国外亏损公司价值驱动因素研究述评  

A Review of the Studies of Value Drive Factors of Foreign Loss Firms

作　　者：杜勇[1] 干胜道[2] 杜军[3] 

机构地区：[1]西南大学经济管理学院,重庆400715 [2]四川大学工商管理学院,四川成都610653 [3]广东海洋大学经管学院,广东湛江524088

出　　处：《广东商学院学报》2009年第4期69-74,共6页Journal of Guangdong University of Business Studies

基　　金：国家自然科学基金项目(70672013);国家社会科学基金项目(09CJY085);广东省哲学社会科学"十一五"规划项目(08YO-01)

摘　　要：从亏损状态的持续性、非预期盈余、清算期权、亏损逆转的可能性和特殊事件的披露等方面对国外有关亏损公司价值驱动因素的研究进行梳理。发现现有研究存在的不足主要是研究范围过窄,研究层次不够深入,且以有效市场理论为基础难以指导当前中国证券市场的实际情况。针对我国资本市场,应将投资者的各种预期作为亏损公司价值的主要驱动因素,并在此基础上明确进一步研究的方向。This paper analyzes the domestic and overseas studies on Earnings Response Coefficient of foreign loss firms from the aspects of losses＇ continuity, non-expected surplus, liquidation options, the possibility of a reversal of loss and the disclosure to special events. The study shows that the shortage of the current study lies in the following aspects ： narrow range of study, shallow research level, the study based on available market theory is hard to reflect the actual situations of China securities market. The paper conclude that, in view of the China capital market, the investors＇ anticipations should be viewed as the main driving factors to the loss firms＇ value, hence the direction for further study is also clarified.

关 键 词：价值驱动因素 盈余反应系数(ERC) 亏损逆转 非预期盈余 重组 

分 类 号：F272[经济管理—企业管理] F224[经济管理—国民经济]