| 股息贴现模型的无套利性质分析 |
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| 引用本文： | 翟爱梅,王雪峰,冯英浚. 股息贴现模型的无套利性质分析[J]. 哈尔滨商业大学学报(自然科学版), 2006, 22(1): 147-149 |
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| 作者姓名： | 翟爱梅 王雪峰 冯英浚 |
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| 作者单位： | 哈尔滨工业大学,管理学院,黑龙江,哈尔滨150001 |
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| 摘 要： | 股息贴现模型是估计股票内在价值的基本方法,无套利均衡是现代金融理论的基础.现有的研究通常将股息贴现模型确定的股票内在价值作为股票的理论价格.通过公式推导证明了股息贴现模型确定的股票理论价格具有无套利性质,将股息贴现模型确定的股票内在价值作为股票的理论价格是符合无套利原理的.
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| 关 键 词： | 无套利 股息贴现模型 内在价值 股票价格 |
| 文章编号： | 1672-0946(2006)01-0147-03 |
| 修稿时间： | 2005-10-13 |
Study on no-arbitrage property of dividend discount model |
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| ZHAI Ai-mei,WANG Xue-feng,FENG Ying-jun. Study on no-arbitrage property of dividend discount model[J]. Journal of Harbin University of Commerce :Natural Sciences Edition, 2006, 22(1): 147-149 |
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| Authors: | ZHAI Ai-mei WANG Xue-feng FENG Ying-jun |
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| Abstract: | The dividend discount model is the essential method used to estimate the stock intrinsic value.No-arbitrage equilibrium theory is the foundation of present financial theory.Now the stock intrinsic value determined by the dividend discount model is often directly used as stock theoretic price when the dividend discount model is used.This paper proves that stock theoretic price determined by dividend discount model has no-arbitrage property,namely,it satisfy noarbitrage theory that the stock intrinsic value determined by the dividend discount model is directly used as the stock theoretic price. |
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| Keywords: | no-arbitrage dividend discount model intrinsic value stock price |
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