市值
Market Capitalization
744字
2020-01-04 22:14
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火星译客

What is Market Capitalization 

什么是市值

Market capitalization refers to the total dollar market value of a company's outstanding shares of stock. Commonly referred to as "market cap," it is calculated by multiplying the total number of a company's outstanding shares by the current market price of one share. As an example, a company with 10 million shares selling for $100 each would have a market cap of $1 billion. The investment community uses this figure to determine a company's size, as opposed to using sales or total asset figures.

市值是指公司发行在外股票的总市值。通常被称为市值,计算方法是将一家公司的流通股总数乘以当前的市场价格。举个例子,一家1000万股的公司以每股100美元的价格出售股票,其市值将达到10亿美元。投资界使用这个数字来确定公司的规模,而不是使用销售或总资产数字。

Using market capitalization to show the size of a company is important because company size is a basic determinant of various characteristics in which investors are interested, including risk. It is also easy to calculate. A company with 20 million shares selling at $100 a share would have a market cap of $2 billion.

用市值来显示公司的规模是很重要的,因为公司的规模是投资者感兴趣的各种特征的基本决定因素,包括风险。它也很容易计算。一家拥有2,000万股、每股100美元的公司的市值将达到20亿美元。

Understanding Market Capitalization 

了解市值

Given its simplicity and effectiveness for risk assessment, market cap can be a helpful metric in determining which stocks you are interested in, and how to diversify your portfolio with companies of different sizes.

鉴于其对于风险评估的简单和有效性,市值可以是一个有用的衡量标准,以确定哪些股票是你感兴趣的,以及如何对于不同规模的公司进行多样化投资组合。

Key Takeaways

重要要点

  • Market capitalization refers to how much a company is worth as determined by the stock market. It is defined as the total market value of all outstanding shares.
  • To calculate a company's market cap, multiply the number of outstanding shares by the current market value of one share.
  • Companies are typically divided according to market capitalization: large-cap ($10 billion or more), mid-cap ($2 billion to $10 billion), and small-cap ($300 million to $2 billion).
  • 市值是指由股票市场决定的一个公司的市场价值。它被定义为所有已发行股票的总市值。
  • 要计算一个公司的市值,将流通股的数量乘以当前的市场价值。
  • 公司通常根据市值分为:大盘股(100亿美元或以上),中盘股(20亿至100亿美元)和小盘股(3亿至20亿美元)。

Large-cap companies typically have a market capitalization of $10 billion or more. These large companies have usually been around for a long time, and they are major players in well-established industries. Investing in large-cap companies does not necessarily bring in huge returns in a short period of time, but over the long run, these companies generally reward investors with a consistent increase in share value and dividend payments. An example of a large-cap company is International Business Machines Corp.

大型公司的市值通常在100亿美元以上。这些大公司通常已经存在很长时间了,它们是成熟行业的主要参与者。投资大型公司不一定能在短时间内带来巨大的回报,但从长期来看,这些公司通常会以股票价值和股息的持续增长来回报投资者。一个大型公司的例子是国际商业机器公司(IBM)。

Mid-cap companies generally have a market capitalization of between $2 billion and $10 billion. Mid-cap companies are established companies that operate in an industry expected to experience rapid growth. Mid-cap companies are in the process of expanding. They carry inherently higher risk than large-cap companies because they are not as established, but they are attractive for their growth potential. An example of a mid-cap company is Eagle Materials Inc.

中型公司的市值一般在20亿至100亿美元之间。中型公司是在一个预计将快速增长的行业中运营的老牌公司。中型公司正在扩张。与大型公司相比,它们的固有风险更高,因为它们不那么成熟,但它们的增长潜力具有吸引力。中型公司的一个例子是鹰牌材料公司(Eagle Materials Inc.)。

Companies that have a market capitalization of between $300 million to $2 billion are generally classified as small-cap companies. These small companies could be young in age and/or they could serve niche markets and new industries. These companies are considered higher risk investments due to their age, the markets they serve, and their size. Smaller companies with fewer resources are more sensitive to economic slowdowns.

市值在3亿至20亿美元之间的公司通常被归为小型公司。这些小公司可能很年轻,也可能服务于小众市场和新兴产业。由于这些公司的年龄、服务的市场和规模,它们被认为是风险较高的投资。资源较少的小公司对经济衰退更为敏感。

In order to make an investment decision, you may need to factor in the market cap of some investments. For more information on market capitalization, read Understanding Small- And Big-Cap Stocks.

为了做出投资决定,你可能需要考虑一些投资的市值。有关市值的更多信息,请阅读小型和大型股。

Misconceptions About Market Caps 

对市值的误解

Although it is used often to describe a company, market cap does not measure the equity value of a company. Only a thorough analysis of a company's fundamentals can do that. It is inadequate to value a company because the market price on which it is based does not necessarily reflect how much a piece of the business is worth. Shares are often over- or undervalued by the market, meaning the market price determines only how much the market is willing to pay for its shares. 

虽然它经常被用来描述一家公司,但市值并不能衡量一家公司的股权价值。只有对一家公司的基本面进行彻底的分析,才能做到这一点。单用市值去评估一家公司的价值是不够的,因为它所基于的市场价格并不一定反映该公司的价值。股票往往被市场高估或低估,这意味着市场价格只决定市场愿意为其股票支付多少。

Although it measures the cost of buying all of a company's shares, the market cap does not determine the amount the company would cost to acquire in a merger transaction. A better method of calculating the price of acquiring a business outright is the enterprise value

尽管它衡量的是购买一家公司全部股份的成本,但市值并不决定该公司在并购交易中所需的收购成本。一个更好的方法计算直接收购企业的价格是计算企业价值。

Changes in Market Cap 

市值变化

Two main factors can alter company's market cap: significant changes in the price of a stock or when a company issues or repurchases shares. An investor who exercises a large number of warrants can also increase the amount of shares on the market and negatively affect shareholders in a process known as dilution. (For related reading, see "Understanding Market Capitalization Versus Market Value")

有两个主要因素可以改变公司的市值:股票价格的显著变化,或公司发行或回购股票的时间。行使大量认股权证的投资者还可能增加市场上的股票数量,对股东产生负面影响,这一过程被称为稀释。(相关阅读,请参阅理解市场价值与市场价格)

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