An Exploratory Study on Value Relevance of Sustainable Growth Rate—— Evidences from Chinese and American Listed Companies

Based on relevant researches, it can be said that it is a development of valuation perspective to determine sustainable growth rate （SGR） as an accounting variable for study on value relevance. The author selects samples from Chinese and American listed companies. The finding includes： the SGR of Chinese listed companies has value relevance and SGR is more significant than EPS, BV and EVA; the SGR of American listed companies does not have value relevance, with possible reason of timeliness of data that are selected after 2001, and the most significance of EVA.

董责险治理会诱发企业的激进投融资行为吗?

以2013—2020年我国沪深A股非金融类上市公司为研究样本,考察董责险治理对企业激进投融资行为的影响,发现:引入董责险治理会诱发企业进行超额融资和过度并购等激进投融资行为。进一步地,董责险治理诱发的超额融资、过度并购等激进投融资行为会阻碍企业“脱虚向实”。吸引保险机构投资者、合理设置赔偿限额以及交易所监管问询可以防范董责险治理诱发的激进投融资行为。本文的研究不仅可以丰富董责险治理经济后果以及企业激进投融资行为影响因素的文献,而且可以为董责险治理机制的实践应用提供一些经验证据。