摘要：This study examines the connection between a firm's market value and its reported financial ratios. The purpose is to investigate the degree to which the market value is determined by the internal financial performance such as: profitability, liquidity, efficiency, dividend payout and leverage ratios. The emphasis is on explanation rather than prediction. However, market-to- book, price-earnings and Q ratios are used to measure market value. The existence of these relationships is examined in terms of 65 non-financial public companies in the UK that are listed in the FTSE 100, and their performance from 2000-2013. Using cross-sectional time-series data, this study has performed a thorough regression analysis, which has shown that return on assets, financial leverage, and Q-ratio have a significant positive relationship to market value creation (MB ratio), while debt ratio and capital structure have a negative relationship. Using Q-ratio as a measure of growth opportunity, this study has found that market perception is different for firms with high growth opportunity than it is for those with low growth opportunity. Similarly, investors responded differently to more highly-leveraged firms.
关键词：Financial ratios; financial leverage; FTSE100; MB ratio; PE ratio; Q-ratio
