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本文考察了不同地区市场化进程对公司增长与清算价值的影响:给定净资产,市场化进程如何影响权益价值与净利润的关系(体现为增长价值);给定净利润,市场化进程如何影响权益价值与净资产的关系(体现为清算价值)。研究表明,市场化进程影响了公司的增长与清算价值:对盈利能力高的公司,市场化进程增加公司的增长价值,对盈利能力差的公司,市场化进程增加公司的清算价值。这说明,市场化进程的提高体现了适者生存的经济规律。
This paper examines the impact of marketization in different regions on the company’s growth and liquidation value: How does the process of marketization affect the relationship between equity value and net profit (expressed as growth value) given the net assets? How is the given net profit and marketization progress? Impact on the relationship between the value of equity and net assets (reflected in the liquidation value). The research shows that the process of marketization affects the growth and liquidation value of the company. For companies with high profitability, the marketization process increases the growth value of the company and increases the liquidation value of the company for the marketization process with poor profitability. This shows that the improvement of the marketization process reflects the economic law of the survival of the fittest.