Where to Find Value on the Balance Sheet

IF 0.3 Q4 BUSINESS, FINANCE

Review of Pacific Basin Financial Markets and Policies Pub Date : 2021-03-01 DOI:10.1142/S0219091521500090

Peter T. Chinloy, Matthew Imes, Tilan Tang

引用次数: 0

Abstract

Firms with higher book equity relative to market capitalization earn a premium, leading to sorting into value and growth. This sorting implies that any balance sheet additions are risky. This paper provides evidence that what a firm holds on its balance sheet matters, and value occurs with high book-to-market ratios. Each holding relative to firm market capitalization has a risk premium, varying across holdings. Among US firms quarterly for 1980–2016, doubling holdings of cash and receivables relative to market capitalization earn premiums of at least 1%, as does taking on debt. These account for the entire value premium, since physicals, intangibles and payables are not risky. The value premium derives from the composition of the firm’s assets.

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在资产负债表上查找价值

账面股本相对于市值较高的公司会获得溢价，从而导致价值和增长的排序。这种排序意味着任何资产负债表的增加都是有风险的。这篇论文提供了证据，证明一家公司在资产负债表上持有的东西很重要，价值发生在高账面与市场比率的情况下。相对于公司市值，每一笔持股都有一个风险溢价，因持股而异。在1980-2016年的美国公司中，现金和应收账款的持有量相对于市值翻了一番，其溢价至少为1%，承担债务也是如此。这些占了整个价值溢价，因为实物、无形资产和应付款项没有风险。价值溢价来源于公司资产的构成。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Pacific Basin Financial Markets and Policies BUSINESS, FINANCE-

CiteScore

1.30

自引率

11.10%

发文量

期刊介绍： This journal concentrates on global interdisciplinary research in finance, economics and accounting. The major topics include: 1. Business, economic and financial relations among the Pacific rim countries. 2. Financial markets and industries. 3. Options and futures markets of the United States and other Pacific rim countries. 4. International accounting issues related to U.S. companies investing in Pacific rim countries. 5. The issue of and strategy for developing Tokyo, Taipei, Shanghai, Sydney, Seoul, Hong Kong, Singapore, Kuala Lumpur, Bangkok, Jakarta, and Manila as international or regional financial centers. 6. Global monetary and foreign exchange policy, and 7. Other high quality interdisciplinary research in global accounting, business, economics and finance.