| 基于利润的股票定价模型研究 |
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| 引用本文： | 张泽英,闫永新,郭光莹. 基于利润的股票定价模型研究[J]. 天津大学学报(社会科学版), 2002, 4(3): 214-217 |
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| 作者姓名： | 张泽英 闫永新 郭光莹 |
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| 作者单位： | 1. 天津大学,图书馆,天津,300072
2. 天津大学,管理学院,天津,300072 |
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| 摘 要： | 股息现值模型 (Gordon model)、税后利润再投资有限增长模型 (Gordon and Gordon m odel)以及简化后的税后利润再投资有限增长模型 (Morris m odel)都无法为亏损公司的股票定价。根据弱有效市场假设 ,提出基于净利润的股票定价模型。该模型允许公司未来几年把全部或部分利润投资于盈利项目。利用该模型投资者可以计算不同类型上市公司股票的投资价值
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| 关 键 词： | 利润 弱有效市场 股票定价 再投资 |
| 文章编号： | 1008-4339(2002)03-0214-04 |
| 修稿时间： | 2002-06-06 |
Study on Stock Valuation Model Based on Earnings |
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| ZHANG Ze ying ,YAN Yong xin ,GUO Guang ying. Study on Stock Valuation Model Based on Earnings[J]. Journal of Tianjin University(Social Sciences), 2002, 4(3): 214-217 |
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| Authors: | ZHANG Ze ying YAN Yong xin GUO Guang ying |
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| Affiliation: | ZHANG Ze ying 1,YAN Yong xin 2,GUO Guang ying 1 |
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| Abstract: | Stocks of deficit companies can not be valued by Gordon (1962) model, Gordon and Gordon (1997) model,and Morris (1998).According to the hypothesis of weak form efficient market, the paper presents stock valuation model based on earnings. By the model a firm can invest some or all of its earnings in projects with positive net present values for a limited number of years,and investors may estimate stock value of various companies. |
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| Keywords: | earnings weak form efficient market stock valuation reinvestment |
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