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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
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This paper investigates the valuation of Russia stock market, using valuation multiples, such as price earning ratio(PER) and price book-value ratio(PBR). To reach the stated goal, I carry out cross-section analysis and time-series analysis of emerging market stock index and indicators for the period from 2002 to 2013.
I found that the Russian share market valuation is chronically undervalued based on price to earnings and price to asset value over the last 12 years. The average P/E ratio on the Russia index in the past 12 years is almost 10 times compared to 14.4 times for the emerging markets Index. In terms of book net asset value, the average PBR is 1.46 times compared to 1.98 times for the emerging markets. Especially, in december 2013 the average PBR on the Russian stock market is a mere 0.7 times, i.e you can buy russian companies for a mere 70% of the stated value of their assets. The size of the russian equities discount in 2010s has grown and approaching their historical lows.
I concluded that factors that led to the low valuation of russia share market are as follows : absolute lack of stock market participants, uncertainty surrounding Russia"s economic future, political situation surrounding russia, government excessive interference in the economy, shoddy treatment of minority shareholders, weak corporate governance, etc.
I found that the Russian share market valuation is chronically undervalued based on price to earnings and price to asset value over the last 12 years. The average P/E ratio on the Russia index in the past 12 years is almost 10 times compared to 14.4 times for the emerging markets Index. In terms of book net asset value, the average PBR is 1.46 times compared to 1.98 times for the emerging markets. Especially, in december 2013 the average PBR on the Russian stock market is a mere 0.7 times, i.e you can buy russian companies for a mere 70% of the stated value of their assets. The size of the russian equities discount in 2010s has grown and approaching their historical lows.
I concluded that factors that led to the low valuation of russia share market are as follows : absolute lack of stock market participants, uncertainty surrounding Russia"s economic future, political situation surrounding russia, government excessive interference in the economy, shoddy treatment of minority shareholders, weak corporate governance, etc.
목차
Ⅰ. 서론
Ⅱ. 러시아 주식시장 밸류에이션(valuation) 분석 방법과 선행연구
Ⅲ. 러시아 주식시장 동향과 특성 분석
Ⅳ. 러시아 주식시장 밸류에이션 분석
Ⅴ. 결론
《참고문헌》
Abstract
참고문헌 (31)
참고문헌 신청
1. [학술지(정기간행물)] - 이종문 / 2011 / 러시아 주식시장의 자금조달 기능 분석 / 슬라브학보 26 (4) : 123 ~ 158
2. [단행본] - 이종문 / 2007 / 현대 러시아 경제 / 명경사
3. [보고서] - 금융투자협회 / 2010 / 러시아 금융산업과 금융시장 현황
4. [학술지(정기간행물)] - Black, B. / 2006 / Corporate governance indices and firms’ market values: Time series evidence from Russia / Emerging Markets Review 7 (4) : 361 ~ 379
5. [학술지(정기간행물)] - Black, Bernard / 2001 / The corporate governance behavior and market value of Russian firms / Emerging Markets Review 2 : 89 ~ 108
2. [단행본] - 이종문 / 2007 / 현대 러시아 경제 / 명경사
3. [보고서] - 금융투자협회 / 2010 / 러시아 금융산업과 금융시장 현황
4. [학술지(정기간행물)] - Black, B. / 2006 / Corporate governance indices and firms’ market values: Time series evidence from Russia / Emerging Markets Review 7 (4) : 361 ~ 379
5. [학술지(정기간행물)] - Black, Bernard / 2001 / The corporate governance behavior and market value of Russian firms / Emerging Markets Review 2 : 89 ~ 108
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