摘要
上市公司的市值反映自身的内在价值,但是资本市场受到多种因素的影响,时常发生剧烈的波动,给投资者和公司带来较大的风险。为了降低风险,上市公司可以适时进行市值管理,引导公司市值向价值回归;投资者可以在价值低估状态下买入公司股票提高收益,或者在价值高估状态下卖出股票降低风险。本文研究了上市公司的价值偏离度,通过总结价值偏离度概念,提出价值偏离度数学模型,引出价值区间计算方法,依据价值偏离度计算结果可以把上市公司的价值状态分为三类:低估状态、高估状态或者正常价值状态。公司在资本市场的价值状态可以为公司实施市值管理和投资者进行投资决策提供依据。
The market value of a listed company reflects its own intrinsic value,but the capital market is affected by a variety of factors,and violent fluctuations often occur,which brings greater risks to investors and companies.In order to reduce risks,listed companies can conduct market value management in a timely manner to guide the company’s market value to return to value;investors can buy company stocks when the value is undervalued to increase returns,or sell stocks when they are overvalued to reduce risk.This paper studies the value deviation degree of listed companies,summarizes the concept of value deviation degree,proposes a mathematical model of value deviation degree,and leads to the calculation method of value interval.According to the calculation result of value deviation degree,the value status of listed companies can be divided into three categories:underestimated state,overestimated state or normal value state.The company’s value status in the capital market can provide a basis for the company to implement market value management and investors to make investment decisions.
作者
孙银行
安海忠
盖利亚
Sun Yinhang;An Haizhong;Gai Liya(School of Economics and Management,China University of Geosciences(Beijing),Beijing,100083;Center for Hydrogeology and Environmental Geology Survey,China Geological Survey,Baoding,071051)
出处
《中国资产评估》
2021年第8期27-34,共8页
Appraisal Journal of China
关键词
价值评估
价值偏离度
价值状态
Intrinsic value
valuation
value deviation degree
