证券市场导报Issue(10)：3-14,12.
中国国有企业估值体系优化研究
摘要
Abstract
The traditional Western valuation system does not fully reflect China's fundamental national conditions,leading to a phenomenon of undervaluation of Chinese assets,especially for state-owned assets.It is necessary to establish a Chinese characteristic valuation system that aligns with China's national conditions and reflects the social responsibility and long-term value of state-owned enterprises.Based on the analysis of the valuation characteristics,existing problems,and underlying reasons in China's A-share stock market,this paper utilizes the Analytic Hierarchy Process(AHP)and case analysis methods to construct a Chinese characteristic valuation system and examines its practical application effect.The paper finds that in the A-share market,state-owned enterprises are generally undervalued compared to non-state-owned enterprises.The fundamental reason lies in the differences in economic development,industrial structure,and the nature of enterprises,as the traditional Western valuation models fail to capture the social value of enterprises adequately.By establishing a Chinese characteristic valuation index system and incorporating the social responsibility factor into the valuation model,the valuation of state-owned enterprises is optimized.Moreover,the paper proposes policy suggestions from the perspectives of enterprises,capital,and the market to improve the valuation system for state-owned enterprises in China.This paper enriches the research on the corporate valuation system and provides empirical insights for optimizing the valuation system of state-owned enterprises.关键词
中国特色估值体系/国有企业/AHP层次分析法/综合责任价值Key words
Chinese characteristic valuation system/state-owned enterprises/Analytic Hierarchy Process(AHP)analysis method/comprehensive responsibility value分类
管理科学引用本文复制引用
湘财证券课题组,高振营,许雯,张智珑,蒋栋,郭怡萍,文正平,聂孟依..中国国有企业估值体系优化研究[J].证券市场导报,2024,(10):3-14,12.基金项目
此文由中国证券业协会2023年度优秀课题"建立具有中国特色的估值体系研究"(2023SACKT010)改编 （2023SACKT010）
