earticle

영어

The purpose of this study is to examine the relationship between financial ratios and corporate value of Chinese companies. The study period is from 2011 to 2016. The measures used in the analysis of financial ratios are liquidity ratios, leverage ratios, growth rate ratios, profitability ratios, and Enterprise value using Tobin's Q. The results of the study are as follows. First, Hypothesis 1 shows that the liquidity ratio has a positive effect on the profitability ratio (β = .320, CR = 4.829, p <.00), and the hypothesis was adopted. The same result was obtained in Shanghai SE and Shenzhen SE. Second, Hypothesis 2 shows that the leverage ratio has a positive influence on the profitability ratio (β = .606, CR = 9.046, p <.00). Third, Hypothesis 3 shows that the growth rate ratio has a positive (+) influence on the profitability ratio (β = .729, CR = 13.221, p <.00) Hypothesis 3 was adopted. Fourth, the hypothesis was adopted that the profitability ratio of hypothesis 4 had a significant influence on firm value (β = .428, C.R. = 7.421, p <.00). Shanghai SE and Shenzhen SE also achieved the same results. Finally, the relationship between the financial ratio analysis and the Enterprise value is shown by the relationship between the profitability ratio and the Enterprise value. This study has significance in that the relationship between financial ratios and firm value is studied not by simple regression analysis but by the structural equation of correlation and causality of each measure in detail. In addition, this study is meaningful in that it studies Chinese companies that have not been actively researched yet and that they have studied Shanghai and Shanghai exchanges separately. The limitation of this study is that it does not take into account more characteristic features of Chinese enterprises and it is simply targeted to Chinese companies. It is expected that future research will be more meaningful if additional analysis is done reflecting the characteristics of Chinesecompanies. In addition, it is expected that the research will be better if it reflects not only the financial ratio but also the non-financial ratio.