IPO估值模型及其在我国的适用性分析

发布时间：2018-07-10 20:23

本文选题：IPO估值模型 + 现金流量贴现法　；参考：《金融与经济》2004年05期

【摘要】：国际资本市场新股发行估值方法大致可分为三种,即现金流量贴现法、可比公司法和期权定价法。大部分IPO估值模型在我国并不适用,我国股市具有较显著的齐涨齐跌性,股价更多地反映由市场供求关系决定的相对投资价值。而不能真实反映由未来现金流贴现决定的绝对投资价值。目前,在我国证券市场IPO定价使用可比公司法与多因素定价模型相结合的估值方法较为现实。
[Abstract]:There are three valuation methods in international capital market: discounted cash flow method, comparable company law and option pricing method. Most of the IPO valuation models are not applicable in our country. The stock market in our country has a remarkable rise and fall, and the stock price reflects the relative investment value determined by the market supply and demand relationship. And can not truly reflect the absolute value of investment determined by future cash flow discounted. At present, it is more realistic to use the valuation method which combines the comparable company law and the multi-factor pricing model in the IPO pricing in China's securities market.
【作者单位】：西南交通大学经济管理学院成都市自来水总公司
【分类号】：F830.9

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