ISSN (Online: 2321-5518, Print:2348–2885)
IMPACT FACTOR: 1.73; IC VALUE: 6.14

IJTEMT

ANALYZING ON THE FINANCIAL CHARACTERISTIC BASED ON NET ASSETS AND OPERATING CASH FLOW PER SHARE IN THE LOSS LISTED COMPANIES IN CHINA

Abstract
China is being in the important time of economical reforming, which was still imperfect. As a result of the immature capital system, listed companies often had the loss situation .For the comparison between different loss frequency listed companies in redemption ability, operational capacity ,profit ability as well as development potential differences, this article will have 2003 to 2010 between loss to be China listed companies total 1208 according to each net assets and each management cash current capacity two target plus signs listed companies to divide into the double positive mold, empty negative, solid negative as well as a pair of negative four type each capital system, listed companies had the loscategory, then has separately launched the comparison research in four aspects to each kind of loss listed companies' financial characteristics.

Authors:

Yong DU
School of Economics and Management, Southwest University, Chongqing, China, 400715

Bo YAN
School of Economics and Management, Ocean University of Gudong, Zhanjiang, Gudong, China, 52488

Jun DU
School of Economics and Management, Ocean University of Gudong, Zhanjiang, Gudong, China, 52488

Zhuyu GUO
School of Economics and Management, Southwest University, Chongqing, China, 400715

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Paper Transcript of Paper Titled :
ANALYZING ON THE FINANCIAL CHARACTERISTIC BASED ON NET ASSETS AND OPERATING CASH FLOW PER SHARE IN THE LOSS LISTED COMPANIES IN CHINA


Analyzing on the Financial Characteristic Based on Net Assets and Operating Cash Flow Per Share in the Loss Listed Companies in China


Yong DU
School of Economics and Management, Southwest University, Chongqing, China, 400715

Jun DU
School of Economics and Management, Ocean University of Gudong, Zhanjiang, Gudong, China, 52488

Bo YAN
School of Economics and Management Ocean University of Gudong, Zhanjiang, Gudong, China, 52488

Zhuyu GUO
School of Economics and Management,   Southwest University, Chongqing, China, 400715



Abstract——China is being in the important time of economical reforming, which was still imperfect. As a result of the immature capital system, listed companies often had the loss situation .For the comparison between different loss frequency listed companies in redemption ability, operational capacity ,profit ability as well as development potential differences, this article will have 2003 to 2010 between loss to be China listed companies total 1208 according to each net assets and each management cash current capacity two target plus signs listed companies to divide into the double positive mold, empty negative, solid negative as well as a pair of negative four type each capital system, listed companies had the loscategory, then has separately launched the comparison research in four aspects to each kind of loss listed companies' financial characteristics.
Key word——Loss frequency; Neterogeny; Loss listed companies ; The financial characteristics

Introduction

The world is changing constantly now and various enterprises are blustery. Especially in recent years, the credit crisis, the financial crisis as well as the geology disasters have exerted huge impact on the world economy. As an important cell of society, the companies will be naturally affected by these sharp-edged or artificial environmental variations. For example, some high quality listed companies(for example Japan's Olympus camera king Olympus , the world's banking giant JP Morgan Chase , Panasonic , Sony and Sharp three Electric Company in early February 2012 disclosed in 2011 annual results expected after-tax net loss of as much as 1.29 trillion yen) are suffering large amount of losses, even if they were considered as “the lead goat” in former days. In addition, the high quality listed companies in the developed capitalist country, in the mature capital market are facing the phenomenon of having the profit to glide down, let alone the listed companies in China whose capital market is still in an immature state. In fact, China is in the switcher economical time, but each kind of capital market system is not perfect, each kind of legal system laws and regulations are imperfect. Moreover, the administrative intervention is excessive. So the phenomenon of “superior is unworthy” is more common. Do the loss listed companies have the same ability on debt payment, transport business, profit earning as well as development potential? If not, what are the differences? With these question reply, this article divide China loses listed companies into the double positive mold, empty negative, solid negative as well as a pair of negative according to each net assets and each management cash current capacity and then separately study them from four aspects-debt redemption ability, transport business ability, profit ability as well as the development potential.

 Literature Review

In recent years, loss companies have rise in various countries stock market quantity and the scope, moreover was more and more remarkable to the entire capital market influence, this caused the key point which paid attention in view of the loss company correlation question research into scholar and the practice personnel. Take American scholar, Hayn, Burgstahler and Dichen, Core and Schrand and so on as representative's one group of scholars, had lose money the company and the profit company early separate conduct the research, had realized early to loss company's accountant between the earnings and the stock price relations must obviously weakly in the profit company, therefore, they had concentrated the energy in to lose money in the company earnings information value relevant research. However, they obtain research conclusion incompletely consistent, when the earnings carries on the return with accountant as the variable to the stock price, their some times discovered accountant between the earnings and the stock price has the weak relevance, some times discovered between them does not have the relevance, also some times discovered between them has the inverse correlation. The scholars state views regarding this explanation. Hayns(1995) thought the shareholder has the abandon or the settlement option value is causes loss corporate accounting between the earnings and the stock price weak relevant important reason; Burgstahler and Dichen(1997) and so on after thought consideration net assets book value, in the master form loses money the company accountant between the earnings and the stock price the stable inverse correlation relations transfer the co relational dependence, simultaneously the rights and interests book value has the very strong explanation strength to the company stock price; Core and Schrand(1999) considered violates the debt contract the situation, introduced had to the debt management company carries out buys up the option the rights and interests model, it has simultaneously provided related when the time and the future anticipated cash current capacity as well as will violate the debt contract the possible information, their research indicated, when the company soon had the debt violation, the stock price could strengthen to the in expectancy earnings response, moreover only then the property low company only then displayed and the stock income remarkable relevance in loss and on the temporary earnings.

Although above scholar to loses money corporate accounting the earnings value relevance research the angle not agree, seeks the theory explanation is also various, but they basic all thought creates loss corporate accounting between the earnings and the stock price the co relational dependence unstable basic reason is some variable omission, however has actually neglected the difference which between the loss companies possibly exists. In fact, scholars choose the real diagnosis research between the loss sample non-uniformity possibly to become lose money accounting the earnings value relevance unstable important reason. This point Satin(1992) realized most early by the American scholar, he proposed accordance with the current losses occur in the future after the loss is less than twice the number of redundant or twice the loss to the company going into companies and companies going bankrupt, and the earnings and the value relevance has conducted the research separately on each kind of loss company's accountant, from this, founded the loss non-uniformity research beginning of a matter. Afterwards, Hayn(1995) research indicated that, the scale big company is opposite in the small company has the loss frequency to have to lower a lot, therefore, it has the probability which the loss reverses to be able to be high. Klein and Marquardt(2005) research discovered that, the small company multiplication degree is smaller, the risk is higher, after deducts the research and development disbursement the cash class to repay negative more much, and they have the possibility

compared to the large-scale company to occur have accountant in the commercial cycle end of the period to lose money. France(2006) discovery, regarding these research and development intensity loss companies. The negative earnings experience model enhances its explanation strong 45%, in which negative earnings and accountant the earnings model regulation factor respectively achieves 32% and 22%. China is being in economic reforming the important time. Still was imperfect as a result of the existing each capital system, listed companies had the loss situation common occurrence. In order to simultaneously compare each net assets and each management cash net current quantity different listed companies in aspect and so on debt redemption ability, transport business ability, profit ability as well as development potential differences, this article had 2003 to 2010 between loss listed companies total 1208 to rest on each net assets and each management cash current capacity two target plus signs carries on to the sample company the division, the 1st kind (called double positive mold loss group) to express each net assets and each management cash current capacity were bigger than 0 (altogether 631), the 2nd kind (called empty negative loss group) to express each net assets were bigger than 0, each The management cash class is smaller than 0 (altogether 395), the 3rd kind ( called solid negative loss group) to express each property is smaller than 0 each management cashes to be bigger than 0 (altogether 86), the 4th kind (called pair of negative loss group) to express each net assets and each management cash current capacity are smaller than 0 (altogether 96).

Each kind of loss listed company’s financial characteristic analyzes

(1) The non-uniformity of debt redemption ability
Loss for the four groups of samples solvency indicators mean on a test and one-way ANOVA(variance), the test results are shown in Table1 and Table 2.
Table1 based on two indicators of the solvency analysis of heterogeneous


Group

Current Ratio

Cash flow debt ratio

Asset-liability ratio

Iterest coverage

1

mean

1.138

0.154

59.744

-13.106

Standard deviation

1.164

0.233

19.995

71.865

Number of samples

631

631

631

600

2

mean

1.344

-1.694

61.418

-58.319

Standard deviation

2.443

29.765

19.897

926.595

Number of samples

394

395

395

362

3

mean

0.365

0.046

216.523

-9.707

Standard deviation

0.247

0.074

150.580

17.638

Number of samples

86

86

86

86

4

mean

0.311

-0.063

255.402

-145.926

Standard deviation

0.232

0.108

185.704

1326.777

Number of samples

96

96

96

95

Total

mean

1.085

-0.475

87.002

-38.209

Standard deviation

1.664

17.028

93.287

648.476

Number of samples

1207

1208

1208

1143

Note: Table 1 1st kind (is called double positive mold loss group) to express each net assets and each management cash current capacity are bigger than 0, the 2nd kind (is called empty negative loss group) to express each net assets are bigger than 0, each management cash class are smaller than 0, the 3rd kind (is called solid negative loss group) to express each property is smaller than 0, each management cash is bigger than 0, the 4th kind (is called pair of negative loss group) to express each net assets and each management cash current capacity are smaller than 0.


Variable

(I)Loss frequency

(J)Loss
frequency

Mean difference(I-J)

Standard deviation

P-Value

Current Ratio

1

2

-0.206**

0.105

0.050

3

0.773***

0.188

0.000

4

0.828***

0.179

0.000

2

1

0.206**

0.105

0.050

3

0.979***

0.194

0.000

4

1.034***

0.186

0.000

3

1

-0.773***

0.188

0.000

2

-0.979***

0.194

0.000

4

0.055

0.242

0.821

4

1

-0.828***

0.179

0.000

2

-1.034***

0.186

0.000

3

-0.055

0.242

0.821

Cash flow debt ratio

1

2

1.847*

1.092

0.091

3

0.107

1.957

0.956

4

0.216

1.865

0.908

2

1

-1.847*

1.092

0.091

3

-1.740

2.026

0.391

4

-1.631

1.938

0.400

3

1

-0.107

1.957

0.956

2

1.740

2.026

0.391

4

0.109

2.528

0.966

4

1

-0.216

1.865

0.908

2

1.631

1.938

0.400

3

-0.109

2.528

0.966

Asset-liability ratio

1

2

-1.674

4.380

0.702

3

-156.778***

7.847

0.000

4

-195.657***

7.479

0.000

2

1

1.674

4.380

0.702

3

-155.105***

8.124

0.000

4

-193.984***

7.768

0.000

3

1

156.778***

7.847

0.000

2

155.105***

8.124

0.000

4

-38.879***

10.136

0.000

4

1

195.657***

7.479

0.000

2

193.984***

7.768

0.000

3

38.879***

10.136

0.000

Iterest coverage

1

2

45.213

43.137

0.295

3

-3.399

74.737

0.964

4

132.820*

71.573

0.064

2

1

-45.213

43.137

0.295

3

-48.612

77.756

0.532

4

87.607

74.720

0.241

3

1

3.399

74.737

0.964

2

48.612

77.756

0.532

4

136.218

96.477

0.158

4

1

-132.820*

71.573

0.064

2

-87.607

74.720

0.241

3

-136.218

96.477

0.158

Table 2 based on two target neterogeny debt redemption ability target average value comparison
Note: Table 2 “*, **, ***” express 10% separately, 5%, 1% level of significance.

From Table 1 and Table 2,the statistical results that four kind of loss sample group's flowing compares the average value from high to low in turn is: Empty negative loss group, double positive mold loss group, solid negative loss group, pair of negative loss group, moreover first two kind of loss group (net assets for positive) the flowing is higher than the latter two kind of loss group obviously compared

to the average value (net assets for negative), had indicated the empty negative loss group, double positive mold loss group's short-term debt redemption ability the solid negative loss group, the pair of negative loss group is stronger; In four sample groups, double positive mold loss group, the solid negative loss group's cash flows the debt compared to the average value is a positive number, the empty negative loss group, the pair of negative loss group are negative numbers, this explained the empty negative loss group, the pair of negative loss group's loss listed companies generally has the problem which the cash is insufficient; Four kind of loss sample group's property ratio of debt to net worth average value from high to low in turn is: Double negative loss group, solid negative loss group, empty negative loss group, double positive mold loss group, moreover besides first two kind of loss group's between difference not obvious, between other sample group's difference passed 1% significance level, this explained the net assets are bigger than for the negative loss listed company’s property debt degree the management cash net current quantity for the negative loss listed companies, in four kind of loss groups, the double negative loss listed companies property debt degree is most serious. viewed from the interest safeguard multiple that, the double negative loss group's interest safeguard multiple average value is lower than the double positive mold loss group obviously, between other sample group's difference is not obvious, moreover each kind of loss group's interest safeguard multiple all is a negative number, indicated each kind of loss listed companies the interest reimburses all possibly has the difficulty. Overall, China loses money listed companies debt redemption ability between four kinds of loss sample group is the existence obvious difference, also net assets for loss sample group's debt redemption ability as a whole compared to net assets for negative sample group.  
(2)The heterogeneity of operating capacity
Sample in four groups of loss scheme in operation ability index test and single factor variance analysis, the test results are as follows:
Table3 Based on analysis of two indicators of heterogeneous operating capacity


Group

Inventory Turnover

Accounts receivable turnover

Accounts payable turnover ratio

Total Assets Turnover

1

mean

7.031

59.070

58.736

0.525

Standard deviation

19.722

558.530

1208.947

0.403

Number of samples

622

623

627

628

2

mean

26.820

20.752

76.872

0.449

Standard deviation

414.511

155.794

1355.367

0.379

Number of samples

387

385

388

392

3

mean

4.492

14.024

5.567

0.399

Standard deviation

6.604

28.758

15.469

0.352

Number of samples

84

85

84

86

4

mean

3.233

58.059

2.946

0.247

Standard deviation

3.748

503.930

4.936

0.269

Number of samples

82

89

88

93

Total

mean

13.102

43.274

56.765

0.470

Standard deviation

238.319

437.660

1171.080

0.390

Number of samples

1175

1182

1187

1199

Note: Table 3 1 kind (called double positive mold loss group) to express each net assets and each management cash current capacity are bigger than 0,2 kinds ( called empty negative loss group) to express each net assets are bigger than 0, each management cash class is smaller than 0,3 kinds ( called solid negative loss group) to express each property is smaller than 0 each management cashes to be bigger than 0,4 kinds (called pair of negative loss group) to express each net assets and each management cash current capacity are smaller than 0.
Table 4 based on two target interagency debt redemption ability target average value comparison

Variable

(I)Loss frequency

(J)Loss
frequency

Mean difference(I-J)

Standard deviation

P-Value

Inventory Turnover

1

2

-19.789

15.437

0.200

3

2.539

27.716

0.927

4

3.798

28.012

0.892

2

1

19.789

15.437

0.200

3

22.328

28.699

0.437

4

23.587

28.985

0.416

3

1

-2.539

27.716

0.927

2

-22.328

28.699

0.437

4

1.259

37.014

0.973

4

1

-3.798

28.012

0.892

2

-23.587

28.985

0.416

3

-1.259

37.014

0.973

Accounts receivable turnover

1

2

38.317

28.380

0.177

3

45.046

50.621

0.374

4

1.010

49.610

0.984

2

1

-38.317

28.380

0.177

3

6.728

52.465

0.898

4

-37.307

51.491

0.469

3

1

-45.046

50.621

0.374

2

-6.728

52.465

0.898

4

-44.036

66.395

0.507

4

1

-1.010

49.610

0.984

2

37.307

51.491

0.469

3

44.036

66.395

0.507

Accounts payable turnover ratio

1

2

-18.136

75.724

0.811

3

53.168

136.211

0.696

4

55.789

133.453

0.676

2

1

18.136

75.724

0.811

3

71.304

141.081

0.613

4

73.925

138.420

0.593

3

1

-53.168

136.211

0.696

2

-71.304

141.081

0.613

4

2.621

178.828

0.988

4

1

-55.789

133.453

0.676

2

-73.925

138.420

0.593

3

-2.621

178.828

0.988

Total asset turnover

1

2

0.076***

0.025

0.002

3

0.126***

0.044

0.004

4

0.278***

0.043

0.000

2

1

-0.076***

0.025

0.002

3

0.051

0.046

0.268

4

0.202***

0.044

0.000

3

1

-0.126***

0.044

0.004

2

-0.051

0.046

0.268

4

0.152***

0.057

0.008

4

1

-0.278***

0.043

0.000

2

-0.202***

0.044

0.000

3

-0.152***

0.057

0.008

Note: Table 4 “*, **, ***” express 10% separately, 5%, 1% level of significance.

From Table3 and Table 4,the statistical results that four kind of loss sample group's goods in stock cycling rate average value from low to high in turn is: double negative loss group, solid negative loss group, double positive mold

loss group, empty negative loss group, but between them the difference is not remarkable, indicated four kind of loss listed companies the goods in stock handling speed difference is not big; Although Four kind of loss sample group in account receivable cycling rate, in account payable cycling rate all has the difference, but between them the difference is not also obvious; Four kind of loss sample group's total property cycling rate average value from high to low in turn is: Double positive mold loss group, empty negative loss group, solid negative loss group, pair of negative loss group, moreover each group of sample mean different examination all passed 1% level of significance, indicated four kind of loss sample group has the obvious difference in the total property handling speed, moreover basic is slows down gradually along with the loss degree aggravation.Overall, each kind of loss sample group's transport business ability difference is not big. China loses money listed companies property transport business ability to be generally bad. 

(3)The Heterogeneity of profit ability
Table 5 Based on the two indicators heterogeneous profitability analysis


Group

The net interest rate of the assets

Sales net interest rates

eps

Net assets per share

1

mean

-10.228

-242.274

-0.423

-0.009

Standard deviation

15.104

4430.070

0.432

0.406

Number of samples

631

628

631

631

2

mean

-12.121

-144.900

-0.524

-0.282

Standard deviation

13.126

1147.479

0.527

0.639

Number of samples

395

392

395

395

3

mean

-57.610

-2093.777

-1.218

-0.051

Standard deviation

85.412

12197.721

1.473

0.192

Number of samples

86

86

86

86

4

mean

-75.835

-2444.900

-1.336

-0.291

Standard deviation

101.260

9553.145

1.841

0.739

Number of samples

96

93

96

96

Total

mean

-19.434

-514.086

-0.585

-0.124

Standard deviation

43.758

5368.243

0.834

0.531

Number of samples

1208

1199

1208

1208

Note: Table 5 1 kind (called double positive mold loss group) to express each net assets and each management cash current capacity are bigger than 0,2 kinds ( called empty negative loss group) to express each net assets are bigger than 0, each management cash class is smaller than 0,3 kinds (called solid negative loss group) to express each property is smaller than 0 each management cashes to be bigger than 0,4 kinds ( called pair of negative loss group) to express each net assets and each management cash current capacity are smaller than 0.

To lose money in the sample to four groups to carry on the average value examination and the single factor variance analysis in the profitability target, its examination result like table 5 and table 6 shows. From Table5 and Table 6,the statistical results of that, four kind of loss sample group's property net profit rate average value and the earnings per share average value from high to low in turn is: Double positive mold loss group, empty negative loss group, solid negative loss group, pair of negative loss group, moreover each group of sample mean different examination basically all passed certain level of significance, indicated the loss listed companies property profit ability is weaken along with the loss degree increase; Looked from the sales net profit rate that, the net assets for the double positive mold loss group, the empty negative loss group's sales net profit rate average value are higher than the net assets obviously for the negative reality negative loss group, the pair of negative loss group, but between the double positive mold loss group and the empty negative loss group, between the solid negative loss group and the pair of negative loss group are not obvious in the sales net profit rate difference; Looked from each net assets that, the management cash net current quantity for the negative empty negative loss group, the pair of negative loss group's each net assets average value is lower than the management cash net current quantity obviously for the reality negative loss group, the double positive mold loss group, but between the pair of negative loss group and the empty negative loss group, between the solid negative loss group and the double positive mold loss group the difference are not obvious on the earnings per share. These further indicated that. China loses money listed companies profitability abundant reduces along with the property security and the cash weakens.

 

Table 6 based on two target interagency profit ability target average value comparison

Variable

(I)Loss frequency

(J)Loss
frequency

Mean difference(I-J)

Standard deviation

P-Value

The net interest rate of the assets

1

2

1.893

2.485

0.446

3

47.382***

4.452

0.000

4

65.607***

4.243

0.000

2

1

-1.893

2.485

0.446

3

45.489***

4.608

0.000

4

63.714***

4.407

0.000

3

1

-47.382***

4.452

0.000

2

-45.489***

4.608

0.000

4

18.225***

5.750

0.002

4

1

-65.607***

4.243

0.000

2

-63.714***

4.407

0.000

3

-18.2257***

5.750

0.002

Sales net interest rates

1

2

-97.374

342.653

0.776

3

1851.503***

612.066

0.003

4

2202.626***

591.458

0.000

2

1

97.374

342.653

0.776

3

1948.877***

633.869

0.002

4

2300.000***

613.994

0.000

3

1

-1851.503***

612.066

0.003

2

-1948.877***

633.869

0.002

4

351.123

796.368

0.659

4

1

-2202.626***

591.458

0.000

2

-2300.000***

613.994

0.000

3

-351.123

796.368

0.659

eps

1

2

0.448*

0.248

0.071

3

1.804***

0.444

0.000

4

2.382***

0.423

0.000

2

1

-0.448*

0.248

0.071

3

1.357***

0.460

0.003

4

1.934***

0.439

0.000

3

1

-1.804***

0.444

0.000

2

-1.357***

0.460

0.003

4

0.578

0.573

0.314

4

1

-2.382***

0.423

0.000

2

-1.934***

0.439

0.000

3

-0.578

0.573

0.314

Net assets per share

1

2

0.273***

0.033

0.000

3

0.042

0.059

0.480

4

0.282***

0.056

0.000

2

1

-0.273***

0.033

0.000

3

-0.231***

0.061

0.000

4

0.009

0.059

0.883

3

1

-0.042

0.059

0.480

2

0.231***

0.061

0.000

4

0.240***

0.076

0.002

4

1

-0.282***

0.056

0.000

2

-0.009

0.059

0.883

3

-0.240***

0.076

0.002

Note: in the table 6 "*, * *, * * *" respectively 10%, 5% and 1% significance level.

(4)The Heterogeneity of development ability

Table 7 heterogeneous development capacity analysis based on the two indicators

Group

Operating income growth rate

Over the past five years, average profit growth

Growth rate of net assets

Growth rate of total assets

1

mean

-3.758

-295.248

-19.908

-4.391

Standard deviation

38.705

1153.482

37.499

18.035

Number of samples

629

599

631

631

2

mean

17.285

-308.468

-22.791

-3.988

Standard deviation

543.969

1382.209

45.412

32.470

Number of samples

395

375

395

395

3

mean

-9.953

-689.855

-350.332

-25.581

Standard deviation

74.104

1366.119

951.830

20.722

Number of samples

86

84

86

86

4

mean

-37.268

-509.635

-434.996

-29.761

Standard deviation

44.394

1411.695

1530.597

26.029

Number of samples

96

95

96

96

total

mean

0.025

-345.960

-77.361

-7.784

Standard deviation

313.525

1273.037

517.476

25.869

Number of samples

1206

1153

1208

1208

Note: Table 7 1 kind (called double positive mold loss group) to express each net assets and each management cash current capacity are bigger than 0,2 kinds (called empty negative loss group) to express each net assets are bigger than 0, each management cash class is smaller than 0,3 kinds (called solid negative loss group) to express each property is smaller than 0 each management cashes to be bigger than 0,4 kinds ( called pair

of negative loss group) to express each net assets and each management cash current capacity are smaller than 0.
The article carry on the average value examination and the single factor variance analysis in the development ability target in the sample of four loss groups, its examination result shows like table 7 and table 8. And From Table7 and Table 8,the statistical results of that, besides the empty negative loss group's business income rate of increment average value for the positive number, other three kind of loss sample group's business income rate of increment average value all is the negative number, moreover it from high to low order is in turn: The double positive mold loss group, the solid negative loss group, the pair of negative loss group, this indicated these three kind of loss listed companies had the sales atrophy situation in the past in the loss, moreover its sales drop scope expanded along with the loss degree increase, only then the empty negative loss group had the tendency which the sale grew; The double positive mold loss group, the empty negative loss group were higher than the solid negative loss group, the pair of negative loss group obviously in the past five year net profit average increased range average value, this indicated the net assets were smaller than for the loss listed company’s loss degree the net assets for the negative company; Four kind of loss sample group's net assets rate of increment average value and the total property average value all are negative numbers, moreover the first two kind of loss group obviously is higher than the latter two kind of loss group average value, also between them the different examination passed 1% level of significance, indicated the loss listed companies development ability is weaken along with the loss degree increase. This further indicated that, along with the loss degree increase, China loses money listed companies development ability also gradually to weaken.

Table8 two indicators based on heterogeneous development capacity index


variable

(I) group

(J) group

Mean difference (I-J)

Standard deviation

P-value

Operating income growth rate

1

2

-21.043

20.130

0.296

3

6.195

36.049

0.864

4

33.510

34.358

0.330

2

1

21.043

20.130

0.296

3

27.238

37.312

0.466

4

54.553

35.680

0.127

3

1

-6.195

36.049

0.864

2

-27.238

37.312

0.466

4

27.314

46.555

0.558

4

1

-33.510

34.358

0.330

2

-54.553

35.680

0.127

3

-27.314

46.555

0.558

Over the past five years, average profit growth

1

2

13.220

83.610

0.874

3

394.607***

147.933

0.008

4

214.387

140.221

0.127

2

1

-13.220

83.610

0.874

3

381.387**

153.271

0.013

4

201.167

145.841

0.168

3

1

-394.607***

147.933

0.008

2

-381.387**

153.271

0.013

4

-180.220

190.166

0.343

4

1

-214.387

140.221

0.127

2

-201.167

145.841

0.168

3

180.220

190.166

0.343

Growth rate of net assets

1

2

2.883

32.094

0.928

3

330.424***

57.499

0.000

4

415.088***

54.800

0.000

2

1

-2.883

32.094

0.928

3

327.541***

59.523

0.000

4

412.205***

56.920

0.000

3

1

-330.424***

57.499

0.000

2

-327.541***

59.523

0.000

4

84.665

74.270

0.255

4

1

-415.088***

54.800

0.000

2

-412.205***

56.920

0.000

3

-84.665

74.270

0.255

Growth rate of total assets

1

2

-0.403

1.570

0.797

3

21.190***

2.813

0.000

4

25.370***

2.681

0.000

2

1

0.403

1.570

0.797

3

21.593***

2.912

0.000

4

25.774***

2.785

0.000

3

1

-21.190***

2.813

0.000

2

-21.593***

2.912

0.000

4

4.180

3.634

0.250

4

1

-25.370***

2.681

0.000

2

-25.774***

2.785

0.000

3

-4.180

3.634

0.250

the research conclusion and enlightenment

 

This article unified China listed companies to have the loss realistic condition and the system background, mainly from targets and so on in loss frequency, earnings per share, each net assets, each management cash net current quantity lost money listed companies to China to carry on the classification, and to each kind of loss listed companies in the debt redemption ability, transport business ability, profit ability as well as the development potential four

aspect financial characteristics carried on has compared the research thoroughly, promulgated China listed companies by this the loss non-uniformity connotation characteristic, using the average value examination, the single factor variance analysis as well as the independent sample T-test result discovered: Indicated based on each net assets and each management cash net current quantity two dimensional scale accurate division grouping sample examination result that, China loses money listed companies debt redemption ability between four kind of loss sample group is the existence obvious difference, also net assets for loss sample group's debt redemption ability as a whole compared to net assets for negative sample group. Each kind of loss sample group's transport business ability difference is not big. Moreover each kind of sample company's property transport business ability is generally bad. China loses money listed companies profitability and development ability all abundant reduces along with the property security and the cash weakens.
The loss heterogeneity research belonged to a brand-new finance research area, the scholars to the loss heterogeneity research still to be at the preliminary stage, especially to the connotation of lost money the heterogeneity research concept to state views, their viewpoints is biased, moreover, mostly the scholar only saw the loss non-uniformity one or two aspects. The understanding of the concept of heterogeneity is so inconsistent that scholars in this area are very likely to lose the possibility of horizontal comparison. Therefore, we must realize to lose money the heterogeneity fundamental research and the practice application promotion, should establish in to lose money the heterogeneity concept above the connotation, explicit foundation. Therefore, loses money the heterogeneity research to have to analyze and the discussion thoroughly each kind of loss company which as a result of aspects and so on scale, profession attribute, loss history, loss reversal probability different causes in the loss information content, the loss endurance, the investor information not asymmetrical degree, the analyst forecasts, management aspect and so on level reward and loss company value differences. Therefore, when gives loss listed companies the stock carries on the fixed price, we should not solely consider some or several aspect factor, but stand in investor's angle, overall evaluation executives changes, the earnings management and each kind of anticipated factor discusses them to each kind of  loss listed company’s value actuation way, specially must take the system change to lose money the policy-type disturbing effect which listed companies finance value brings, thus to the value of loses money listed companies make omni-directionally, appraises reasonably.

Acknowledgements

The authors are grateful for financial support from the fund of the Ministry of education of Humanities and social sciences research Youth Project (11YJC630243, 12YJC630010, 13YJC630027), Central University basic research funds in Southwest University (SWU130911, SWU1309202).

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