Study On Corporate Value And Distress Corporate Value

The concept of corporation value was firstly brought up by America manage scholar with the appearance of property right market in the early 60th. In America, investment objective of institution investors are to achieve higher return for a long time, which require that enterprise should persist in increasing value of itself, accordingly, increasing the fortune of institution investors. If manager once is considered as that he is not able to provide shareholders with content home, institution investors with solid strength can use their own right to change the manager of enterprise, or sell stock. This stress makes the managers lay emphases from profit of short time to corporation value. Therefore, value manage has been the core of prosecution in American company after 90th. With the rapid development of the property right market of specializing in buying and selling the corporation, people increasingly and clearly realize the corporation itself is a kind of commodity, though it produce commodity in the condition of market economy. In the market competition, to exist and develop the corporation must make itself accepted, seek the way of elevate value continually, and undertake all kinds of production activity with the aim of max value. Hesperian corporation group at large consider that the corporation value will be the common language of company in the 21 century. Hence, the research about corporation value is significant for the market reform of corporation in our country and has important meaning. Now, there are a lot of researches about corporation value field, even it is in the ascendant. But, from these literatures, we can see that some think corporation as working production, some consider corporation as dynamic merchandise, others equate the corporation value with capital value, yet, there are few people discussing the true meaning of corporation value. Moreover, after the development of 14 years, the securities business in our country has achieve large success. But, there are some problems that we must pay attention. Especially after we join WTO, it is important to understand corporation value and the impact element of listing corporation value, and it can help us understand and know securities market. But, what is corporation? Which elements do affect corporation value? This is the question of my paper wanting to resolve. In my paper, there are five chapters. Firstly, in the introduction, paper provides the concept of corporation value. Agency theory and signal theory define corporation value belong to its investors (stock investors) and bond investors' fortune in nature. This theory consider that the ultimate aim of corporation value evaluation acting on financial management is based on corporation value, and carry through financial plan including invest decision-making and financing decision-making, so as to make the value biggest. In this course, the people of financing must have future in mind, and primely mark out the efficiency and the growth in the planning years. The evaluation of corporation value need deal with large numbers of variables, moreover these variables are the important decision-making factors in the future period, and decide the direction of development to some extent. In my paper, I think that corporation value reflects not only the past and now of company, but also the most important the future of corporation. It include the ability of payoff and grow and the anticipation of old investors and underlying investors. Then I introduce the literatures of the scholars inside and outside. In the paper, when I carry out designing samples, I join the content of financial distress, i.e. the concept of financial distress. The intention of joining financial distress is to design samples of financial distress corporations. Than, the rest samples are compartmentalized other three quadrants according to liquidity ratio (if it is larger than 1) and business profit (if it is lager than 0). After picking out samples, I use the function of Explore in SPSS, then eliminate the singularit...