本研究主要是檢測資產負債表及損益表所扮演的角色。並根據資產負債表提供授信決策、監督債務契約之清算價值之資訊，以測試公司在不同財務情況下盈餘與帳面價值對股權評價的相對解釋能力。我們考慮二種不同的實證模式，以驗證本研究的假說：
首先，檢測公司財務惡化，其盈餘與帳面價值的相對重要性的變化趨勢。其次，檢測一般公司財務健全度影響盈餘與帳面價值的相對重要性權重，而以TCRI作為劃分公司為財務較強勢與較弱勢的財務健全指標來加以驗證。實證結果發現：
一、當公司瀕臨財務危機，盈餘相對於帳面價值對股權價值的解釋能力逐漸降低，帳面價值相對解釋能力逐漸增高。
二、當公司財務健全度降低，盈餘相對於帳面價值在股權評價上的解釋能力也降低，帳面價值相對解釋能力則增強。另外本研究經有效控制產業因素、公司規模水準後，仍然不影響上述實證結論。
三、此外根據產業間的未認列淨資產在衡量上的先天性差異，而發現盈餘與帳面價值對股權價值的解釋能力在產業間的確不同。傳統產業相較於高科技產業，盈餘相對於帳面價值在股權評價上的解釋能力較低，帳面價值相對解釋能力則較高。
經由我們實證結果指出，投資者會因公司財務狀況的差異，在考量其盈餘與帳面價值對股權評價的相對重要性權重也不同，而證實公司財務健全程度不同，作為股權評價的資產負債表及損益表所扮演的角色也不同。

This study tests predictions that pricing multiples on and incremental explanatory power of equity book value(net income)increase(decrease) as financial health decreases.Tests using a sample of 49 bankrupt firms and tests using a larger sample both yield inferences consistent with predictions.

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