股票定价理论及其对我国股票定价模型设计的启示

The Inspirations of Some Stock Price Settling Theories to the Designing of China's Stock Price Settling Patterns

股票定价理论经历了从传统定价理论向现代定价理论的转变。比较目前股票定价中各种不同的理论及其股票定价过程可知 ,CAPM不太适合我国目前的资本市场的现状 ,而相对估价法、因素模型、APT更符合我国实际情况。因此 ,在选择定价机制时 ,既要考虑 GNP、通货膨胀等公认风险要素 ,也应考虑我国政策。

Stock Price Settling theory has experienced the switch from the traditional to the modern. Comparing current various kinds of theories and procedures of stock price settling, we come to the conclusion that CAPM do not suit the current situation of China's stock market, whereas the relative price settling method, factor modeling method, and APT method are in accordance with China's actual situations. Therefore, in selecting price settling mechanism, we should take into consideration GNP, such well known risk factors as inflation as well as national policies and systems.