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relative valuation roles of equity book value and net income as a function of financial health第一期.pdf

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relative valuation roles of equity book value and net income as a function of financial health第一期

Journal of Accounting and Economics 25 (1998) 1—34 Relative valuation roles of equity book value and net income as a function of financial health Mary E. Barth!, William H. Beaver!,*, Wayne R. Landsman ! Graduate School of Business, Stanford University, Stanford, CA 94305, USA Kenan-Flagler Business School, University of North Carolina, Chapel Hill, NC 27599-3490, USA Received 1 September 1996; received in revised form 1 June 1998 Abstract This study tests predictions that pricing multiples on and incremental explanatory power of equity book value (net income) increase (decrease) as financial health decreases. Tests using a sample of 396 bankrupt firms and tests using a larger, pooled sample both yield inferences consistent with predictions. Findings are robust to inclusion of controls for industry, size, return-on-equity, and volatility of equity returns. Equity book value and net income multiples and incremental explanatory power vary predictably across three illustrative industries, selected based on the likely extent of unrecognized intangible assets. ( 1998 Elsevier Science B.V. All rights reserved. JEL classification: M4; G33; C2 Keywords: Capital markets; Equity book value; Financial health; Net income; Valuation 1. Introduction A major institutional feature of financial reporting is the requirement that firms’ general purpose financial statements include both a balance sheet and an income statement. This requirement presumes each statement fulfills different roles or at least provides measures or information incremental to the other. Although the balance sheet and income statement both provide valuation- relevant information, a distinctive role of the balance sheet is to facilitate loan decisions and monitoring of debt contracts. It fulfills this role by providing *Corresponding author. Tel.: (650) 723-4409; fax: (650) 725-0468; e-mail: fbeaver@gsb.stan- ford.edu 0165-4101/98/$ — see front matter ( 1998 Elsevier Science B.V. All rights reserved PII: S 0 1 6