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本文首先结合公司价值评估理论和投资者市场情绪理论,对上市公司的亏损逆转质量与公司价值之间的关系进行了理论推演,然后以2003年至2011年九年间发生亏损的上市公司作为研究样本,实证检验了亏损逆转质量、投资者信心与上市公司价值三者之间的关系。实证分析的结果表明,与市场化进程较快的地区相比,市场化进程较慢地区的上市公司亏损逆转质量对投资者信心存在显著的负面影响,投资者信心对上市公司价值存在显著的正面影响,但亏损逆转质量对投资者信心与公司价值之间的关系并没有产生明显的影响。
Based on the theory of corporate value assessment and investor sentiment, this paper first makes a theoretical deduction of the relationship between the loss-reversed quality of listed companies and the value of the company, and then takes the listed companies that have suffered losses during the nine years from 2003 to 2011 as the research samples , The empirical test of the quality of loss reversal, the relationship between investor confidence and the value of listed companies. The results of empirical analysis show that, compared with the regions with faster marketization, the reverse quality of loss of listed companies in the market with slower marketization has a significant negative impact on investor confidence, and the investor confidence has a significant positive effect on the value of listed companies However, the quality of reverse losses did not have a significant impact on the relationship between investor confidence and company value.