中国特色估值体系视角下煤炭行业估值评价研究  

Research on the Valuation in Coal Industry from the Perspective of Valuation System with Chinese Characteristics

作　　者：张琳艺 ZHANG Linyi(School of Management,Hefei University of Technology,Hefei 230000,China)

机构地区：[1]合肥工业大学管理学院,安徽合肥230000

出　　处：《商业观察》2025年第8期74-78,共5页BUSINESS OBSERVATION

基　　金：中国证券业协会2023年重点课题(2023SACKT006)。

摘　　要：建立具有中国特色的估值体系,是建设中国特色现代资本市场的重要内容,也是国家提出的“中国式现代化”在资本市场的集中体现。文章以沪深A股2018—2023年煤炭上市公司为研究样本,从产业引领、责任担当、创新突破、绿色低碳、命运共同体五大维度选取中国特色估值指标,构建中国特色估值指标多元回归模型,分析在中国特色估值体系下,各维度指标对煤炭企业估值的影响。研究发现:高收益、创新性较好的的煤炭成分股处于被低估状态,企业往往看重未来的投资价值;债务杠杆在煤炭估值层面的作用有所体现;当企业展示出对环境友好的行为时,市场可能解读为该企业具有前瞻性和适应性,有利于提升其估值;具有国际视野的煤炭成分股在估值上已经有所体现。The establishment of a valuation system with Chinese characteristics is an important part of the construction of the modern capital market with Chinese characteristics,and also the concentrated embodiment of the"Chinese-style modernization"in the capital market.This paper takes Shanghai and Shenzhen A-share listed coal companies from 2018 to 2023 as research samples,selects valuation indicators with Chinese characteristics from five dimensions of industrial leadership,responsibility,innovation and breakthrough,green and low-carbon,and community of shared future,constructs a multiple regression model of valuation indicators with Chinese characteristics,and analyzes the impact of indicators of each dimension on the valuation of coal enterprises under the valuation system with Chinese characteristics.The results show that high yield and innovative coal stocks are undervalued.They tend to focus on future investment value.The role of debt leverage in coal valuation is reflected.When a company exhibits environmentally friendly behavior,the market may interpret the company as forward-looking and adaptable,which is conducive to enhancing its valuation.Internationally minded coal stocks are already priced in.

关 键 词：煤炭企业 中国特色估值体系 估值研究 

分 类 号：F275[经济管理—企业管理]