摘要
股息现值模型 (Gordon model)、税后利润再投资有限增长模型 (Gordon and Gordon m odel)以及简化后的税后利润再投资有限增长模型 (Morris m odel)都无法为亏损公司的股票定价。根据弱有效市场假设 ,提出基于净利润的股票定价模型。该模型允许公司未来几年把全部或部分利润投资于盈利项目。
Stocks of deficit companies can not be valued by Gordon (1962) model, Gordon and Gordon (1997) model,and Morris (1998).According to the hypothesis of weak form efficient market, the paper presents stock valuation model based on earnings. By the model a firm can invest some or all of its earnings in projects with positive net present values for a limited number of years,and investors may estimate stock value of various companies.
出处
《天津大学学报（社会科学版）》
2002年第3期214-217,共4页
Journal of Tianjin University：Social Sciences
关键词
利润
弱有效市场
股票定价
再投资
earnings
weak form efficient market
stock valuation
reinvestment
