摘要
以2003～2006年642家亏损上市公司为研究样本，对影响亏损上市公司股价的各种因素进行了实证分析，结果表明：预期卖壳的可能性、预期重构收益、预期关联方交易收益、预期重组收益、预期政府补贴或税收优惠、债务展期或债务和解、大股东占用资金和对外担保等题材面因素均与亏损公司股票价格之间呈显著的线性相关性，说明这些“表外信息”是影响亏损上市公司股价的重要因素；亏损公司股票价格与每股清算价值之间存在显著的折线（分段线性）相关关系，这证实了“清算期权（或放弃期权）会增加亏损上市公司价值”的观点。
This article takes altogether 642 loss firms from 2003 to 2006 as studying sample from investor＇ s angle, conducts the empirical study ＇about each kind of factor affecting the stock price of loss firms. The result indicates： （ 1 ） some surface factors, concluding the possibility of pre - selling future delivery shell, the anticipated restructuring income, the anticipated income of connection side transaction, the anticipated reorganization income, the anticipated government subsidy or the tax preferential benefit, the extension of loan period or the reconciliation, the major stockholder take fund and foreign guarantee and so on assume the remarkable linear relevance with the stock price of loss firms. It explained this information outside the table is the important influence factor of stock price of loss firms; （2） loss firm stock price has remarkable broken line （partition linearity） with each settlement value, which confirmed the viewpoint that the settlement option （or giving up option） can increase the value of loss firms.
出处
《山西财经大学学报》
CSSCI
北大核心
2009年第4期106-115,共10页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金资助项目"基于自由现金流量的我国上市公司业绩变化研究"(批准号:70672013)
广东省2007年度会计科研课题"公司治理中的内部控制问题研究"
"上市公司会计信息质量与公司治理的相关性研究"
关键词
卖壳预期
亏损逆转
盈余反应系数
非线性
anticipated selling the shell
loss reversal
Earnings Response Coefficient
Non - linearity
