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通过对上市公司股票价格和价值相关性进行实证研究,揭示了我国上市公司价值与公司治理绩效的关系及变化规律。结果显示,尽管股市存在价格与价值偏离,但是体现公司价值的股价与体现公司治理绩效的主要财务指标之间仍有较强的相关性,说明股市仍然具有一定的价值发现功能;经过股权分置改革,股价与价值的相关性得到提高,它们的偏离度趋于收敛,股市对公司的治理功能有所提高;市场对业绩较好公司的估值相对稳定,对业绩较差公司的估价较高,股改对业绩较差公司的价格纠正效应较为显著;无论股改前还是股改后,股价被高估的公司所占比例均超过了70%,说明完善价值发现机制和资源配置功能仍是资本市场发展的现实课题。
Through empirical research on the correlation between the stock price and the value of the listed company, this paper reveals the relationship between the value of the listed company and the performance of corporate governance in our country and the changing rules. The results show that there is still a strong correlation between the share price reflecting the corporate value and the main financial indicators reflecting the performance of corporate governance, indicating that the stock market still has a certain value discovery function despite the deviation of the price and value in the stock market. In the reform, the correlation between stock price and value has been improved, their deviation tends to converge, the stock market has improved the corporate governance function, the market has a relatively good performance, the company’s valuation is relatively stable, and the company with poor performance has a higher valuation , The share reform has a significant effect on the price correction of poorly performing companies. Both the proportion of companies whose shares are overvalued surpassed 70% after the share reform or the share reform, indicating that improving the mechanism of value discovery and the function of resource allocation are still the development of the capital market The reality of the subject.