| 中国股票市场估值研究——局部投资价值凸现与市场整体性结构调整并存 |
| |
| 引用本文： | 周游.中国股票市场估值研究——局部投资价值凸现与市场整体性结构调整并存[J].经济理论与经济管理,2005,0(10):27-32. |
| |
| 作者姓名： | 周游 |
| |
| 作者单位： | 中国人民大学财政金融学院, 北京, 100872 |
| |
| 摘 要： | 在当前价格下,样本股票未来带给国内投资者的回报率可能不低于成熟市场,如果国内投资者对样本股票所要求的股权风险溢价能与境外投资者对成熟市场所要求的水平相当,那么样本股票无疑已凸现投资价值;如果国内投资者对样本股票所要求的股权风险溢价与境外投资者对中国香港等新兴市场所要求的水平看齐,那么样本股票就可能存在高估的问题;但是如果考虑到A股含权的因素,即使是与中国香港市场比较,样本股票可能已具备较高的投资价值。
|
| 关 键 词： | 估值 股权风险溢价 抑价率 异常收益率 |
| 文章编号： | 1000-596X(2005)10-0027-06 |
| 收稿时间： | 2005-09-12 |
| 修稿时间： | 2005年9月12日 |
STUDY ON EVALUATION IN CHINA'S STOCK MARKET--Coexistence of Specific Investment Chance and Overall Structural Rectification |
| |
| ZHOU You.STUDY ON EVALUATION IN CHINA''''S STOCK MARKET--Coexistence of Specific Investment Chance and Overall Structural Rectification[J].Economic Theory and Business Management,2005,0(10):27-32. |
| |
| Authors: | ZHOU You |
| |
| Institution: | School of Finance, Renmin University, Beijing 100872, China |
| |
| Abstract: | Under the current price level,possible return from index constituent stocks is no longer lower than that of a mature market.If risk premiums asked by domestic investors are the same with that of overseas investors in a mature market,then index constituent stocks are just now displaying their value for investment.However,if they compare with investors in an emerging market such as Hong Kong,they may look at the constituents as"overvalued".In a view to"consideration"of the A shares,you may also conclude that the constituent stocks now deserve investing. |
| |
| Keywords: | evaluation risk premium premium ratio abnormal yield |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
| 点击此处可从《经济理论与经济管理》浏览原始摘要信息 |
| 点击此处可从《经济理论与经济管理》下载免费的PDF全文 |
