本文選題：中國(guó)股市　切入點(diǎn)：F-O模型　出處：《財(cái)經(jīng)理論與實(shí)踐》2012年02期 　論文類型：期刊論文

【摘要】：用F-O模型對(duì)深發(fā)展1991～2010年的內(nèi)在價(jià)值進(jìn)行測(cè)算,然后實(shí)證分析股價(jià)和內(nèi)在價(jià)值之間的協(xié)整關(guān)系,發(fā)現(xiàn)在過去的20年中,兩變量間并不存在協(xié)整關(guān)系。這說明中國(guó)股市是無效市場(chǎng)。通過計(jì)算泡沫值發(fā)現(xiàn),20世紀(jì)90年代,深發(fā)展的泡沫值非常高,進(jìn)入21世紀(jì)后泡沫值逐漸降低,反映出中國(guó)股市逐漸走向價(jià)值回歸之路。
[Abstract]:This paper uses F-O model to measure the internal value of deep development from 1991 to 2010, then empirically analyzes the cointegration relationship between stock price and intrinsic value, and finds that in the past 20 years, There is no cointegration relationship between the two variables. This shows that the Chinese stock market is an invalid market. By calculating the bubble value, it is found that in the 1990s, the deeply developed bubble value was very high, and after entering the 21st century, the bubble value gradually decreased. Reflecting the Chinese stock market gradually towards the return of value road.
【作者單位】： 貴州財(cái)經(jīng)學(xué)院管理科學(xué)與工程管理學(xué)院;
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

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本文編號(hào)：1644905