An Empirical Study of the Value Relativity of Loss Company's Accounting Earnings
比较1999-2005年亏损与盈利公司的会计盈余和净资产账面价值对股票价格的解释力，发现亏损公司盈余相关性弱于盈利公司，但每股净资产解释力更高且具有增量价值相关性。
This paper makes a comparative analysis on the value relativity of the accounting earnings and net as- sets book value,based on the loss companies and profitable companies of 1999～2005.The result indicates that the value relativity of loss companies' accounting earnings is more weak than profitable companies,however,the explanation to stock value from net assets per share is higher than the earnings per share,and net assets per share also has the additional value relativity.Meanwhile,size variable is one of the important determinants that influence the stock price of loss companies,however,the value relativity of cash flow in loss companies is weak.