Stock Valuations Of Listed Companies And The A-share Market, Empirical Research

Recognizing the value is the basis and premise of all economic and management behaviors. Understanding of the value of shares of listed companies'and its influencing factors, not only helps managers to make consistent with the principle of maximum value of the company's business and investment decisions, but also for shareholders, corporate creditors, governments and other stakeholders to make reasonable judgments and economic decisions.Based on valuation theory of shares of listed companies, this paper builds up some valuation frameworks and empirical models of China stock market. The paper begins with an introduction, explaining the background and significance of this topic, proposing the framework and the main ideas; the body is divided into six chapters, each chapter is as follows.The first chapter is "The Stock Valuation Theory and Literature Review." This chapter is the based theory and method, described the discounted valuation theory, the relative valuation theory, the net asset value assessment theory, the measurement concept, the concept of information theory and real option valuation theory; introduced a variety of valuation theory and methods of research literature, which laid the theoretical foundation.The second chapter is "The Practice of Common Stock of the Valuation Framework for Analysis". First of all, the financial statements based on financial logic of relations, forecasts a reasonable growth rate and discount rate, established financial forecasting framework of listed companies. Second, established the free cash flow of the discounted at the company, discounted economic value added valuation framework and relative valuation framework. Third, the chapter introduced the relative valuation and the net asset value method and so on.The third chapter is "The fundamentals valuation model and its empirical analysis". First, the chapter selected the fundamentals indicators and founded the valuation model framework. Second, the chapter made the regression analysis of the stock prices and fundamentals, interpreted on the positive and negative relationship. Third, the article extracted the principal component through using the principal component analysis, then making the regression analysis of the stock price and the principal component, obtaining the fundamentals valuation formula for the valuation model, verifying the effect on the valuation formula.The fourth chapter is "Constructing the Valuation Model of Corporate Governance Factors and its Empirical Analysis". First, the chapter selected corporate governance factors and established the framework of the valuation model. Second, the chapter made regression analysis of the stock price and corporate governance factors, and interpreted of positive and negative relationship. Third, the chapter made use of principal component analysis method to calculate the integrated management of the main components of stock prices principal component and to extraction of corporate governance factors, and then to verify the effect on the valuation formula.The fifth chapter is "The Method of Real Option Valuation and the Practical Application ".First of all, the chapter discussed on the company's valuation of real options .Then, the article made the introduction of the valuation of real options'practical use.The sixth chapter is "Analysis of Stock Valuation and Its Price Volatility."First, the chapter demonstrated the limited scientific of the stock valuations. Then the chapter pointed out that the stock estimate values of different investors differ widely, then analyzed how the stock estimate value of different investors determined the stock core prices, and also analyzed how the activities of value investors and technical analysis investors determined the formation of stock prices and volatility.