评估财务健康状况时无形资产的相关性外文翻译(编辑修改稿)

评估财务健康状况时无形资产的相关性外文翻译(编辑修改稿)内容摘要：

rket returns, although shortterm, are derived based on longterm expectations of strength. They point to how upbeat a market is about a firm’s future earnings potential. Therefore, when evaluating firms with significant intangible assets, it is essential that we consider both publicly reported past performance data and subjective perceptions of future earnings potential and strength. This study, therefore, uses two financial health models: a traditional financial health model designed by Altman et al. (1977) and a hybrid model constructed by the author of this study, which includes both past performance indicators and subjective values of intangible assets to indicate future potential. The Altman model was designed years ago and applied to manufacturing firms with traditional assets in their portfolio. The predictor variables only included financial ratios of past performance and was tested and validated on traditional manufacturing firms. The hybrid model constructed for the purpose of this study includes not only the variables from the Altman model but also two additional variables that surrogate for intangible asset values – excess of market capitalization over book value of assets and market return on assets. The Altman and hybrid models would be tested on samples of both traditional manufacturing firms and technology service firms that represent firms with different asset positions. The statistical methodology used for the analysis is Logit analysis. Traditionally, financial distress models have been evaluated using statistical techniques such as Logit or multiple discriminant analysis (MDA). These techniques are founded on mathematical concepts and are usually robust in their performances. The dependent variable would be bankrupt (coded 1) or healthy (coded 0). The two 5 models used in this study are briefly discussed in the following paragraphs. Altman model One of the earliest and most popular bankruptcy prediction models was developed by Altman et al. (1977). Altman et al. (1977) identified five financial ratios (out of a group of 22 financial ratios) as important predictors of bankruptcy. The ratios were: working capital/total assets。 retained earnings/total assets。 earnings before interest and taxes/total assets。 market value of equity/book value of total debt。 sales/total assets. The hybrid model While several studies found the Altman et al. model to be a good predictor of financial health, a few years ago, Shumway (2020) wrote that Altman model could be improved further by using marketbased information. Shumway (2020) stated that unless financial variables are used along with marketbased information, they are not likely to provide useful signals of financial health. Shumway’s view is also supported by other studies. For example, Raghunanandan and Subramanyam (2020) report that firms that received a goingconcern audit opinion to generally have lower market values, lower stock returns, and higher volatility. While Shumway’s argument that stock prices provide additional information about the future prospects of a firm appears valid, the issue has received only limited attention in financial distress studies (Beaver, 1966。 Shumway, 2020). To observe whether concurrently using fundamental financial information along with marketbased information improves future financial health, the hybrid model study includes all of the variables used in Altman (1968) study, and also two additional market variables – excess of market capitalization over book value of assets (intangible) and market Return to represent market’s perception of future prospects. The two models will be tested。