A股上市公司价值创造研究:1990-2023  

The Value Creation of A-Share Firms:1990-2023

作　　者：孟为 姜国华[2] MENG Wei;JIANG Guohua

机构地区：[1]对外经济贸易大学国际商学院 [2]北京大学光华管理学院

出　　处：《财务研究》2025年第2期30-50,共21页Finance Research

基　　金：国家自然科学基金面上项目(72472025);教育部人文社会科学研究项目(24YJC630158);北京市社会科学基金青年项目(23GLC035);对外经济贸易大学中央高校基本科研业务费专项资金资助(23YB05)。

摘　　要：本文从股东权益的市场价值和账面价值两个角度研究我国股票市场建立30多年以来上市公司的价值创造能力。基于1990年至2023年全部A股上市公司样本数据构建公司累计市场回报(MarketReturn)与累计会计回报(BookReturn)指标及其对应年化回报等指标,进一步结合五年规划(计划)、上市板块、所属行业和地区等不同维度进行分类,研究分析发现:考虑时间价值因素后,截至2023年年底A股上市公司平均每年积累的市场价值与账面价值增值分别为14.23%和6.32%;A股上市公司在“八五”计划到“十三五”规划期间的价值创造能力有一定程度的差别;创业板和科创板公司显示出更强的价值创造能力;科学研究和技术服务业,信息传输、软件和信息技术服务业,制造业上市公司价值创造能力较强;东部沿海及经济发达地区上市公司的市场回报相对更高。本文系统回顾并客观评价了A股上市公司为所有股东创造增量价值的能力,旨在为监管层与证券市场参与者利用会计信息作出合理决策以及进一步认识我国资本市场发展规律提供理论依据。This paper investigates the value creation capabilities of listed firms in China's stock market over the past three decades,by exploring the market value and book value growth of shareholders'equity.Using the data of A-share firms from 1990 to 2023,we design the indicators of Market Return for Shareholders(MR)and Book Return for Shareholders(BR),also the corresponding annualized return ratio,to depict the whole picture of A-share market.We further explore the investment value of public firms from different aspects,including economic development stage,listed sector,listed year,industry,region,etc.We find that:(1)After taking the time value of capital input and cash dividend into account,the annual market and book return of A-share firms'shareholders are respectively 14.23%and 6.32%by 2023.(2)During the period from"8th Five-Year Plan"to"13th Five-Year Plan",the value creation capacity of A-share listed firms varies to some extent in different stages of economic development.(3)Firms listing on GEM(Growth Enterprises Market Board)and SSE STAR Market show stronger value creation ability.(4)Firms in the scientific research and technical services,software and information technology services,and manufacturing industries have relatively better investment value.(5)Firms located in eastern provinces and economically developed regions have higher shareholder returns.This paper systematically reviews and objectively evaluates the investment value of China's A-share listed firms,aiming to provide theoretical basis for investors and regulators to make rational decisions with accounting information and correctly understand the development of China's capital market.

关 键 词：上市公司价值创造 市场回报 会计回报 投资价值 价值相关性 

分 类 号：F272.5[经济管理—企业管理]