中国国有企业与民营企业的估值差异及其理论解释  

Differences in Valuation Between Chinese State-owned Enterprises and Non-State-owned Enterprises:Theoretical Explanations

作　　者：魏志华[1] 梁方志 李培功 张嘉伟 WEI Zhihua;LIANG Fangzhi;LI Peigong;ZHANG Jiawei(School of Economics,Xiamen University;International Business School,Hainan University;School of Accounting,Shanghai Lixin University of Accounting and Finance;School of Management,China Ocean University;China Business Working Capital Management Research Center)

机构地区：[1]厦门大学经济学院,福建厦门361005 [2]海南大学国际商学院,海南海口570100 [3]上海立信会计金融学院会计学院,上海201620 [4]中国海洋大学管理学院/中国企业营运资金管理研究中心,山东青岛266100

出　　处：《金融研究》2024年第10期1-19,共19页Journal of Financial Research

基　　金：国家自然科学基金面上项目(72472131,71972163);福建省自然科学基金面上项目(2024J01029);福建省社会科学基金一般项目(FJ2024B017);厦门大学中国式现代化专项(207202310513)的资助

摘　　要：本文以2007-2021年中国A股上市公司为样本,实证研究国有企业与民营企业的估值差异并提出相应理论解释。研究发现,国有企业的市净率(PB)显著低于民营企业,但市盈率(PE)显著高于民营企业。本文基于EBO理论模型解释这一有趣现象——国有企业低PB现象主因是市场对其未来超额收益的预期较低,国有企业高PE现象主因是其权益资本成本较低。进一步分析发现:(1)研发投入不足、社会责任承担较多和分红水平较低是市场对国有企业未来盈利能力预期较低的深层次原因;盈利质量高是国有企业权益资本成本较低的深层次原因。(2)国有企业对政府、产业链和社会等利益相关方的贡献未被当前估值体系充分考虑。(3)地方国有企业的低PB现象更明显,中央国有企业的高PE现象更明显。(4)相较于国有控股,国有参股对企业估值的影响更积极。本文揭示了国有企业和民营企业之间相对复杂的估值差异,并从理论层面提供了合理解释,有助于丰富企业估值领域的理论研究,对国有企业健康发展和“中国特色估值体系”构建具有参考意义。Since the 20th National Congress of the Communist Party,China's financial system reform has generally centered on the idea of enhancing the role of finance in serving the real economy,emphasizing the importance of the role of financial markets in improving resource allocation efficiency.In this context,the China Securities Regulatory Commission introduced the concept of a“CST Valuation”(China-specific valuation system)in November 2022,with a key goal of promoting reasonable valuations for state-owned listed enterprises(SOEs),thereby guiding financial resources to better serve national strategic objectives.Following the introduction of the CST Valuation concept,domestic media attention has increasingly focused on the valuation of SOEs,with a general perception that SOEs are undervalued.Meanwhile,existing foreign literature often posits that SOEs command higher valuations than private firms due to advantages in policy support and financing(Beuselinck et al.,2017;Boubakri et al.,2018),which contrasts with media viewpoints.This divergence between theory and practice highlights the theoretical and practical significance of studying SOE valuations.Based on the Edwards-Bell-Ohlson(EBO)valuation model,this paper analyzes two prominent corporate valuation metrics,Price-to-Book(PB)and Price-to-Earnings(PE)ratios.According to the EBO model,the PB ratio is positively correlated with a firm's future profitability,while the PE ratio reflects the growth potential of future earnings relative to current earnings.Both metrics are negatively correlated with a firm's cost of equity.In theory,SOEs—functioning as government macro-control tools—might exhibit lower future profitability and earning growth compated to private firms due to their political roles,leading to lower valuations.At the same time,SOEs may have certain advantages,such as higher earnings quality driven by stricter supervisions,which could result in higher valuations than private firms.Thus,the valuation differences between SOEs and private firms warrant empi

关 键 词：国有企业 估值差异 市净率 市盈率 EBO模型 

分 类 号：F276.1[经济管理—企业管理] F276.5[经济管理—国民经济]