管理科学
管理科學
관이과학
Management Sciences in China
2015年
1期
83~95
,共null页
资产质量 实物期权 价值体现 清算期权 增长期权
資產質量 實物期權 價值體現 清算期權 增長期權
자산질량 실물기권 개치체현 청산기권 증장기권
asset quality ; real option; value embodiment ; abandonment option ; growth option
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。
依據實物期權理論,以2010年至2013年中國A股上市公司為研究樣本,按是否屬于sT公司和資產質量得分的十分位數對樣本進行分組,研究資產質量得分及其特徵對企業價值的影響,進一步使用Vuong檢驗分析不同組彆樣本公司資產質量特徵錶現在價值體現形式的差異性。研究結果錶明,不同資產質量的公司具有不同的實物期權類型,資產質量高的公司體現齣增長期權價值,而資產質量低的公司體現齣清算期權價值。處于成長期的企業,資產的盈利性佔主導地位;嚴重價值燬損的企業,資產的穫現性髮揮主要作用。中國資本市場整體處于價值增長階段,但部分經營狀況噁化的企業影響瞭市場的髮展,該結論為上市公司退市製度提供瞭直接證據支持。
의거실물기권이론,이2010년지2013년중국A고상시공사위연구양본,안시부속우sT공사화자산질량득분적십분위수대양본진행분조,연구자산질량득분급기특정대기업개치적영향,진일보사용Vuong검험분석불동조별양본공사자산질량특정표현재개치체현형식적차이성。연구결과표명,불동자산질량적공사구유불동적실물기권류형,자산질량고적공사체현출증장기권개치,이자산질량저적공사체현출청산기권개치。처우성장기적기업,자산적영리성점주도지위;엄중개치훼손적기업,자산적획현성발휘주요작용。중국자본시장정체처우개치증장계단,단부분경영상황악화적기업영향료시장적발전,해결론위상시공사퇴시제도제공료직접증거지지。
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".