论文部分内容阅读
股票定价包括一级市场定价和二级市场定价。同其他金融资产一样,股票价格主要由供求关系决定,但又不完全等同于一般的固定收益金融资产(如债券)。它代表的是公司未来不确定收益的索取权,因而股票定价也就存在着很多的不确定性因素。下面简要介绍传统股票定价理论和现代股票定价理论并实证分析我国的股票定价。 一、传统的股票定价理论。
Stock pricing includes primary market pricing and secondary market pricing. Like other financial assets, stock prices are determined mainly by supply and demand but not exactly the same as general fixed income financial assets (such as bonds). It represents the company’s future uncertainty of the proceeds of the claim, so there are many stock pricing uncertainty. The following briefly introduces the traditional stock pricing theory and modern stock pricing theory and empirical analysis of China’s stock pricing. First, the traditional stock pricing theory.