为何选择ROE作为股权再融资的业绩门槛?——可比性视角下的经验研究

Why Is ROE the Performance Threshold in Equity Refinancing?——The Empirical Study from the Perspective of Comparability

借助于风险厌恶假设及不同行业的公司管理层具有相同风险偏好的假设,在对行业间各公司净资产收益率(ROE)可比性优势进行理论分析的基础上,运用2006年至2010年的中国上市公司数据进行检验,研究结果显示:在剔除盈余管理因素后,行业间总资产净利率(ROA)和息税前利润率(EBITOA)标准差的差异较行业间ROE的标准差的差异更为明显,分布更广泛;公司间ROA及EBITOA标准差的差异较公司间ROE标准差的差异更能够由公司的行业特征来解释。这表明行业间各公司的ROE具有较好的可比性。对ROE、ROA及EBITOA的操纵难度进行比较,结果显示操纵ROE的难度最大。

Based on the assumptions of risk-aversion and the same risk preferences of the corporate management in different industries,this paper carries out a theoretical analysis on the competitiveness in comparability of the corporate ROE in different industries,and also tests the analysis results with the samples of listed companies during 2006—2010.The study shows that after eliminating the factor of earnings management,the differences in standard deviations of ROA and EBITOA in different industries are more prevalent than those of ROE.With respect to the changes of standard deviations of ROE in different companies,the differences of ROA and EBITOA can be well interpreted by their industry features.This indicates that corporate ROE of different industries has fairly good comparability.This paper has also compared the difficulties on controlling ROE,ROA and EBITOA,and ROE is the most difficult to control.