摘要
本文利用2000年的435家价值增长型公司的数据,建立了内在价值与市值之间的函数关系,表达为多元线性方程形式,方程中的变量包括净资产、资金效率、长期投资合计、货币资金及主营业务销售毛利率。这些指标变量反映了公司的内在价值,与总市值的相关关系与假设一致。作者进而以指标变量以及函数关系为依据,对2001年的777家公司的市值进行了预测,证实这些指标对于指导价值投资具有一定的精度和稳定性。
This paper establishes the function relation between internal value and market value by using the data in 2000 of 435 value-growing companies. The function is a linear equation with such multi-variables as net asset, the rate of main operation gross profit, long-term investment, efficiency of capital and currency capital. They reflect the internal value, show accordance relationship with hypothesis, and have a strong capacity of explaining market value. Furthermore, according to the function, the market values of 777 public companies are forecasted. And these measure variables prove to be able to guide value investment with certain precision and stability.
出处
《管理评论》
2005年第1期13-17,12,共6页
Management Review
基金
国家自然科学基金资助项目(70302008)
