A Study On The Influence Of Equity Liquidity And Macroeconomic Factors On Valuation Deviation Of Chinese Listed Companies Based On Residual Income Model

The valuation error of capital market may affect the healthy development of securities market The long-term deviation of the stock price or market value of listed companies from their intrinsic value will not only affect investors’ judgment of listed companies,but also challenge the risk management of supervisors,and may hinder the good play of the resource allocation function of the securnties market.In order to better study the influencing factors of the deviation between the valuation of listed companies and the price of their stock market,this paper first chooses the residual income valuation model(RIM)as the valuation model,and uses the improved earnings prediction method to estimate the intrinsic value of listed companies.Using the results of model valuation and stock price to construct proxy variables,we can get the valuation bias of listed companies.Then the panel analysis method is used to empirically analyze the factors that may affect the valuation bias.The innovation of this paper is to examine the impact of economic fundamentals and monetary policy factors on the deviation of enterpise valuation from the macroeconomic point of view,and to combine micro-enterprise valuation with macroeconomic situation,which provides a new idea and perspective for further improving the valuation model.This paper examines the impact of equity liquidity,monetary policy and some macroeconomic factors on valuation errors of listed companies.The research shows that when the govemrnment pursues more relaxed monetary policies,the valuation bias of listed companies is larger than that of tightening monetary policies.The higher the proportion of circulating equity to total equity or the higher the average turnover rate in A-share market,the greater the deviation of valuation.In the economic environment of higher growth rate of industrial added value and faster rise of consumer price index,the valuation deviation of listed companies is greater.