从财务评价体系看上市公司价值决定——“双高”企业与传统企业的比较

本文主要从投资者的角度 ,探讨目前国内A股上市公司中“双高”企业与传统企业的财务评价指标体系及其差异。文章首先通过对现有财务评价指标体系的比较分析 ,以及对股票投资者的问卷调查与分析 ,得出恰当评价“双高”企业和传统企业的不尽相同的两套财务评价指标体系 ,然后再利用上市公司年报数据进行实证性分析 ,验证了两类企业财务评价指标体系差异存在的合理性。本文研究表明 :成长性指标是最能体现“双高”企业高成长特征的财务指标 ;成长性既体现在反映经营成果 (盈利能力 )的财务指标上 ,又体现在反映财务状况 (资本扩张能力 )增长的财务指标上 ;“双高”企业的主营业务利润率、净资产收益率、利润构成和市盈率等财务比率指标的平均值明显高于传统企业。由此可见 ,较之于传统企业 ,“双高”企业的投资价值更多地取决于其预期增长能力而非当期的静态盈利性。

Researches on Value Decision on Listed Companies in Sight of the Financial Appraisal System

To discuss the differences in financial analysis and evaluation system between high-technic & high-growth companies and traditional companies in China A-share market, this paper firstly compared the financial analysis and evaluation systems now available and investigated investers,and then obtained two sets of financial analysis and evaluation systems.Secondly,we tested and verified it.The most important findings in this paper are: growing ratios show the financial features of high-technic & high-growth companies best; the growth of high-technic & high-growth companies reflect in not only operation performance ratios but also financial position ratios; the average ratios such as profit margin,return on equity and PE ratio of high-technic & high-growth companies are notably higher than those of traditional companies. Based on the findings mentioned above,we think the investment value of high-technic & high-growth companies much more depends on the expected future growth other than current operation performance.