全球资本市场估值差异与中国元素估值体系研究  

Study on Valuation Differences in Global Capital Markets and Valuation System of Elements in Chinese Stock Market

作　　者：吴晓求[1] 谭松涛[2] 郭彪[2] WU Xiaoqiu;TAN Songtao;GUO Biao(National Academy of Financial Research,Renmin University of China,Beijing,100872;School of Finance,Renmin University of China,Beijing,100872)

机构地区：[1]中国人民大学国家金融研究院、中国资本市场研究院 [2]中国人民大学财政金融学院

出　　处：《中国经济问题》2024年第6期1-15,共15页China Economic Studies

基　　金：国家自然科学基金应急项目(72341027)。

摘　　要：论文从全球视角总结了影响公司估值的若干因素,并对中国资本市场估值问题进行了分析。文章发现,2013年以来,以沪深300成分股为代表的A股市场核心资产估值持续走低,而且国有企业低估值现象尤为严重。这种低估值从企业的盈利能力、成长性、股息支付状况、风险承担水平等方面都难以进行解释。究其原因:一是国有企业的社会价值难以通过财务数据在传统的估值模型中体现出来;二是在市场投融资功能严重失衡的情况下,资金匮乏导致投资者选择“炒小、炒新”,国有企业的真实价值难以在市场中得到合理体现;三是国有企业信息披露的主动性不强,对自身公司市值变化的关注度不高,进而加大公司价值被低估的程度;四是并购功能的丧失导致国有企业外延式发展机会受限,形成流动性折价;五是市场投资者结构的不合理导致国有企业股票非理性定价。本文的研究为理解国有企业低估值现象、建立中国特色估值体系框架有重要理论价值和现实意义。The paper summarizes several factors influencing company valuation from a global perspective and analyzes valuation issues in China's capital markets.The study reveals that since 2013,the valuation of core assets in the A-share market,represented by the components of the CSI 300,has continuously declined,with state-owned enterprises experiencing particularly severe undervaluation.This undervaluation is difficult to explain based on factors such as corporate profitability,growth prospects,dividend payment status,and risk-taking levels.The paper attributes this phenomenon to several factors.Firstly,the social value of state-owned enterprises is difficult to reflect in traditional valuation models using financial data.Secondly,in a situation where market financing functions are severely imbalanced,a lack of funds leads investors to choose speculative and new stocks,making it difficult for the true value of state-owned enterprises to be adequately reflected in the market.Thirdly,state-owned enterprises lack proactive information disclosure,have a low level of concern about changes in their market value,and consequently exacerbate the degree of undervaluation.Fourthly,the loss of merger and acquisition capabilities limits the opportunities for state-owned enterprises'external development,leading to a liquidity discount.Fifthly,the irrational pricing of state-owned enterprise stocks is attributed to the unhealthy structure of market investors.This study holds significant theoretical value and practical implications for understanding the phenomenon of undervaluation of state-owned enterprises and establishing a valuation framework with Chinese characteristics.

关 键 词：国有企业 股票市场 中国元素估值体系 

分 类 号：F27[经济管理—企业管理]