摘要
以2009-2013年沪深A股制造业上市公司为样本，研究资产质量、盈余质量与公司价值的内在联系，结果发现，公司的资产质量与盈余质量显著正相关，盈余质量与公司价值也显著正相关。进一步分析发现，资产质量、盈余质量和公司价值之间的关系会因公司财务风险的高低不同而呈现差异性。这表明，上市公司强化对资产质量的治理有助于形成高质量的盈余，并对提高公司价值具有传导作用。
By using samples of A-share listed manufacturing companies during 2009- 2013 collected in Shanghai and Shenzhen stock market, this paper analyzes internal relations between assets quality, earnings quality and corporate value. The results present a significant positive correlation between assets quality and earnings quality. Besides, earnings quality is found to be significantly positively related to corporate value. Further analysis shows that re- lation between assets quality, earnings quality and corporate value will change given differ- ent levels of corporate financial risk. This paper indicates that strengthening assets quality governance of listed companies not only helps raise earnings quality, but also has conductive effect to enhance corporate value.
出处
《金融经济学研究》
CSSCI
北大核心
2016年第3期85-97,共13页
Financial Economics Research
基金
国家社会科学基金项目(12BJY018)
中南财经政法大学研究生创新教育计划项目(2014B0905)
关键词
资产质量
盈余质量
公司价值
assets quality
earnings quality
corporate value
