무역학회지 (Korea Trade Review)

한국무역학회 (Korea Trade Research Association)
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중국 제조업 상장기업의 가치평가 설명요인에 관한 연구

What explains firm valuation? Evidence from the Chinese manufacturing sector

  • ;
  • 안연주 (연세대학교 본대학원 경제학과 ) ;
  • 최문섭 (이화여자대학교 경영학부)
  • Sha Qiang (College of Business Administration, Ewha Womans University) ;
  • Yun Joo An (School of Economics, Yonsei University) ;
  • Moon Sub Choi (Ewha Womans University)
  • 투고 : 2020.04.02
  • 심사 : 2020.04.25
  • 발행 : 2020.04.30
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초록

The price-to-earnings ratio (PER) is an important indicator to measure the stock price and profitability of a firm; it is also the most used valuation indicator among investors. When using the PER to compare the investment values of different stocks, these stocks must come from the same sector. This study mainly focuses on the China's listed manufacturing firms. By learning from previous research results and analyzing the current situation, we studied the correlation between the manufacturing sector's PER and its influencing factors from both macro and micro perspectives, the combination of which eventually sheds light on such correlation. Analyzing GDP growth rate data, Manufacturing Purchasing Managers' Index, and other macroeconomic variables from 2008 to 2018, we conclude that these variables jointly have a certain impact on the average PER of the manufacturing sector. We then form panel data based on relevant (2014-2018) data gathered from 317 of China's A-listed manufacturing firms to study the impact of micro-variables on PER. By using Stata and other software to analyze the panel data, we reach the conclusion that the Debt to Asset Ratio, Return on Equity, EPS growth rate, Operating Profit Ratio, Dividend Payout Ratio, and firm size have a significant impact on PER. The Current Ratio, Treasury Stock ratio and Ownership Concentration have no distinct effect on PER. Based on our empirical findings, we design a theoretical model that affects the PER.

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