中国股票市场理论价值定位探讨

回顾了中国证券市场理论估值的研究,发现用平均市盈率进行国际比较对股票市场估值有较大缺陷。认为一个国家股票市场的理论价值定位必须考虑一国的利率、经济增长率、国家风险等。本文运用两元增长模型加入国家风险对中国股票市场进行理论估值探讨,认为中国股票市场目前的估值合理,具备投资价值。

Theoretical value-orientation of China''''s stock markets

The research on theoretical evaluation of China's security markets is reviewed, and an obvious defect is discovered in evaluation of stock markets when average price-earning ratio is used to conduct international comparison. Meanwhile it is hold that theoretical value-orientation of a country's stock markets must take its interest rate, economic growth and national risk into account. Eventually the binary growth model added to national risk is applied to explore the theoretical evaluation of China's stock markets, it is concluded that at present the evaluation of China's stock markets is rational, and they are worth investment.