摘要
基于农业上市公司生产周期长、投资回报周期长,商家容易形成过度竞争、面临市场风险和自然风险等特点,比较DCF、EVA和实物期权模型,分别运用3种估值模型用于农业上市公司价值估值。估值结果发现,运用DCF模型估值结果会普遍低估农业上市公司价值;运用EVA模型估值结果远低于或远高于农业上市公司价值,表明该模型不适合用于农业上市公司的价值评估;运用实物期权模型对农业上市公司价值评估比较准确,基本接近农业上市公司的每股市价,从农业细分行业看呈现出低估的农业上市公司大多集中在种植业,高估的农业上市公司大多集中在养殖业。
Agricultural listed companies have characteristics of long production cycles,long investment return cycle,merchants'being prone to excessive competition,market risks and natural risks.The DCF model,EVA model,and real option model were compared,and three valuation models were used for the valuation of agricultural listed companies,respectively.Valuation results showed that,DCF model valuation results would generally underestimate the value of agricultural listed companies;The valuation results using the EVA model were much lower or higher than the value of agricultural listed companies,indicating that the model was not suitable for value evaluation of agricultural listed companies;The real option model was more accurate in evaluating the value of agricultural listed companies,which was basically close to the market price per share of agricultural listed companies.From the perspective of agricultural industry segments,most agricultural listed companies that were undervalued were concentrated in the plantation industry,while most agricultural listed companies that were overvalued were concentrated in the breeding industry.
作者
杨英
崔文琴
YANG Ying;CUI Wen-qin(Tongling University,Tongling,Anhui 244061,China)
出处
《河北北方学院学报（自然科学版）》
2023年第7期43-49,共7页
Journal of Hebei North University:Natural Science Edition
基金
铜陵学院重点科研计划项目(2022tlxyszZD01)
铜陵学院人才科研启动基金项目(2014tlxyrc05)。
