股票定价函数形式的比较研究  

Comparative Study on the Functional Forms of Stock Pricing

作　　者：易荣华[1] 孙子璇 

机构地区：[1]中国计量学院经济与管理学院,浙江杭州310018

出　　处：《吉首大学学报（社会科学版）》2014年第1期90-94,共5页Journal of Jishou University(Social Sciences)

基　　金：国家自然科学基金资助项目(71173203)

摘　　要：价格作为买卖双方最重要的信号,是市场的灵魂。股价受系统因素与非系统因素的共同复杂作用,简单地应用线性回归模型是有失考虑的,客观上应该突破线性框架,将其视为一个非线性系统。在影响股价的因素方面,公司层面之外的如市场制度、市场环境、投资者心理、投资者喜好等都影响流通价格的形成,且作用复杂,具有很强的随机性、时变性、交互性。As the most important signal for buyers and sellers, price is the soul of the market. As the stock price is affected by joint complex systematic factors and non-systematic factors, it is thoughtless to simply apply linear regression model. Objectively, the linear frame shall be broken through and it shall be viewed as a non-linear system. In the regard of influencing factors on the stock price, elements beyond company level, such as market mechanism, market environment,investor psychology and investor prefer- ence, all influence the formation of circulation price. Moreover, their functions are complex, random, time- dependent, and interactive.

关 键 词：股票定价 变量 柯布-道格拉斯 非线性 

分 类 号：F832.5[经济管理—金融学]