普通股估值与分析 毕业论文.doc

中文摘要 随着我国经济的发展，资本市场将会更为发达和完善。当今，相对于国外几百年发展历史的证券市场，我国证券市场显得比较落后，表现为法律法规不完善、内幕交易等违法违规行为时有发生、证券定价不科学，投资者盲目买卖等。对于股票价值定价的背后，决定因素有很多，对于这些因素组合如何同市场相结合而成为一种估值理论，还需要很多的研究。国外的通用模型固然可以洋为中用，但我国的证券市场有其特殊性，最明显的一点就是我国资本市场不是一个自由开放的市场，而是一个相对封闭的市场，这一点离不开我国的国情。加之我国的会计核算方式，统计方式等与国际市场还不完全一致，这也致使国外这些模型不能直接应用于我国市场。开发一套适合我国证券市场的估值模型，是我国投资者当前急需解决的大事，并刻不容缓。 关键词：估值模型，投资分析，投资研究 Abstract With the development of Chinas economy, capital markets will be more developed and perfect. Today, as opposed to abroad for hundreds of years the historical development of securities market, Chinas securities market was relatively backward, showing inadequate laws and regulations, insider trading and other illegal acts have occurred, unscientific securities pricing, investors blindly trading. Behind the pricing for the value of the stock, decided by many factors, for these combinations of factors are combining with market and become a kind of valuation theory, but also need a lot of research. Foreign generic model can certainly make foreign things serve China, but Chinas securities market has its own specialty, the most obvious point is that Chinas capital market is not a free and open market, but a relatively closed market, which is inseparable from Chinas national conditions. Combined with Chinas accounting accounting methods, statistical methods and the international market is not entirely consistent, this also led to foreign model can not be directly applied to Chinas market. To develop a valuation model for Chinas securities market is the major event in Chinas investors need to be resolved, and without delay. Key words：Valuation models，Investment Analysis，Investment Research 1.绪论 1.1 研究背景 普通股，是指标准的股票，通过发行普通股所筹集的资金，成为股份有限公司注册资本的基础。 股票在我国属于舶来品，最早出现的股票是外商股票。1990年12月19日和1991年7月3日，上海证券交易所和深圳证券交易所先后正式营业，标志着新中国股市正式开始起步。中国证券市场发展的21年中，取得了令世界瞩目的成就，诞生了全球市值最大、亚洲最赚钱的公司——中国石油；也诞生了全球市值最大的银行——工商银行。成就的背后不仅仅是因为这些上市公司本身的光环，更重要的是它们得到了投资者的肯定，优秀的管理层、强大的盈利能力、丰厚的回报是这些企业成为世界第一的最主要因素。 然而，企业股票一旦上市交易