关键词:

国有企业, 股票市场, 中国元素估值体系

Abstract:

The paper summarizes several factors influencing company valuation from a global perspective and analyzes valuation issues in China's capital markets. The study reveals that since 2013, the valuation of core assets in the A-share market, represented by the components of the CSI 300, has continuously declined, with state-owned enterprises experiencing particularly severe undervaluation. This undervaluation is difficult to explain based on factors such as corporate profitability, growth prospects, dividend payment status, and risk-taking levels. The paper attributes this phenomenon to several factors. Firstly, the social value of state-owned enterprises is difficult to reflect in traditional valuation models using financial data. Secondly, in a situation where market financing functions are severely imbalanced, a lack of funds leads investors to choose speculative and new stocks, making it difficult for the true value of state-owned enterprises to be adequately reflected in the market. Thirdly, state-owned enterprises lack proactive information disclosure, have a low level of concern about changes in their market value, and consequently exacerbate the degree of undervaluation. Fourthly, the loss of merger and acquisition capabilities limits the opportunities for state-owned enterprises' external development, leading to a liquidity discount. Fifthly, the irrational pricing of state-owned enterprise stocks is attributed to the unhealthy structure of market investors. This study holds significant theoretical value and practical implications for understanding the phenomenon of undervaluation of state–owned enterprises and establishing a valuation framework with Chinese characteristics.

Key words:

state-owned enterprises, stock market, valuation system with Chinese characteristics