Investment Valuation Compared Research Of Chinese,Russian And Mongolian Stock Markets

First of all,we compare stock market of China,Russia and Mongolia using Comparative Analysis Method that how rapidly each countries total market capitalization have grown,how individual as well as institutional investors participating in the market and also some other indicators that show the development of all three stock markets in recent years.Although all three countries' stock markets have started at early 1990s,Chinese stock market developed significantly higher than the others in terms of total number of enterprises,total market capitalization growth,and net growth mainly due to rapid Chinese economic growth in last 2 decades and also its large population.Next we compare all three stock markets similar points,such as number of state-owned enterprises are fewer but have large portion in total capital.This is deeply connected with all three economies have transitioned from centrally planned economy to market economy.We also compare difference between three stock markets due to difference in three economies,for example Russian and Mongolian economies are massively rely on natural resources,and in contrast Chinese economy is greatly diversified.Total equity net profit of China's financial sector comes of half of China's stock market.Electric power sector's equity proportion of the Russian stock market is huge,but the net profit is too small.Oil and gas sector equity is moderate,but the net profit accounted for 70%of the Russian stock market.Mongolia's mineral resources sector accounted for 72%of the total share capital,while the net profit with the international market in recent years,coal prices declined,still accounts for about 45%.Describes that stocks markets of three countries are needs to be adjusted in the industrial structure.Next we compared three countries' total equity of stock markets.Annual growth rate of Chinese stock market total equity and net profits outperformed other two countries growth.This high-speed growth mainly benefited from rapid net profit growth of its financial sectors.Russia and Mongolia since 2008 net profit is mainly dependent on oil and gas and coal industries,but since mid-2014 the international market commodity prices affected the US dollar and the global economic recession have fallen sharply,Russia and Mongolia stock index sharply declined.Fourth,compared Chinese,Russian and Mongolian(2013)three stock markets earnings per share,found that China shares loss,underperformance and performance level shares accounted for 80%,while Russia's and Mongolia's accounted for 55%and 60%respectively.However,if we calculate shares by earnings and loss statistics,65%of Chinese stock price-earnings ratio is more than 30 times,and 15 percent is the loss stocks.Russian and Mongolian loss stocks are 5.9%and 13%respectively.Excluding China's stock market is Bull market in the end of 2014,but the Russian and Mongolian stock markets are bear market,the main reason is China's stock market delisting system is lax,the latter two have delisting system.Fifth,compared Chinese,Russian and Mongolian stock markets different sections of investment valuation.Sixth,is the conclusion and policy recommendations.