中美股市估值鸿沟下游戏中概股的回归探析——以网易及巨人网络为例

发布时间：2018-05-03 23:20

本文选题：游戏中概股 + 美股　；参考：《企业经济》2017年07期

【摘要】：近年来,海外资本市场中越来越多的中概股走上回家之路,其中,游戏中概股更是异常活跃。数据统计显示,目前美股市场中的13家游戏中概股只剩余2家。究其根源,不难发现美股与A股资本市场对游戏中概股的估值鸿沟是其走上归途的主要原因。上市游戏公司在A股与美股资本市场中遭受到的估值"剪刀差"反映出两国市场估值间的巨大差异。本文对两国资本市场中的市值管理、估值逻辑、资产评估方法等方面进行对比分析,同时以市值管理为视角,以游戏中概股——网易和巨人网络为研究对象,重点分析上市游戏公司的市值管理路径,认为在产品市场上,上市游戏公司应当强化产品创新和战略协同,加强渠道分发系统建设;在资本市场上,上市游戏公司应当注重政策、资金、估值等风险,加强资本规范操作、积极与投资机构合作,切实提升公司实际价值。最后,从产品市场市值管理和资本市场市值管理两个方面对我国上市游戏公司未来发展提出了建议。
[Abstract]:In recent years, more and more Chinese stocks in overseas capital markets are on their way home. Statistics show that the current U. S. stock market in the 13 games in the stock market only the remaining 2. It is not difficult to find that the valuation gap between American stock and A share capital market is the main reason for its going back. The "scissors difference" in valuations suffered by listed gaming companies in the A-share and U.S. capital markets reflects the huge difference in valuations between the two markets. This paper makes a comparative analysis of market value's management, valuation logic, asset evaluation methods and so on in the capital markets of the two countries. Focusing on market value's management path of listed game companies, the author holds that in the product market, listed game companies should strengthen product innovation and strategic coordination, strengthen the construction of distribution system of channels, and strengthen the construction of distribution system in the capital market. Listed game companies should pay attention to the risks such as policy, capital and valuation, strengthen the capital standard operation, actively cooperate with investment institutions, and improve the actual value of the company. Finally, some suggestions on the future development of listed game companies in China are put forward from two aspects: market value management of product market and market value management of capital market.
【作者单位】：中央财经大学文化与传媒学院;中央财经大学文化传媒学院新闻系;
【基金】：教育部人文社会科学研究规划基金/青年基金/自筹经费项目“国家治理现代化视域下的舆情治理创新”(项目编号:14YJC860001)
【分类号】：F832.51;F837.12

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