Theoretical And Positive Reserch Of Stock Pricing In Chinese Security Market

Security market of china, especially stock market, have gained great growth through development over ten years. However, as a new market, there still is the great gap compared with developed country's. It is a important and hard task to analyse security of china with advanced financial theories. The study object of this dissertation is stock pricing. The dissertation, based on theories of stock pricing, started with factors which affect stock price, used means of traditional and modern security pricing and combined with the characteristic of Chinese stock market, found a series of model of stock pricing in the end. There are two parts in the text, in addition to introduction, some appendices and references.Part One the basic theories of stock pricing. This dissertation named valuing theories before capital portfolio theory put forward by Markowitz as traditional stock pricing theories, and later capital portfolio theory as modern stock pricing theories. Traditional stock pricing theories don't explain the relation between return and risk. However, there also are many arguments in modern stock pricing theories to the relation between return and risk.Part Two positive research of stock pricing in Chinese security market. In the first, this dissertation analyse the characteristic of stock pricing in Chinese security market. It consider that the conclusion of CAPM don't accord with stock pricing of china. Nonsystematic risk act important role. There is no remarkable relation between systematic risk and stock return. Next, the text do a positive research to set up a special factors model of stock pricing.