财务困境类公司资产结构的价值相关性研究

Research on the Value Relevance of Asset Structure for Financially Distressed Listed Companies on China Security Market

在价值相关性实证研究中,财务困境类公司往往被视作异端观测而剔除,其资产结构包含着变现与重组等重要的价值相关信息。以中国证券市场2007—2009年ST类公司为样本,实证检验了财务困境类公司资产结构的价值相关性,研究发现:流动资产比率和可担保资产比率与其股价显著正相关;每股净资产与公司股价显著正相关;每股盈余和资本结构则不具有价值相关性。

Among the standardized value-relevance related researches,the financially distressed firms are usually directly excluded as extreme outliers.Based on a sample of ST（i.e.specially treated） listed firms on China security market from 2007 to 2009,this paper empirically tests the value relevance of asset structures of financially distressed firms.Empirical results show that both the current asset to total asset ratio and the collateralizable asset to total asset ratio have significant positive influence on stock prices.Additionally,we also find that equity per share is positively value relevant,with earnings per share and capital structure to be value irrelevant within our sample at the same time.