Valuation of China's Apparel Industry with Financial and Non-financial InformationTools WU, YANGLI (2018) Valuation of China's Apparel Industry with Financial and Non-financial Information. [Dissertation (University of Nottingham only)]
AbstractThe apparel industry is one of the most important sectors in China. With the rapid development in this industry, the annual profits are remarkable. However, domestic apparel companies are facing a lot of challenges due to this fast-changing industry. Therefore, it is valuable to study the determinants of the market value in China’s apparel industry, which can give some supportive reference for the future research. In this dissertation, based on industrial analysis, I examine the value-relevance of financial(accounting) and nonfinancial factors of the independent garment enterprises. The results indicate that earnings per share and book value are remarkably related to valuation. Nonfinancial indicators, such as firm size, education level of CEO and average wage are also highly value-relevant, especially incorporating with financials. Finally, I give some suggestions for both this industry and the investors based on the results.
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