内在投资价值理论在中国股市的有效性检验

发布时间：2018-03-21 17:46

本文选题：中国股市　切入点：F-O模型　出处：《财经理论与实践》2012年02期 　论文类型：期刊论文

【摘要】：用F-O模型对深发展1991～2010年的内在价值进行测算,然后实证分析股价和内在价值之间的协整关系,发现在过去的20年中,两变量间并不存在协整关系。这说明中国股市是无效市场。通过计算泡沫值发现,20世纪90年代,深发展的泡沫值非常高,进入21世纪后泡沫值逐渐降低,反映出中国股市逐渐走向价值回归之路。
[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.
【作者单位】：贵州财经学院管理科学与工程管理学院;
【分类号】：F832.51

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