Retail Stocks Value Analysis-Based On The Perspective Of Arbitrage Pricing Model

As labor and capital intensive industry, retail industry can promote social employmentand safeguard people’s life.With the continuous development of the retail industry, it has beenknown as one of the main pillars of the national economy, the retail industry innovation andindustry upgrading to upgrade the quality of life of consumers and promote the transformationand upgrading of industries have a profound impact.Along with our country joining the WTO,fully open retail industry.Foreign retail giant wal-mart, carrefour, etc to enter the Chinesemarket in succession, strive for a slice of this action.Compared with the domestic retailindustry, they have significant capital and management advantages, the local retail industryhas a real threat.In the industry open in the past ten years, because of blind expansion, and thepursuit of sales, retail enterprises in our country at present stage appeared the bottleneck ofrigid management model, management model is not reasonable, has a huge capitalrequirements.But the single financing channel, the profit return is not high has become theinevitable facts.In this context, the paper analyses the influence factors of the value of retailenterprises, help the investors and its agencies to find investment opportunities, to capital intothe retail industry to provide a analysis, and judgment.Valuation is to evaluate the value of listed companies.Common single factor is the capitalasset pricing model (CAPM), multi-factor model is the arbitrage pricing theory of threefactors and four factor model.According to the theme of China’s retail market, shares of listedcompanies by retail enterprise data as the object, using the factor analysis and multipleregression analysis;To replace the traditional mainly financial data of discounted cash flowanalysis.Introduction of macroeconomic, industry finance, market data, such as factor analysis,find out condition indicators meet the arbitrage pricing model.Combining with the industry onyield was applied to analyze the time series data, find out the intrinsic relations.By doingsection multiple regression explore three aspects of the indicators of how many can beexpressed as the influence factors of stock value retail industry.To provide qualitativereference for investors rational investment decision. The article first introduces the development of the stock valuation theory at home andabroad.With traditional and modern security pricing method combined with the characteristicsof China’s retail industry, by sharp, financial database and sina macroeconomic databasecollection between January2011and December2011, the Shanghai and shenzhen A shares ofretail data, macroeconomic indicators data of listed companies, the market index;2011toSeptember2011industry financial indicators data.First through the factor analysis of macro,industry and market face the extracted index is analyzed, and through two steps multipleregression and representative indicators monthly returns of retail listed companies stockyields for fitting filter.Will meet the model test of the domestic economy overall level indexand operation capacity of the industry index of index screening out.As the rapid developmentof e-commerce on retail industry impact and change.Through the network of retail researchreports in addition to2011to March2011network retail turnover year-on-year growth ordata;And for a market changes of index of composite index factor screening and through twostep multivariate regression test.Finally putting together through inspection of index factoranalysis, and through the two-step internal relation between the multiple regression analysismining index.And prove that the traditional marketing mode of retail listed companies in thenew mode represented by e-commerce, under the influence of speed up the transformation toapply the new economic environment and market demand.