股票价值的经济学分析

本文运用信息经济学理论构建股票价值体系,文中指出,股票价值有本体论价值与认识论价值之分,前者为股票客观存在价值,不以人的意志为转移;后者为主观意识对客观价值的认识所形成的价值判断。本体论价值包括事后价值和事前价值两种具体形态;认识论价值则包括理性价值、内在价值、个体价值、市场价值四种具体形态。股票价值直接或间接表现为股票价格,股票市场价格偏离内在价值一般呈现两种动态演变过程,即价格泡沫和均值回复。

Economic Analysis of Stock Value

This paper constructs a stock value system according to the principles of information economics. From different views, stock value can be classified into ontological value and epistemological value. The former is the objective value whose existence is irrelevant to personal wills. The latter is the judgment about ontological value which forms subjectively. The ontological value includes expost value and exante value, and the epistemological value includes rational value, intrinsic value, individual value and market value. Stock value is represented by stock price directly or indirectly. After market price deviates from its intrinsic value, it will follows a dynamic moving process, either bubble or mean reversion.