困境公司价值相关性研究

本文运用计量经济模型探讨了中国上市公司价值的相关性问题。研究发现在决定中国上市公司价值的因素中 ,资产负债表和损益表对困境公司和正常经营公司的影响是不一样的。对于经营困境公司 ,权益的账面价值与股价之间不存在显著的正相关关系 ,而盈余与股价之间却存在不显著的负相关关系。对于正常经营公司 ,盈余与股价之间有正相关关系。本文的研究结论表明完善上市公司的退市规则和破产法规 ,完善公司上市制度对于健全中国的证券市场是非常重要的。

A Study of the Value Correlation of Corporations in Predicament

An econometric model has been used in this paper to discuss the correlation of the value of China's listed companies. As a result of our study, we have found that, of the factors deciding the value of China's listed companies, the impact of statement of assets and liabilities and income statement upon companies in predicament is different from that upon normally operated ones. In companies in serious straits, there exists no obvious directcorrelation between equity book value and stock prices, but there exists unobvious negative correlation between surplus and stock prices. But in normally run companies, there is direct correlation between surplus and stock prices. The study in this paper shows that it is of great importance to the amplification of China's securities market to perfect the rules that listed companies withdraw market, and the regulations of bankruptcy, and to perfect the system of listing.