股票价格评估模型的研究  

Research on Evaluation Models of Stock Prices

作　　者：骆桦[1] 卢凤英[1] 

机构地区：[1]浙江理工大学理学院,杭州310018

出　　处：《浙江理工大学学报（自然科学版）》2011年第2期283-289,共7页Journal of Zhejiang Sci-Tech University(Natural Sciences)

基　　金：国家自然科学基金项目(60903143);浙江理工大学教改课题项目(11432932320942)

摘　　要：投资者投资股票首先需要搞清楚股票的定价机制。研究了两种股票定价模型:第一种为未来现金流贴现定价模型,提出了安全边际法;第二种股票定价模型是回归模型,采用因子分析法研究企业的经营业绩、财务状况、经营规模等指标的相关性。最终建立三个回归模型并进行检验。投资者可以依据具体情况选择合适的定价模型作为证券投资参考。To invest successfully in stock market,investors need to study the pricing mechanism of stocks at first.This paper shows two pricing models of stock.The first one is named as Discount Cash Flow.It contains the method of margin of safety.As the stock price is also closely related to the business operating results,the financial status,the scale of operation and so on,so this paper also builds the second stock pricing model： the regression model,which explains the correlation between each index by using the method of factor analysis.Then it establishes three regression models.Under the specific circumstances,investors can select the appropriate pricing model as a reference to invest reasonably.

关 键 词：股票定价 安全边际 因子分析 回归模型 

分 类 号：F830[经济管理—金融学]