上市公司竞争优势的资本市场评价方法  

Evaluation of listed companies by competitiveness on capital market

作　　者：韩露[1] 张弛[2] 田振辉[3] 

机构地区：[1]上海交通大学管理学院,上海200030 [2]哈尔滨工业大学学工处,黑龙江哈尔滨150001 [3]哈尔滨工业大学科技处,黑龙江哈尔滨150001

出　　处：《哈尔滨工业大学学报》2003年第5期636-640,共5页Journal of Harbin Institute of Technology

摘　　要：传统的竞争优势评价方法 ,无论是定性分析还是定量分析 ,都是以企业为应用主体的实务分析方法 .与此不同 ,股市投资者往往通过判断上市公司是否具有长期获益的能力来评价其竞争优势 .提出了一种面向投资者的资本市场评价方法 ,即利用竞争优势持续期———企业能够获取超额收益的持续时间 ,来评价上市公司的相对竞争地位 .建立了企业竞争优势与股票估值的理论基础 ,深入分析了上市公司竞争优势与经济附加值的关系 .研究表明 ,竞争优势持续期不但可以综合反映上市公司的盈利能力和未来发展前景 ,而且能指示上市公司的相对竞争地位 .While traditional competitiveness analysis, both qualitative or quantitative, is done in a company oriented practicable method, investors on stock market evaluate the competitiveness of a listed company by its long term profit ability. An investor oriented method uses Competitive Advantage Period, a duration during which investment return exceeds capital cost, to evaluate the relative competitiveness of a company. By analyzing the relationship between competitiveness and economic value added of a listed company, it was found that CAP not only reflects the competitive potent and future progress comprehensively, but also indicates its relative competitive advantage. An applicable model was established in the paper to evaluate the CAP.

关 键 词：上市公司 竞争优势 资本市场 评价方法 股票市场 经济附加值 竞争优势持续期 评估模型 

分 类 号：F276.6[经济管理—企业管理] F830.91[经济管理—国民经济]