中国国有企业估值体系优化研究  

Research on the Optimization of the Valuation System for State-Owned Enterprises in China

作　　者：湘财证券课题组 高振营 许雯 Research Team of Xiangcai Securities

机构地区：[1]湘财证券股份有限公司,上海200120 [2]湘财证券研究所行业部

出　　处：《证券市场导报》2024年第10期3-14,共12页Securities Market Herald

基　　金：中国证券业协会2023年度优秀课题“建立具有中国特色的估值体系研究”(2023SACKT010)改编。

摘　　要：西方传统估值体系没有充分反映中国基本国情,存在中国资产尤其是国有资产被低估的现象。建立符合中国国情、能够体现国有企业社会责任和长期价值的中国特色估值体系十分必要。本文在分析我国A股市场的估值特征、存在的问题及原因的基础上,采用AHP层次分析法和案例分析法,构建中国特色估值体系并对其实际运用效果进行分析。研究发现,A股市场国企估值普遍低于非国企,其根本原因在于受经济发展、产业结构与企业性质差异的影响,西方传统估值模型不能很好地反映企业社会价值。通过建立中国特色估值指标体系,将社会责任因子纳入估值模型,国有企业的估值将得到优化。同时,本文从企业端、资金端、市场端提出了完善我国国有企业估值体系的政策建议。本文丰富了企业估值体系的研究,为国有企业估值体系优化提供了经验借鉴。The traditional Western valuation system does not fully reflect China’s fundamental national conditions,leading to a phenomenon of undervaluation of Chinese assets,especially for state-owned assets.It is necessary to establish a Chinese characteristic valuation system that aligns with China’s national conditions and reflects the social responsibility and long-term value of state-owned enterprises.Based on the analysis of the valuation characteristics,existing problems,and underlying reasons in China’s A-share stock market,this paper utilizes the Analytic Hierarchy Process(AHP)and case analysis methods to construct a Chinese characteristic valuation system and examines its practical application effect.The paper finds that in the A-share market,state-owned enterprises are generally undervalued compared to non-state-owned enterprises.The fundamental reason lies in the differences in economic development,industrial structure,and the nature of enterprises,as the traditional Western valuation models fail to capture the social value of enterprises adequately.By establishing a Chinese characteristic valuation index system and incorporating the social responsibility factor into the valuation model,the valuation of state-owned enterprises is optimized.Moreover,the paper proposes policy suggestions from the perspectives of enterprises,capital,and the market to improve the valuation system for state-owned enterprises in China.This paper enriches the research on the corporate valuation system and provides empirical insights for optimizing the valuation system of state-owned enterprises.

关 键 词：中国特色估值体系 国有企业 AHP层次分析法 综合责任价值 

分 类 号：F832.5[经济管理—金融学]