公司价值理论与股票定价

Corporate Value Theory and Stock Pricing

经济金融化使现代公司财务理论从以往的边缘地位逐步朝着金融经济学的核心与主流方向发展。公司价值理论作为现代公司财务理论的重要组成部分已日臻完善和成熟。我国长期对公司价值理论研究的忽视 ,不仅是企业管理落后的深层原因 ,而且也是影响股票市场发展重要因素之一 ,因为股票价值与公司价值直接相关 ,忽视公司价值而形成的股票价格不仅是不合理的 ,而且会对股票市场产生不良影响。

For the financialization of economy, modern corporate finance theory has stepped into the core of financial economics from the border. As an important part of it, corporate value theory has become more and more maturate. Our long term's ignorance of the corporate value theory is not only the deep reason of our lag in the field of corporate management, but also the main factor affecting the development of stock market. For the direct relation of stock value and corporate value, it is unreasonable to shape the stock price regardless of corporate value and it will bring ill influence to the market.