股票估值模型及其在股权分置改革中的应用  

Stocks Evaluation Models and Their Application in the Reform of Dividing Stock Rights

作　　者：黄长征[1] 张成戍[1] 

机构地区：[1]五邑大学管理学院,广东江门529020

出　　处：《五邑大学学报（社会科学版）》2005年第4期49-53,共5页Journal of Wuyi University(Social Sciences Edition)

基　　金：广东省教育厅人文社科项目(03SJA79002);"五邑大学千百十启动基金"的资助

摘　　要：股权分置改革是我国证券市场走向成熟的必由之路,其成功的关键在于如何实现改革动机目标的正当性与改革过程风险性的有机统一。其中,因市场估值体系混乱导致的股票暴跌是阻碍股权分置改革的最大障碍。因此,有必要对传统股票估值模型进行反思和重构,并应用于对改革实践的指导。The reform of division of stock fights is a road that must be taken to perfect China＇s securities market. The key to the success of the reform is the organic combination of the justification of the motive of the reform and the risk of the reform process. The biggest obstacle to the reform of division of stock rights is the plunge of stock prices resulted from the chaos of the evaluation of the market prices of stocks. Thus it is necessary to reconsider and reconstruct the traditional model of evaluation of stocks and apply the reconstructed model to guiding the reform practice.

关 键 词：股权分置改革 估值模型 现金流价值 期权价值 投机价值 

分 类 号：F831.5[经济管理—金融学]