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Are Chinese State-Owned Enterprises Undervalued? 我国A股国企被低估了吗?
2023-11-02 15:32:36
我国
A
股国有企业和民营企业整体上存在显著的估值差异。基于
2003-2021
年我国所有
A
股上市公司数据的分析表明,行业分布差异可以部分解释两类企业之间的整体估值差异,但估值差异在大多数行业内部仍然存在。基于经典股票估值模型与行为金融理论,我们从公司基本面、二级市场流动性和投机行为等方面分析了一系列可能影响国企和民企估值差异的因素。实证结果表明,两类公司之间的估值差异在很大程度上可以被两类企业在成长性、盈利不确定性和二级市场投机活动强度等方面的差异所解释。