A股市场股票估值方法及其应用的分析.pdf

A股市场股票估值方法及应用研究中文摘要 I A股市场股票估值方法及应用研究中文摘要众所周知,中国资本市场近年来取得了飞速发展,沪深A股市场总市值已居全球前几名。但是中国的股票市场从制度层面上来说还处于起步阶段,股票价格波动幅度大,上市公司的市值不稳定,时常充斥着泡沫论的质疑。在发展成熟的资本市场中, 注重探究上市公司的内在价值,注重衡量上市公司的内在价值与市值的关系,这也必然会成为研究中国上市公司的趋势。然而鉴于中国股票市场的独特性,生搬硬套西方成熟市场的现有理论是行不通的,因此探索出适合中国市场的股票估值方法就显得尤为重要,本文试图在这一方面做出一点尝试。本文在介绍和评析现有股票估值理论的基础上选取了契合A股市场现状的估值方法并且加以改进,以期增强模型对股价的解释能力,并且通过市场的实际数据对改进后的模型进行了试验与检测,取得了较好的结果。关键词:A股市场股票估值价值投资作者:楚质文指导老师:钱晓松 Abstract A-share market valuation method and application research II A-share market valuation method and application research Abstract As is known to all, China's capital market has achieved rapid development in recent years, the Shanghai and shenzhen A-share market value has been the top in the China's stock marketfrom the system level is still in its infancy so that the stock price fluctuation is large, the market value of panieschanges rapidly and the market is always said to be filled with foam theory mature capital markets, attention is paid to explore the intrinsic value of listed companies and to measure the relaitonship between intrinsic value and market value of listed companies, which also will inevitably e the trend of study of Chinese listed view of the uniqueness of China's stock market, however, apply existing theories in western mature market mechanically may be unsuitable so that exploring methods that are suitable for China market stock valuation is particularly important and this article tries to make some attempts in this on introducing and analyzing the existing valuation theories,this article select the methods that fit the acutal status of the a-share market and improve these methods in order to enhance the model's ability of explanation. At last the improved mothods are tested by the the actual market data and have achieved good results. Key words:A-share markets;security v