股息贴现模型的无套利性质分析  

Study on no-arbitrage property of dividend discount model

作　　者：翟爱梅[1] 王雪峰[1] 冯英浚[1] 

机构地区：[1]哈尔滨工业大学管理学院,黑龙江哈尔滨150001

出　　处：《哈尔滨商业大学学报（自然科学版）》2006年第1期147-149,共3页Journal of Harbin University of Commerce：Natural Sciences Edition

摘　　要：股息贴现模型是估计股票内在价值的基本方法,无套利均衡是现代金融理论的基础.现有的研究通常将股息贴现模型确定的股票内在价值作为股票的理论价格.通过公式推导证明了股息贴现模型确定的股票理论价格具有无套利性质,将股息贴现模型确定的股票内在价值作为股票的理论价格是符合无套利原理的.The dividend discount model is the essential method used to estimate the stock intrinsic value. No-arbitrage equilibrium theory is the foundation of present financial theory. Now the stock intrinsic value determined by the dividend discount model is often directly used as stock theoretic price when the dividend discount model is used. This paper proves that stock theoretic price determined by dividend discount model has no-arbitrage property, namely, it satisfy no-arbitrage theory that the stock intrinsic value determined by the dividend discount model is directly used as the stock theoretic price.

关 键 词：无套利 股息贴现模型 内在价值 股票价格 

分 类 号：F830[经济管理—金融学]