公司的市场价值可以被认为是一个函数的收益和账面价值。公司可以继续其业务目前或调整其资源来选择使用。表5中包含的估计系数的线性方程有关坑/第1 Eit /第1位和位/第1位(方程)。在表5中,系数对收益和账面价值在5%的显著水平下一年的研究。虽然收益和账面价值与股权价值分别在上面的实证结果中,他们更强大的解释价值当他们的总和。平均调整R2较高的回归模型在表3和表4。与此同时,我们应该注意的是,虽然收益往往会变得那么大的系数的账面价值时搬到最近几年,账面价值更高的平均系数和意义比收益。它支持如下观点:账面价值扮演更重要的角色在公司的股权价值比收益。
The market value of a firm can be considered a function of both earnings and book value. A firm has the option to either continue its business at present or adapt its resources to alternative uses. Table 5 contains estimates of the coefficients for the linear equation that is relating Pit / Bit-1 to Eit / Bit-1 and Bit / Bit-1 (Equation ). In Table 5, the coefficients on both earnings and book value are significant at 5% level for all the years under study. While both earnings and book values are associated with equity values individually in the empirical results above, they are more powerful in explaining value when they are combined.The average adjusted R2 is higher for the regressions than that of the model in Table 3 and Table 4. At the same time, what we should pay attention to is that although the coefficients of earnings tend to become as big as those of book value when it is moved to more recent years, the average coefficient and significance of book value is higher than those of earnings. It supports the argument that book value plays a more important role in the equity value of a firm than earnings.