법정관리기업의 회계이익과 자기자본 장부가치에 대한 상대적 주가배수 분석

Relative Pricing Multiple on Book Value of Equity and Earnings of Bankrupt Firms

This study examines that pricing multiple on and incremental explanatory power of equity book value(earnings) increase(decrease) as financial health decrease. Test using a sample of 75 bankrupt firms and test using a cross-sectional, pooled sample both yield inference consistent with predictions. It is thus hypothesized that the more bankrupt time we, the higher(lower) pricing multiple book value of equity(earnings) obtained. Findings are robust to inclusion of for debt/assets ratio, ROA, and ROIC. Overall, the results is the hypothesis.