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股权过度估值即股价超过了它的内在价值。除了纯粹幸运因素之外,股权过度估值意味着公司不能以业绩证明其当前股价是合理的。股权过度估值不仅比低估更普遍,而且后果更严重,目前尚缺乏有效的治理,传统的公司治理机制和激励措施无济于事,甚至火上浇油。股权过度估值问题需要系统性的治理,必须加强各个场域和各种内外部治理机制的沟通,缓解估值过程中的利益冲突,抑制会引起错误估值的各种偏差,构建各利益相关者重视自身信誉的制度基础。在股权过度估值的系统治理过程中,管理层的信誉机制、公司内部治理机制以及公司外部治理机制将起到主导作用。
Over-equity valuation that stock price exceeds its intrinsic value. In addition to purely fortunate factors, over-equity valuation means that a company can not justify its current share price in performance. Over-equity valuation is not only more common than undervaluation, but the consequences are more serious. Currently, there is a lack of effective governance. Traditional corporate governance mechanisms and incentives do not help or even fuel the economy. The problem of overvaluation of equity needs systematic governance. It is necessary to strengthen the communication between various fields and various internal and external governance mechanisms, ease the conflicts of interest in the valuation process, restrain various deviations that may cause wrong valuation, and build up various stakeholders Those who value their own credibility of the institutional basis. In the process of systematic governance of overvaluation of equity, the credibility mechanism of the management, the internal governance mechanism of the company and the external governance mechanism of the company will play a leading role.