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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。
According to the real option theory, taking the Chinese A-share listed companies from 2010 to 2013 as the research sample, we divide the sample into groups according to whether they belong to the ST companies and the quartiles of asset quality scores to study the impact of asset quality score and its characteristics on the enterprise value , Further using the Vuong test analysis of different groups of companies the quality of the assets of the performance of the difference in the value of the form of manifestation. The results show that firms with different asset quality have different types of real options. Companies with high asset quality reflect the value of growth option, while companies with low asset quality reflect option value. In the growing enterprises, the profitability of assets dominates; the value of damaged enterprises and assets play a major role. China’s capital market as a whole is in the stage of value growth, but some enterprises with deteriorating operating conditions have affected the development of the market. This conclusion provides direct evidence support for the delisting system of listed companies.