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英文文献：Towards a valuation theory of emerging markets-新兴市场的估值理论
英文文献作者：Luke Obala
英文文献摘要：
Valuation practice is increasingly gaining prominence in the African emerging economies as a key instrument in decision making. However, the concepts and theories being applied remain Western in orientation and are accepted as universal in application. Policymakers are increasingly questioning their relevance given the unique situation of the emerging economies. This has led to increased pressure on academics and practitioners for homegrown answers. This paper discusses valuation practice in Kenya and attempts to unpack the theoretical links between valuation and the idea of the market. It attempts to explain the meaning of the market, value and price. It also attempts to explain the meaning of these concepts in relation to valuation practice. This paper discusses market theory and its application to the valuation practice. In this sense, it seeks to link the practice with theory. This paper further traces the evolution of theories related to valuation and their relevance to the amidst several intervening factors.
估值实践作为决策的一个关键工具，在非洲新兴经济体中日益突出。但是，所采用的概念和理论仍然是西方的，在应用上是被普遍接受的。鉴于新兴经济体的特殊情况，政策制定者们正越来越质疑它们的相关性。这加大了学者和实践者寻求本土答案的压力。本文讨论了肯尼亚的估值实践，并试图解开估值与市场理念之间的理论联系。它试图解释市场、价值和价格的含义。本文还试图解释这些概念与估值实践的关系。本文讨论了市场理论及其在估值实践中的应用。在这个意义上，它试图把实践和理论联系起来。本文进一步追溯了估值相关理论的演变及其与几个干预因素之间的相关性。
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