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在本文中,一些因素是检查与股权价值在一个不成熟和新兴市场,中国。在发达国家,研究表明,收益和账面价值都发挥着重要的作用在预测股票的价值。虽然在中国,但收益收益似乎信息内容,本身似乎削弱随着时间的重要性。账面价值与股权价值更重要的协会。在中国的风险和不稳定的环境,未来预期收益相当不确定,投资者可能不会太关注利润,但更关心的账面价值。关于账面价值所扮演的角色,有不同的解释虽然一些研究者得出结论,才重要,因为其账面价值贡献作为规模差异的控制(巴斯和Kallapur,1996),其他人认为账面价值发挥的重要作用,因为它是一个有用的代理正常预期未来收益(Ohlson,1995)。还有一些人得出结论,只有相关的亏损和不成功的公司的估值一般(伯杰,Ofek Swary 1996;Burgstahler Dichev,1997)。本文的结果表明,总体来说,收益和账面价值是两个重要的阻碍因素在中国股票定价。此外,这项研究表明账面价值同样重要的是在一个不稳定的经济环境和不成熟的股票市场,如中国,资本市场仍处于早期阶段。


In this paper, some factors are examined which are associated with equity value in an immature and emerging market, China. In the developed countries, research has indicated that both earnings and book value are playing an important role in forecasting equity value. While in China, earnings seems to have information content but earnings, by itself, seems to be weakening in importance over time. Book value has a more significant association with equity values. In the risky and unstable environment of China, where future expected earnings is quite uncertain, investors may not be pay much attention to earnings, but be more concerned for the book value. Regarding the role of book value, there are competing explanations.While some researchers conclude that book value was only important because of its contribution as a control for scale differences (Barth and Kallapur, 1996), others conclude that the important role book value played because it was a useful proxy for expected future normal earnings (Ohlson, 1995). Still others conclude that it is only relevant in the valuation of loss making and unsuccessful companies generally (Berger, Ofek and Swary 1996; Burgstahler and Dichev, 1997). The result of this paper indicates that, overall, earnings and book values are two important determents for pricing stock in China. Furthermore, this study indicates that book value is also important in an unstable economic environment and immature stock market, like China, which is still in early stage of capital market.


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