| With the development of our capital market, value investment and value management go deep into people's heart, people pay more attention to corporation's intrinsic value when they make decision. Intrinsic value is subjective to some extent, so how to evaluate it exactly and objectively is very important to market participators. There are many methods of value evaluation. Capital market in China has its own specialties, so those methods are unnecessarily adapt to our listed corporations. Recently Residual Income Model arouses people's attention. I think this model is even more fit for evaluation of corporation's intrinsic value not only in theory but also in practice.In this text, I evaluate our listed corporation's intrinsic value from 1994 to 2003 based on Ohlson's Residual Income Model. According to the result, I study the relationship of value and stock price of listed corporations in China, reveal the movement rule of stock price and value. Moreover, I study the financial factors what affect stock price. The purpose of this theme is to provide data for stake holder. I hope I could contribute to guide people's decision-making and stock market's healthy development.The former research on the relationship of intrinsic value and price of stock either avoid studying intrinsic value or seek other methods. I solve the difficult problem of computing intrinsic value through introducing RIM from the basic concepts. In order to eliminate the effect of non-current stock, the current stock of listed corporations I choose must account for 50% at least. So the stock price could reflect the listed corporations'value as possible. According to the study on stylebook, the thesis reflects the relationship of intrinsic value and stock price on one side and answers the question whether there is stock bubble in our stock market. There are shortages both in the model and in the process of studying. It still needs to be improved and perfected in the future. |
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