马克思虚拟资本理论对财务导向型股票定价研究的启示

• 作 者: 贾文
• 机 构: 四川大学经济学院,
• 出 处: 经济体制改革
• 发表日期: 2011年06期
• 关键词: 虚拟资本 股票定价 贴现现金流 盈利能力 财务因素 营运能力 模型框架 偿债能力 公司财务 股价

运用马克思虚拟资本理论审视传统的财务导向型股票定价理论可以发现,该理论的核心理念和模型框架仍具有高度的正确性。要有效拓展其理论框架和应用空间,关键是在密切联系股价的经济性质和制度基础的同时,广泛借鉴公司财务等学科的研究成果,努力提升定价模型的包容性。模型的拓展应全面考虑包括公司偿债能力、营运能力、盈利能力和现金流量等方面的财务因素。

Using the theory of Marx’s virtual capital to examine the traditional financial-oriented stock pricing theory, we can find that the core concept and model framework of the theory are still highly correct. To effectively expand its theoretical framework and application space, the key is to make extensive use of the research results of corporate finance and other disciplines in an effort to enhance the inclusiveness of the pricing model while closely linking the economic nature and institutional foundation of the stock price. The expansion of the model should fully consider the financial factors including the company’s solvency, operating ability, profitability and cash flow.