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Research on the correlation between financial performance and enterprise value of GEM listed companies

Fang Chen, Qiaoyu Qin


This paper empirically studies the correlation between financial performance and enterprise value of listed start-ups from
2010 to 2015. Taking enterprise value and stock return as dependent variables, the return on total assets, return on net assets, asset liability
ratio and earnings per share are independent variables. The results show that the return on total assets has a significant positive correlation
with enterprise value; Return on equity has a significant positive relationship with stock returns; The asset liability ratio has a significant
negative relationship with both enterprise value and stock return; Earnings per share are signifi cantly negatively correlated with enterprise
value and stock return. It is worth noting that earnings per share can not reflect the enterprise value and stock return, indicating that the risk
of new ventures is high, and the stock price is vulnerable to multiple influences. It is a weak effi cient market, and there may be speculation.
The above research results can provide investors with reference.


enterprise value; Stock return rate; Financial performance indicators; Listed startups

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Included Database


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DOI: http://dx.doi.org/10.18686/modern-management-forum.v6i11.6663