The Case Study of the Impact on Corporation Value Made by the Earning Quality of Private Listed Company
|School||Shenyang University of Technology|
|Keywords||Earnings Quality The value of the company Private Listed Companies|
Earnings quality and value of the company in a foreign country is a widespread concern in the research project. Earnings quality as the main variable affecting the value of the company, investors and creditors as the most important factor of the evaluation value of the company. Earnings quality as a comprehensive measure of corporate performance in the capital markets is the signal around the allocation of resources. Because of the surplus of quality play an unparalleled role in the evaluation value of the company, which leads to a series of domestic and foreign accounting fraud, thereby causing low earnings quality, which has become a worldwide problem in the capital market. Private Listed Companies in China's capital market, is emerging as a force in our country to flourish, how the perspective of the company's real profitability potential, found that the company could face a crisis in a timely manner, so as to make the right investment decisions, the need for the company value to make the right judgments, therefore, imperative to Private Listed Companies Earnings Quality on the value of the company. In this paper, the 207 sample companies private listed companies as the data, based on the analysis of the the surplus quality and value of the company about theory, combined with the characteristics of private listed companies, the use of accrued profits separation and accrued profits and cash flow matching method private listed companies under the DD model and the Johns model to measure earnings quality. Accrued profit defined as working capital accruals, residual standard deviation to represent the quality of its surplus as a measure of the value of the company's main variables. With SPSS software, test the Pearson correlation coefficient between the variables, and multivariate regression analysis model residuals standard deviation of earnings quality, as a measure of the value of the company's main argument. In this paper, market approach to assess the value of the company, use the characterization variables of price-earnings ratio (PE) as the value of the company to establish the value of the company indicators (PE) regression model of earnings quality, and were added to the earnings per share, the size of the company, the company's growth , put the target rate of return on assets and off-balance, the Pearson correlation coefficient between the variables with SPSS software testing, multiple regression analysis of earnings quality of private listed companies on the value of the company. On empirical research on earnings quality of private listed companies on the value of the company, the higher the earnings quality, the higher the value of the company, and found that earnings quality is the most important variable affecting the value of the company.