新三板股票定价影响因素——基于主成分分析和五因素模型的实证分析

On Influence Factors of the New-three-board's Stock Price——Based on the Empirical Analysis of the Principal Component Analysis and the Five Factors Model

新三板市场在我国中小企业融资过程中发挥着越来越重要的影响,但股份公司估值过高、股票定价不科学是新三板市场现阶段面临的主要问题。文章以新三板股票定价的影响因素为研究主线,运用主成分分析和五因素模型实证分析了规模、市值、盈利、对外投资、宏观环境五因素对新三板股票定价的影响状况,研究发现,盈利因素是影响新三板股票定价最主要的因素,宏观环境因素次之,规模、市值和对外投资的影响较小,价格制定者应结合主要影响因素合理评估公司价值和股票价格。

The new-three-board is more and more important for financing of small-sized enteqorises, but the main problems at this stage are that the coqoorations are over-assessed and that the stock price is not set scientifically. Taking the influence factors of the new-three-board stock pricing as the main object of the study and based on the principal component analysis and the five factors model, this paper empirically analyzes how scale, market value, profit, foreign investment and macro environment influence on the new-three-board stock pricing. It is found that the profit factor is the most important, while the macro environment, size, value and foreign investment have little effect on the new-three-board. Price setters should properly assess the value of the company and the stock price according to the main factors.