亏损公司会计盈余价值相关性实证研究  

An Empirical Study of the Value Relativity of Loss Company's Accounting Earnings

作　　者：唐国琼[1] 

机构地区：[1]西南财经大学会计学院,四川省成都610074

出　　处：《金融研究》2008年第11期146-159,共14页Journal of Financial Research

摘　　要：本文在对中国资本市场1999～2005年亏损公司和盈利公司会计盈余和净资产账面价值的价值相关性作出对比分析之后,发现亏损公司会计盈余价值相关性弱于盈利公司,但每股净资产对股票价格的解释力度高于每股盈余对股票价格的解释力度,并且具有增加价值相关性,同时,规模变量是影响亏损公司股价的重要因素之一,但亏损公司现金流量价值相关性弱。This paper makes a comparative analysis on the value relativity of the accounting earnings and net assets book value, based on the loss companies and profitable companies of 1999 - 2005. The result indicates that the value relativity of loss companies＇ accounting earnings is more weak than profitable companies, however, the explanation to stock value from net assets per share is higher than the earnings per share, and net assets per share also has the additional value relativity. Meanwhile, size variable is one of the important determinants that influence the stock price of loss companies, however, the value relativity of cash flow in loss companies is weak.

关 键 词：亏损公司 会计盈余 价值相关性 

分 类 号：F275[经济管理—企业管理]