Analysis of Enterprise Valuation Drivers Based on Dual Financial and Market Dimensions—A Case Study of A-Share Manufacturing and Technology Enterprises

DOI

10.2991/978-94-6239-801-6_71How to use a DOI?

Keywords

Corporate Valuation; Financial Fundamentals; Market Expectations; Industry Variability; A-Share Market

Abstract

This study selected 50 sample companies from A-share manufacturing and technology listed companies. Based on the panel data of sample enterprises from 2019 to 2023, an enterprise valuation model integrating financial indicators, market variables and corporate governance variables is constructed. Taking SPSS 26.0 as the instrument of empirical analysis, the correlation analysis and multiple regression analysis were conducted on the full sample and industry sub-sample separately to determine the heterogeneous valuation driving forces between the two forms of enterprises. The empirical findings indicate that the positive correlation between profitability and corporate valuation is not statistically significant in the entire sample regression, which is simply attributed to the contrary logic of valuation in manufacturing and technology enterprises. Financial fundamental factors of profitability and solvency are largely used in the valuation of manufacturing enterprises. R&D investing, growth expectations, and other market-oriented factors are the main drivers of technology enterprise valuation, which leads to large differences in the mechanisms of the formation of valuation of these two industries.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Zhenying Cui
PY  - 2026
DA  - 2026/10/23
TI  - Analysis of Enterprise Valuation Drivers Based on Dual Financial and Market Dimensions—A Case Study of A-Share Manufacturing and Technology Enterprises
BT  - Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
PB  - Atlantis Press
SP  - 668
EP  - 679
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-801-6_71
DO  - 10.2991/978-94-6239-801-6_71
ID  - Cui2026
ER  -