Page 27 - CCFA Journal - Second Issue

企业上市 Listing
从市场表现看，在美中概股明显跑输纳斯达克指数。过去十年，
纳斯达克综指累计上涨超过 4 倍，同期中概股指数涨幅为 149%，
不及纳斯达克综指涨幅一半，如图 6 所示，考虑到中概股公司
超过三分之二在纳斯达克上市，表明中概股的市场表现相对较
弱。这与在美中概股被频繁做空有一定关系，在中概股遭遇频
繁做空时期，如 2011、2015 和 2018 年，中概股指数均大幅跑
输纳斯达克指数。
从估值看，在美中概股整体估值不高，并且亏损企业占比相对
较高。根据万得数据，截至 2020 年 8 月 15 日，剔除亏损企业
后在美中概股的 PE 中值为 17.4，仍低于全部美股剔除亏损企
业后的 PE 中值 19.4。从估值分布看，中概股 PE 高于 20 倍的
企业占比明显低于全部美股的平均水平，但亏损企业占比明显
偏高，达到 45.7%，高于全部美股 33.6%的水平。中概股估值折
价除了与其频繁遭遇做空有关外，也与其在美股环境中受到的
关注度较低、信息不对称有关。
图 6：中概股市场表现跑输纳斯达克综合指数 Figure 6: Performance of Nasdaq Index and CCS Index
数据来源：Wind，中国银河证券研究院
图 7：中概股估值水平与全部美国比较 Figure 7: Comparison of Valuation Levels between US Stocks and CCS
数据来源：Wind，中国银河证券研究院，截至 2020 年 8 月 15 日
CCFA JOURNAL OF FINANCE
加中金融
In terms of market performance, CCS obviously underperformed the
Nasdaq Index. the Nasdaq Composite Index raised more than 400%
while China Concepts stock Index increased by only 149% over the
last 10 years. As shown in Figure 6, considering that more than two-
thirds of CCS are listed on Nasdaq, the figure indicates that CCS’
performance is relatively weak, which is related to the frequent
shorting of foreign investors. During those periods of frequent short
selling, such as 2011, 2015 and 2018, CCS Index all underperformed
Nasdaq index.
In terms of valuation, the overall valuation of U.S. listed CSS is not
high, and a large proportion of those companies is making a loss.
According to Wind data, by August 15th, 2020, the median PE ratio
of CCS after excluding loss-making companies is 17.4 times, which
is still lower than the PE ratio of all U.S. stocks after excluding loss-
making companies, of 19.4 times . From the perspective of valuation
distribution, the proportion of U.S. listed Chinese companies with a
PE ratio more than 20 times is significantly lower than the average
level of all U.S.stocks. However, 45.7% of those Chinese companies
is loss-making, which is higher than 33.6% of all US stocks. In
addition to being short-selling frequently, low valuation of CCS is
also related to the low level of attention and asymmetric information
received in the U.S. stock market environment.
DECEMBER 2020
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