证券定价机理分析

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1、证券定价机理研究AbstractSecuritiespricinghasalwaysbeenoneofissuesinChinesesec．uritymarket．ThepurposeofthethesisiStofindoutthesefactorsthathavecrucialeffectonSecuritiespricingandpricingmodel，andputforwardsomeproposel．ByanalyzingqualitativelyandquantitativelytheSecuritiespricingtheory,wehave

2、gotsomefollowingconclusions：thetraditionalstockpricingtheoryregardsthemicrofactorasthemainfactorwhichdeterminesthestockprice，whilethemodemstockpricingtheoryregardsthemacrofactorasthemainfactorwhichdeterminesthestockprice．Thisthesisthinksthatwhenfixingthepriceforstocksweshouldconsid

3、erthemacrofactorsandthemicrofactors．CombiningtheconcreteactualconditionsinChina,onthebasisofthesampledatacollected，thisthesisfindsouttheconcretefactorsthatdecidestheissuepriceandthemarketpriceinChinesemarket．IntheprocessofconfirmingtheaffectingfactorsofthestockpriceinChini，thisthes

4、ishasadoptedthecomparativeanalysismethod,whichmakesthecomparativeanalysisbetweennewstockactualissuepriceFAPandnewstockmarketpriceSHP九mthroughthewholeanalysisprocess．Basedonempiricalresearchthroughthesixty-onesamplecorporations’datainChinesestockmarketbyregressionmodel，thisthesisapp

5、rovesthesefactorsmathaveimportmenteffectonissuingpriceandmarketpricearenotsame·．Atlast，onthebasisofempiricalanalysis，therationalpricingmodelisputforward，namely,accordingtocompanymacroeconomiccircumstanceandthemicrostatusofthecorportationandadoptingregressionmodel，publisherandsecuri

6、tiestraderdeterminetheIPOpriceofcompany,whichshouldbeguidelinesprice，conditionsofsupplieranddemander’Spowerdeterminethefinalissuepricebycompeting．Whenprocessingdata．thethesishasdealtwimthemicroinfluencefactorsofthestockpriceadoptingtheanalyticapproachofthefactor,andhasdrawnfivemain

7、compositionfactors；moreoverinregressionanalysing，thisthesisbringthemacrofactorsintotheregressionmodelsbyrgressionmethodstepbystep．Keywords：StockmarketofChina；Empiricalanalysis；Regressionmodel；Factoranalysis湖南大学学位论文原创性声明本人郑重声明：所呈交的论文是本人在导师的指导下独立进行研究所取得的研究成果。除了文中特别加以标注引用的内容外，本论文不包含任何

8、其他个人或集体已经发表或撰写的成果作品。对本文的研究