管理者能力是传递平台型互联网企业价值的信号吗——基于财务和非财务指标价值相关性的检验结果

Is Managerial Ability the Signal to Market Value for Platform-based Internet Companies?A Study Based on Value-relevance Test Results of Financial Indicators

基于管理者能力视角,本文以1986-2015年纽约证券交易所和纳斯达克上市的平台型互联网企业为对象,结合财务指标与互联网企业价值之间可能存在的弱相关性,从财务指标、非财务指标、财务—非财务指标三个维度对传统管理者能力模型进行扩展,在此基础上实证检验管理者能力对平台型互联网企业价值的影响。结果表明,管理者能力与企业价值之间存在一定的相关性,管理者能力越强,企业的现行价值和未来价值也越大。此外,除了非财务指标衡量的管理者能力建模不显著外,其他方式衡量的管理者能力均与企业价值显著正相关,但财务—非财务指标混合测度的管理者能力模型,相较于传统以财务指标为主的管理者能力模型,对平台型互联网企业价值的解释力和预测效果更佳。不同于已有文献关于财务指标在互联网企业价值评估中几乎失效的主流观点,本文结果表明,基于财务指标的管理者能力测度能够向市场有效传递平台型互联网企业的价值信号。

Is managerial ability the signal to market value for plat- form-based internet companies？ Can managerial ability not only reflect the current market performance, but also have a forward-look- ing effect on the future value as a leading indicator？ This article tries to explore this problem in theory and in practice. Based on the perspective of managerial ability, drawing upon New York StockExchange and NASDAQ listed platform-based internet enterprises from 1986 to 2015, according to findings about weak value-relevance of financial indicators for internet companies, we extend the tradi- tional model of managerial ability from three dimensions （financial, non-financial, financial and non-financial indicators） and on the basis of extended measures examines the influence of managerial ability on market value of platform-based internet companies. The results show that there is a certain correlation between managerial ability and corporate value, that is, better managers always generate greater market value not only of the present but also of the future. Moreover, apart from modeling only containing non-financial drivers which do not have a significantly different effect on market value, managerial ability which is measured by other indicators is positively related to corporate performance. However, managerial ability model with financial and non-financial mixed indicators has more incremental explanatory and predictive power than with traditional financial in- dicators. The contribution of this paper is as follows： First, this study enriched the theory of value evaluation for platform-based internet companies. Although the previous literatures consider that the use of financial indicators to evaluate the market value of platform-based internet companies is not optimistic, this paper confirmed that it is still feasible in the modeling of managerial capabilities, indicating that financial indicators in some aspects can also pass the value sig- nals of internet companies to the market. In addition, we proposed that the use of non-financial indicators alone for the valuation of plat- form-based internet companies may be inaccurate, and combination of financial and non-financial indicators can play a complementary role in valuation results, taking the non-financial indicators of high volatility, inaccessibility, and differences in statistical calibers and algorithms into consideration. Second, the study expanded measure- ment methods for managerial ability. Based on the managerial capa- bility modeling of Demerjian et al, we proposed the platform-based internet enterprise manager capability model in a targeted manner, which expanded traditional modeling methods by mixing financial and non-financial indicators. Finally, the study confirmed managerial ability the explanatory and predictive power for the market value of platform-based internet companies. Different from the consensus that financial indicators have almost failed to evaluate the value of internet companies, this paper shows that management ability which based on financial indicators also helps to signal market value of plat- form-based internet companies.