value.

论文主要从三个方面来考虑内在终值，即估计的内在终值、实际实现的内在终值和内在终值的修正。

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Results show that there is significant positive relationship between estimated implied terminal value, realized implied terminal value and future abnormal earnings;

研究结果表明，估计的内在终值和实际实现的内在终值都与预期超额收益存在显著正相关；

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Results show that there is significant positive relationship between estimated implied terminal value, realized implied terminal value and future abnormal earnings;

研究结果表明，估计的内在终值和实际实现的内在终值都与预期超额收益存在显著正相关；

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