| As one of the most vital industries,the financial one is also the most profitable industry in the Chinese stock market.With economic globalization and the development of the Chinese financial industry,the objective demands of business valuation of financial corporations are increasing sharply owing to financing and M&A.However,as one of the typical cyclical industries,the value of financial corporations is easy to change due to fluctuations in macroeconomic factors,and this makes valuation work much harder.In practice,it makes overestimation and underestimation problems even more common,which is bad news to financial regulators,institution participants,outside investors,etc.Owing to the fact that business valuation research on financial corporations based on the macroeconomic perspective is relatively limited,this paper will choose financial listed corporations as object and analyze the question of how macroeconomic factors influence business valuation.The question will be analyzed from theoretical and empirical aspects,using data from January 2006 to December 2014.Furthermore,based on the empirical analysis,this paper will use the quantitative model to improve the accuracy of relevant parameters in market approach and income approach when these are used for valuing financial corporations.Through this research,we summarize the conclusion as follows: first,macroeconomic factors have certain explanatory ability regarding the stock price index of financial listed corporations.Second,there are significant linear correlations between macroeconomic factors and the value ratio of financial listed corporations.Third,there are significant linear correlations between macroeconomic factors and the systematic risk of financial listed corporations.The multiple regression equations about value ratio and systematic risk from empirical analysis portion can be further used on relevant parameters in market approach and income approach. |
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