CAJ | 학술논문

本文在对中国资本市场1999～2005年亏损公司和盈利公司会计盈余和净资产账面价值的价值相关性作出对比分析之后，发现亏损公司会计盈余价值相关性弱于盈利公司，但每股净资产对股票价格的解释力度高于每股盈余对股票价格的解释力度，并且具有增加价值相关性，同时，规模变量是影响亏损公司股价的重要因素之一，但亏损公司现金流量价值相关性弱。
본문재대중국자본시장1999～2005년우손공사화영리공사회계영여화정자산장면개치적개치상관성작출대비분석지후，발현우손공사회계영여개치상관성약우영리공사，단매고정자산대고표개격적해석력도고우매고영여대고표개격적해석력도，병차구유증가개치상관성，동시，규모변량시영향우손공사고개적중요인소지일，단우손공사현금류량개치상관성약。
This paper makes a comparative analysis on the value relativity of the accounting earnings and net assets book value, based on the loss companies and profitable companies of 1999 - 2005. The result indicates that the value relativity of loss companies＇ accounting earnings is more weak than profitable companies, however, the explanation to stock value from net assets per share is higher than the earnings per share, and net assets per share also has the additional value relativity. Meanwhile, size variable is one of the important determinants that influence the stock price of loss companies, however, the value relativity of cash flow in loss companies is weak.