市盈率模型在业务多元化企业股价估值中的运用——以鄂尔多斯公司为例  

Application of P/E Ratio Model in Stock Price Evaluation of Business Diversified Enterprises——Taking Erdos Company as An Example

作　　者：孙吉 都红雯[1] SUN Ji;DU Hong-wen

机构地区：[1]杭州电子科技大学经济学院

出　　处：《生产力研究》2019年第5期34-38,F0003,共6页Productivity Research

摘　　要：近年来,经营多元化业务的上市公司越来越多,且经营非相关多元化业务的公司也大量存在,如何合理地对这些公司的股价进行估值已成为业界的一个热门话题。以内蒙古鄂尔多斯投资控股集团有限公司为例,将成长因子作为一项重要影响因素、采用可持续增长率(又称预期增长率)对传统市盈率模型进行调整,并运用修正后的市盈率模型对该公司羊绒服装和电力冶金这两种不同的主营业务分别进行估值。在此基础上,结合该企业2013-2017年度的实际情况和发展战略,对其股价分别按资产总额和毛利额进行加权评估,以期为上市公司投资者对多元化业务发展的上市公司股价估值提供新思路与新方法。In recent years, there are more and more listed companies operating diversified businesses, and there are a large number of companies operating non-related diversified businesses. How to reasonably value the stock prices of these companies has become a hot topic in the industry. Taking Inner Mongolia Ordos Investment Holding Group Co., Ltd. as an example, the growth factor is used as an important factor to adjust the traditional P/E ratio model with sustainable growth rate (also known as expected growth rate), and the revised P/E ratio model is used for the company. The two different main businesses of cashmere clothing and power metallurgy are separately valued. On this basis, combined with the actual situation and development strategy of the company in 2013-2017, its stock price is weighted by total assets and gross profit, in order to evaluate the stock price of listed companies for listed companies, which provide new ideas and new methods.

关 键 词：市盈率模型 多元化业务 上市公司 股价估值 

分 类 号：F832.51[经济管理—金融学]