Technology-Related Delisted Firms: From Value Illusion to System Collapse: A Cross-Disciplinary Analysis of a Wirecard Case with Dynamic Capability Nested in a Value Evaluation Model
Main Article Content
Keywords
technology-related delisted firms, ROE-EVA-BSC integrated model, value collapse path, dynamic capability theory, value evaluation
Abstract
Technology firms with “light-asset + high-growth” attributes attract capital market attention, but delisting events such as Wirecard expose defects in traditional value evaluation-ROE is manipulable, EVA lacks nonfinancial drivers, and BSC lacks a dynamic perspective. Taking the Wirecard as a case, this study embeds dynamic capability theory into the ROE-EVA-BSC framework, integrates multisource data, and uses the synthetic control method (SCM), system dynamics (SD), and fuzzy-set qualitative comparative analysis (fsQCA) to reveal the “value collapse” mechanism. The findings show that 45.2% of Wirecard’s high ROE stemmed from accounting fraud, with a real EVA of -1.056 billion euros; organizational capability degradation follows three stages (germination-acceleration-collapse), and the collapse threshold is when false transactions exceed 30%. A general path of “light asset → off-balance-sheet leverage → system collapse” is extracted, and fsQCA confirms the model’s excellent early warning performance in the context of low supervision and high accounting flexibility. This study constructs a three-dimensional evaluation framework, providing theoretical and practical references for the risk governance and value evaluation of technology firms.
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Published
Jan 5, 2026
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This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
Zhu, Lihuan. “Technology-Related Delisted Firms: From Value Illusion to System Collapse: A Cross-Disciplinary Analysis of a Wirecard Case With Dynamic Capability Nested in a Value Evaluation Model”. Exploring Science Academic Conference Series, vol. 10, Jan. 2026, pp. 57-64, https://doi.org/10.70267/icbms.2502.5764.