上市公司财务指标与股票内在价值的关系研究

To Study on the Relationship between the Listed Financial Indicator and Stock Intrinsic Value

采取改进的股利贴现模型估算出股票内在价值;并采用因子分析方法,研究了财务指标与股票内在价值之间的关系。实证结果表明:盈利能力因子、成长因子和资金运营和偿债因子和股票内在价值存在着正相关关系,符合理论分析;而规模因子和股票内在价值的关系,与规模效应理论不相一致。

This paper use the improved dividend discount model （DDM） to estimate the stock intrinsic value, and use the factor analysis method to study the relationship between the financial indicator and stock intrinsic. Empirical results indicate that the profit ability factor, growing ability factor and operation ＆ repay debt ability and stock intrinsic value have a positive correlation, which fits the theoretical analysis, but the relationship between the scale factor and stock intrinsic value does not coincide with the＂ scale effect＂ theory.