创业板上市公司估值特征及影响因素研究  

Characteristics and Influence Factors of the Listed Firms Valuation in GEM

作　　者：曾振[1,2] 沈维涛[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]招商证券股份有限公司,广东深圳518026

出　　处：《证券市场导报》2016年第3期32-39,共8页Securities Market Herald

基　　金：国家自然科学基金项目:"风险投资支持的企业IPO折价;择机与后管理问题研究"(项目编号:71172052);中国博士后科学基金"会计透明度;机构投资者行为与应计项目定价"(项目编号:2014M552244)

摘　　要：创业板估值一直是各界关注的热点问题。本文在已有估值理论的基础上,全面分析了创业板上市公司现有的估值特征,详细探讨了影响估值的各种因素。研究发现,从静态市盈率的角度来看,当前创业板的估值指标显著高于其他板块;但分析发现,创业板的估值与板块的行业构成、规模结构、成长性、供求关系等因素有一定关系,总体而言,其估值区间仍处于相对合理范围,定价体系依然有效。本文认为,创业板的高估值问题是创新型企业发展过程中的必经阶段,未来可以通过增加创业板公司供给、完善现有制度等手段改善估值现状。The valuation of listed firms in Growth Enterprise Market （GEM） is a hot issues to lots of parties. Based on the theoretical analysis about valuation of listed firms in GEM, this paper analyzes the valuation characteristics of GEM, and focuses on the factors which may affect the valuation of listed firms in GEM. We find that the valuation of GEM has a certain relationship with industry structure, size, growth opportunity, demand and supply, in total, the valuation is relatively reasonable and the pricing system is still valid. This conclusion suggests that the current pricing system can still work efficiently. This paper argues that the high valuation problem of GEM is a necessary stage of development process of start-up companies, meanwhile, we can improve the valuation problems of listed firms＇ in the future through increasing supplies of GEM and improving existing system.

关 键 词：创业板 公司估值 创业板成长性 行业估值 

分 类 号：F830.91[经济管理—金融学]