中美资本市场的估值差异研究:以中芯国际为例  

A Study about the Differences between US and Chinese Capital Markets:the Case of SMIC

作　　者：闫旭 梅丽霞[1] Yan Xu;Mei Lixia

机构地区：[1]中南财经政法大学工商管理学院,武汉430070

出　　处：《中国资产评估》2022年第12期71-80,F0003,52,共12页Appraisal Journal of China

摘　　要：大量中概股企业回归A股,其市值大幅上升。本文对中芯国际在美股退市前及A股上市后交易情况以及市值变化进行分析研究,并对标同样在美国上市的同类公司,经过筛选分析剔除业务并非完全相同或类似的三星、英特尔,最终选取美股的台积电、联华电子两个同类企业,以及A股的华润微公司作为标的,对四家企业的估值倍数、盈利能力、技术能力进行比较分析,并将中芯国际的自身价值成长与中美资本市场差异、产业生命周期差异等进行对比分析,得出中芯国际在中美市场市值差异形成的原因。最后对高科技、高投入型的企业估值方法提出了对策建议。With the return of China Concept Stocks, many of these corporations’ valuation have increased enormously. In this paper, we took the case of SMIC, and compared the corporate valuations before and after its return from US to China. Using the methodology of market approaches, with a comparative analysis among TSMC, UMC, CR Micro, and SMIC, We found three primary reasons which drove the high premium of CCS return companies:(1)the intrinsic corporate value appreciation due to improved technological capabilities as well as profitability;(2)the various life cycle stages of US and Chinese IC industries;(3) the differentiated valuation logics between US and Chinese stock markets. Finally, we provided some suggestions for Chinese high-tech and high-investment corporate valuations.

关 键 词：资本市场 企业价值评估 估值方法 中芯国际 

分 类 号：F123.7[经济管理—世界经济]