摘要
低市盈率股票价格应充分反映公司基本面和政策面,对资金面敏感性较弱。本文利用折现模型估计了中信证券在2007—2014年的股票内在价值,采用回归分析方法检验了内在价值对股价的影响。基于会计净利润的内在价值对股权价值具有显著影响,但解释力有限。投资者可以简便方式估计股票价值,但需要注意资金面和政策面产生的影响。
Stock price is usually determined by fundamental variables,policy variables and fund variables.Using discount model this paper estimated Citic Securities stock value and empirically examined effect of intrinsic value on stock price by 2007-2014 panel data with regression method.Empirical result showed that net profit had influenced stock price and was not full to explain stock price.Investors can evaluate stock by simple method and care liquidity and policy factors.
出处
《上海商学院学报》
2016年第4期90-96,共7页
Business Economic Review
基金
国家自然科学基金面上项目"中国上市公司股票回购时机研究:理论
实证与政策"(项目编号:71373162)
关键词
股票价格
内在价值
市盈率
stock price
intrinsic value
price-earnings ratio
