股票供给曲线凸现向后弯曲与公司价值分析

Convex Bent-backward Stock Supply Curve and Analysis of Corporation Value

股票市场的价格高低及变动是对股票内在价值高低及变动的综合反映和表现,其价格的形成直接取决于市场的供求关系,而影响和调节股票供求量的并不是单位股票绝对价格水平的高低及变动,而是股票作为投资品单位内在价值的市场价格水平的高低及变动,同时也隐显了公司价值潜在的变动。因而,对股票内在价值的投资实质上是对公司价值的认可。由于股票收入效应和替代效应的存在又使股票供给曲线向后弯曲提升了股票的内在价值,进而也提升了公司的价值。这一表象正是引起股价波动背后的主要理性因素,从而为投资决策提供了理性依据。

The stock price and volatility is reflected by the stock inner value and fluctuation, it is also decided by the market supply-demand relation. The quantity of stock supply and demand which shows the volatility of corporation potential value is influenced by the inner value of stock price and volatility but not by the absolute price of unit stock. So the investment on the stock is actually acknowledgement for the corporation value. Because the income and substitute effect of the stock, the stock supply curve is recurved which exalts the stock inner value and corporation value. This is main rational factor which brings about the stock price volatility, it also offer the rational reference for the investor＇s decision.