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公司价值理论与股票定价 总被引:3,自引:0,他引:3
孙国茂 《中央财经大学学报》2002,(4):43-47
经济金融化使现代公司财务理论从以往的边缘地位逐步朝着金融经济学的核心与主流方向发展。公司价值理论作为现代公司财务伯重要组成部分已日臻完善和成熟。我国长期对公司价值理论研究的忽视,不仅是企业落后的深层原因,而且也是影响市场发展重要因素之一,因为股票价值与公司价值直接相关,忽视公司价值而形成的股票价格不仅是不合理的,而且会对股票市场产生不良影响。 相似文献
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销售价格是实现产品利润和扩大销售的关键因素,财务作为国有企业重要的内部控制部门,理应在制定公司产品的定价策略中发挥重要作用。本文选择化工类国有企业产品作为研究对象,通过总结其特征及价格规律,旨在为化工产品定价提供参考。 相似文献
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IPO最核心的工作就是首次对公司股份这种金融商品定价,IPO定价也是国际金融界公认的最具迷惑性的难题之一。在IPO定价过程中,首先需要承销商根据发行人的财务信息进行公司估值,由此得到一个公司估值区间,可以将此看作是IPO定价中的供给信息,而市场投资者对此供给信息有怎样的看法即需求信息的发掘,则是通过不同的定价方式来体现的。 相似文献
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自今年实行宏观调控以来,上海房地产价格走势开始变得扑朔迷离,具体表现在房价滞胀,成交萎缩,房地产市场同时充斥着极度乐观和极度悲观的情绪,“房价崩溃论”和“房价只涨不跌论”操纵着房产市场交易双方的买卖心理,价格走势变得极为敏感和不确定。上海的房地产市场不再是铁板一块,怀疑声和悲观情绪的蔓延正把上海房市推入一个供需可以瞬间逆转的敏感期。那么,上海的房产价格究竟会走向何方呢? 相似文献
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早在国内一些保险公司酝酿上市时,如何定价就成为困扰公司的难题,传统的市盈率法可能低估了公司的真实价值,而运用精算评估方法在确定公司价值和IPO价格又难以得到投资者认同。中国人寿回归A股市场时,市盈率高达94倍,上市后其市盈率更是飙升到200倍,同时A股相对H股产生了巨大的溢价, 相似文献
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问题提出 自现代公司财务理论创建以来,所有的公司财务教科书开宗明义都写着"公司经营的财务目标是股东价值最大化". 相似文献
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在现代市场经济条件下,公司所有权与经营权两权分离是公司治理产生和发展的基本前提,因此对公司的高层管理者设定有效的薪酬激励显得尤为重要。本文通过研究高管薪酬体系的构成及各个部分的重要性,以及美国和中国上市公司高管薪酬激励机制的比较,发现我国的薪酬体系还存在很多有待完善的地方,并据此提出改进意见。 相似文献
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Jianfeng Yu 《新兴市场金融与贸易》2017,53(8):1764-1778
We propose a strategic asset pricing model for the relative performance concern with heterogeneous beliefs in the framework of Nash equilibrium. In our model, the presence of heterogeneous beliefs generates the upward pressure on the stock market volatility and gives rise to the separation of agents’ perceived Sharpe ratios. We show that if one of the agents temporarily wins the market, the presence of relative performance concern will reduce the impacts of the winner and make the investors who have been edged out of the market more inclined to return. Besides, the sufficiently strong concern of relative performance will bring investors the extreme aversion to losing and get them to trade similarly. 相似文献
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A multinational firm sets the price that applies tointra-firm trade between the firm's affiliates at a central level,but delegates decisions about national prices (or quantities)to national affiliates. When these affiliates encounter competitionit is shown that delegation of authority and the nature of competitionchanges the role of the transfer price; it now becomes both atax saving and a strategic device. Comparative static resultsdevelop transfer pricing policies for affiliates encounteringCournot as well as Bertrand competition. 相似文献
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Patrick L. Brockett Linda L. Goldens Min-Ming Wen Charles C. Yang 《North American actuarial journal : NAAJ》2013,17(3):303-315
Abstract This paper adopts an incomplete market pricing model–the indifference pricing approach–to analyze valuation of weather derivatives and the viability of the weather derivatives market in a hedging context. It incorporates price risk, weather/quantity risk, and other risks in the financial market. In a mean-variance framework, the relationship between the actuarial price and the indifference price of weather derivatives is analyzed, and conditions are obtained concerning when the actuarial price does not provide an appropriate valuation for weather derivatives. Conditions for the viability of the weather derivatives market are examined. This paper also analyzes the effects of partial hedging, natural hedges, basis risk, quantity risk, and price risk on investors’ indifference prices by examining the distributional impacts of the stochastic variables involved. 相似文献
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根据最新的一项全球调研表明,只有35%的公司认为它们有足够的定价权来保证其产品能获得合适的定价;其余65%的公司认为它们没有将其产品定价到应该的高度,这意味着它们不得不接受利润缩水25%的现实。那些不具定价权的公司往往将责任推卸到外部因素,如激进的竞争对手和严苛的客户。但是,根据该调 相似文献
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In this paper we use power functions as pricing kernels to derive option-pricing bounds. We derive option pricing bounds given the bounds of the elasticity of the true pricing kernel. The bounds of the elasticity of the true pricing kernel are closely related to the bounds of the representative investor's coefficient of relative risk aversion. This methodology produces a tighter upper call option bound than traditional approaches. As a special case we show how to use the Black–Scholes formula to obtain option pricing bounds under the assumption of lognormality. 相似文献
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Fabio Mercurio 《Quantitative Finance》2013,13(3):289-302
In this article, we start by briefly reviewing the approach proposed by Jarrow and Yildirim for modelling inflation and nominal rates in a consistent way. Their methodology is applied to the pricing of general inflation-indexed swaps and options. We then introduce two different market model approaches to price inflation swaps, caps and floors. Analytical formulae are explicitly derived. Finally, an example of calibration to swap market data is considered. 相似文献
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We characterize the compensation demanded by investors in equilibrium for incremental exposure to growth-rate risk. Given an underlying Markov diffusion that governs the state variables in the economy, the economic model implies a stochastic discount factor process S. We also consider a reference growth process G that may represent the growth in the payoff of a single asset or of the macroeconomy. Both S and G are modeled conveniently as multiplicative functionals of a multidimensional Brownian motion. We consider the pricing implications of parametrized family of growth processes G ε , with G 0=G, as ε is made small. This parametrization defines a direction of growth-rate risk exposure that is priced using the stochastic discount factor S. By changing the investment horizon, we trace a term structure of risk prices that shows how the valuation of risky cash flows depends on the investment horizon. Using methods of Hansen and Scheinkman (Econometrica 77:177–234, 2009), we characterize the limiting behavior of the risk prices as the investment horizon is made arbitrarily long. 相似文献
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The currency market features a small cross-section, and conditional expected returns can be characterized by few signals: interest differential, trend, and mean reversion. We exploit these properties to construct the ex ante mean-variance efficient portfolio of individual currencies. The portfolio is updated in real time and prices all prominent currency trading strategies, conditionally and unconditionally. The fraction of risk in these assets that does not affect their risk premiums is at least 85%. Extant explanations of carry strategies based on intermediary capital or global volatility are related to these unpriced components, while consumption growth is related to the priced component of returns. 相似文献