Stock Pricing Model Of Three-phase Study

How to reasonably value listed company's stock, it is a burning question in China securities market. Begin with the question how to set up relationship between stock price and company's fundamental, five classic valuation theories are proposed. Based on Present Value of Expected Dividends Assumption model and proper assumpions about company's expected furturn earing, a new Three Segment Stock Valuationθ-model is built, which shows applicable to China securities market by historical data demonstration. Then this Three Segment Stock Valuationθ- model take variable rate, industry factor, money supply and historical stock price into account respectively. Finally those exceptional situations to this Three Segment Stock Valuation model are analyzed in detail and relevant political suggestions are proposed. According to the above research frame, the thesis is consisted of one chapter of introduction, five chapters of text, and one section of conclusion.Chapter one is the introduction. Research background, motivation of this thesis, research approach, important conceptions, structural arrangement and the innovations are introduced in this chapter.Chapter two is the review of valuation theories. Five classic valuation methods and their applicability to China securities market are proposed in sequence.Chapter three is the establishment of three-segment stock valuation model. After discussing about diverse influence factors, based on Present Value of Expected Dividends Assumption model and proper assumpions about company's expected furturn earing, a new Three Segment Stock Valuation model is built.Chapter four is the historical data demonstration. In this chapter Feltham-Ohlson model and Three Segment Stock Valuation model are proved applicable to China securities market by historical data demonstration.Chapter five is the extension of Three Segment Stock Valuation model. In this chapter, Three Segment Stock Valuation model take variable rate, industry factor, money supply and historical stock price into account respectively.Chapter six is the applicability and political suggestions. Those exceptional situations to the Three Segment Stock Valuation model are analyzed in detail and relevant political suggestions are proposed.