公司价值与投入资本收益率、增长率关系的实证研究

An Empirical Study of the Relationship of Price/Book Value (P/B), Growth Rate, and the Difference between Return on Investment Capital (ROIC) and Weighted Average Capital Cost (WACC)

以上证180指数中180个公司作为样本,对1998～2002年期间公司市值/帐面值比率(市净率,P/B)和增长率、投入资本收益率和资本成本的差幅之间的关系进行了实证研究.研究表明,市场倾向于根据销售增长与投入资本收益率和资本成本的差幅来对公司价值进行评估.P/B比率相对平均差幅的回归的R2达到35.2%,即对于任何增长水平而言,差幅越大,P/B比率就越大.研究亦指出,对相同的差幅水平而言,随着增长率水平的提高,P/B比率的变动趋势不明显.相比较而言,差幅比增长率更为重要.

This paper makes an empirical analysis by using the 180 listing companies of the SH180 Index as a sample. The paper shows that the growth rate and the difference between the ROIC and the WACC are two important factors to drive the value of the companies. The R^2 of the regression between the P/B and the difference reaches 35.2%, which reports that, given any growth rate level, the P/B will be greater if the difference is higher. The paper also presents that, given the same difference level, the change of the P/B is not significant as the growth rate increases. Compared with the growth rate, the difference is of more importance to the valuation of the companies.