An empirical study on the reliability of value evaluation indices of listed companies

摘要：

Information disclosure of listed companies such as annual reports, assets restructuring, mergers and acquisitions (M&A), etc. will convey to the market new information concerning corporate value In order to examine the reliability of the company value evaluation indices, we select 426 manufacturing companies listed on Shanghai (SHSE) and Shenzhen Stock Exchange (SZSE) during the period between 2002 and 2008 and employ event study and multi-variable analysis methodology to test the reliability of the indices We find that when assess company value, we cannot just rely on the public information, while we should pay more attention to the growth rate, weighted average cost of capital (WACC) and other market factors which will determine the extent of reliability of company value evaluation indices.

关键词： value evaluation indices event study cumulative abnormal return (CAR) information sensitivity

作者: Zhefan PIAO Li SHEN

作者单位: School of Finance Zhejiang University of Finance & Economics,Hangzhou,China School of Finance,Zhejiang University of Finance & Economics,Hangzhou,China

会议类型: 国际会议

会议名称: 2008 International Conference on Risk and Relianility Management(2008风险与可靠性管理国际会议)

会议地点: 北京

会议语种:英文

页码: 710-713

在线出版日期: 2008-11-10（万方平台首次上网日期，不代表论文的发表时间）