资产质量、实物期权与价值体现

Asset Quality,Real Option and Value Embodiment

依据实物期权理论,以2010年至2013年中国A股上市公司为研究样本,按是否属于ST公司和资产质量得分的十分位数对样本进行分组,研究资产质量得分及其特征对企业价值的影响,进一步使用Vuong检验分析不同组别样本公司资产质量特征表现在价值体现形式的差异性。研究结果表明,不同资产质量的公司具有不同的实物期权类型,资产质量高的公司体现出增长期权价值,而资产质量低的公司体现出清算期权价值。处于成长期的企业,资产的盈利性占主导地位;严重价值毁损的企业,资产的获现性发挥主要作用。中国资本市场整体处于价值增长阶段,但部分经营状况恶化的企业影响了市场的发展,该结论为上市公司退市制度提供了直接证据支持。

With the increasingly demands for asset-liability in the post- era of financial crisis, asset quality has become an impor- tant subject of the listed companies. Based oil real options theory and from the perspective of the growth option and abandonment option, we investigate the value embodiment mechanism given the context of asset quality＇s function of corporate governance. By employing data of China＇s A-share listed companies from 2010 to 2013 to build OLS model, we analyze the influential factors on enterprises value of asset quality by five dimensionalities-authentieity, profitability, liquidity, cashability and sustainability, and group them either by the company＇s ST or by deciles of the sample＇s asset quality. This paper maiuly studies the impact asset quality score and its characteristics to enterprise value respectively. Moreover, by using Vuong test, we further examine the dif- ferentiation of asset quality characteristics manifested in value embodiment among different companies＇ sampling groups as above stated. The results show that first of all the asset quality characteristics embody two aspects of real option ： growth option and Aban- donment option. Secondly, in general, China＇s A-share listed companies behave in accordance with value creation characteristic performed by asset quality. When grouped by asset quality, companies with high asset quality reflect growth option value, while companies with low asset quality reflect abandonment option value. Further study also shows that, the profitability of assets plays a major role when an enterprise is in the growth stage while the liquidity of assets is dominant when an enterprise value derogates. These results reflect that China＇s A-share market investors focus on the profitability of enterprises while the listed companies have gone through sustainable development, yet while the listed companies are confronted with financial crisis, eashability is taken into consideration as an important evaluation index of enterprise value. This paper firstly contributes to expound the impact mechanism that assets quality has impacts on enterprise value. From the perspective of the economic consequences, we attempt to lay disquisitive base for combination macroscopic financial theory and microscopic accounting behavior so as to enrich the research paradigm and corporate value theory. Secondly, this paper proves the necessity and urgency of the implementation of the delisting system of listed companies. China capital market value has been in the growth stage for decades, but the deterioration of operating modes of some listed companies impedes the development of the market. It is believed the research results in this paper can provide some references on how to delist listed companies in China as well as some proposals for China Securities Regulatory Commission on newly（ July 4th, 2014） issued regulations of ＂Proposals on reform, improvement and implementation of the delisting system on listed Companies in China＂.