亏损上市公司价值相关性实证分析

Empirical Analysis of Value Relevance of Loss-making Listed Companies

会计盈余是影响上市公司股票价值的一个重要因素。以我国亏损上市公司为对象,根据亏损性质的不同将亏损公司分为单赤字公司、虚双赤字公司、实双赤字公司以及三赤字公司四类。实证分析显示:亏损最为严重的是三赤字公司,其会计盈余和权益账面价值与股价之间均不存在显著的相关性。

Accounting earnings is one of most important attributes which influence the stock price of listed companies. According to the characters of loss, those loss - making listed companies can be divided into single deficit companies, empty double deficit companies, solid double deficit companies and three deficit companies. The empirical analysis reveals that three deficit companies are companies with the most heavy loss among these com- panies, and there is no remarkable relevance between accounting earnings, book value of rights and interests and stock prices.