政府补贴、成长性和亏损公司定价  

Government Financial Supports,Corporate Growth and Pricing Listed Company with Loss

作　　者：逯东[1] 孟子平[1] 杨丹[2] 

机构地区：[1]西南财经大学会计学院 [2]西南财经大学工商管理学院

出　　处：《南开管理评论》2010年第2期97-104,共8页Nankai Business Review

基　　金：国家自然科学基金项目(70672112);教育部“新世纪优秀人才支持计划”(NCET-06-0816);四川省哲学社会科学研究规划项目(SC08B22)资助;财政部全国会计学术带头人后备人才培训项目;西南财经大学“211工程”;西南财经大学“151工程”

摘　　要：本文以Ohlson模型考察2002-2007年A股亏损公司定价问题。针对亏损公司盈余与权益价值负相关这一异常现象,我们通过将政府补贴、成长性、研发支出和负债融资信息引入定价模型,发现政府补贴、成长性和负债因素能够有效改善模型,消除了盈余与权益价值显著负相关的异常现象,改善了定价模型的效果。通过从规模和净利润两个维度对亏损公司的进一步分类,我们发现从净利润维度来看,政府向那些更容易通过非经常项目扭亏的公司提供了更多财政补贴,并且政府补贴与净利润为正公司的权益价值显著负相关,与净利润为负公司的权益价值不存在显著相关关系;从规模维度来看,上述现象在小公司样本更加明显。Using a sample of A-share listed companies with loss from 2002 to 2007, this paper examines these companies＇ equity valuation by Ohlson model. According to the abnormal negative relation between loss companies＇ earnings （earnings before extraordinary items） and their value of equity, we add government financial supports, corporate growth, cost of R＆D and debt into the fundamental Ohlson model. Then, we find that in most cases, these new variables can improve the model and the significant negative relation between market value of equity and earnings disappear. We select two dimensions, firm size and earnings benchmark （zero）, to get to the heart of the matter. Based on net income （the number of bottom line）, we find that the listed companies which can easily achieve profit by extraordinary profit-loss items received more financial supports from government, but the financial supports significantly negative relate with market value of equity. While the market value of equity of listed companies which net income is negative has insignificant relation with financial supports. Base on firm size, this phenomenon is more obvious in small firms. The market deals with the government financial supports as a ＂bad news＂. The more financial supports received from government, the worse about these listed company. Overall, our conclusion includes that： （1） The fundamental Ohlson model has little usefulness on value of loss listed companies, especially the large firms. There is a significant negative relation between earnings （earnings before extraordinary items） and market value of equity. （2） The variables of government and corporate growth can improve the Ohlson model. （3） The cost of R＆D cannot improve Ohlson model. （4） Long-term liability can improve Ohlson model on the sample of large firms; on the other hand, the result of short-term liability is not stable. （5） In most cases, the book value of equity has stable significant relation with market value of equity, but the earn

关 键 词：亏损公司 政府补贴 成长性 OHLSON模型 

分 类 号：F275[经济管理—企业管理]