摘要
传统的股利折现模型在对股票定价的过程中,不能精确地确定投资者的预期收益率和未来支付的现金股利,因此存在着一定的缺陷与不足。公司的权益资本(股票)具有期权的特性,公司的股票实质上是基于公司价值的看涨期权,该期权的执行价格就是公司债券到期时的还本付息的金额。于是可以用期权定价模型来对股票定价。该方法不需要估计未来的现金股利和投资者的预期收益率,在一定程度上克服了传统股票定价方法的缺陷。
As the traditional stock pricing model , dividend discount model is defective because it cannot precisely determine the expected rate of return of investors.Corporate equity has characteristics of options, and stock is in essence a call option based on corporate value, the striking price of which is the principal and interest to be paid on the expiry date of the corporate debentures. So, options pricing model can be used for stocking pricing. This approach is not in need of determining the future cash dividend, thus, to a certain extent, overcoming the shortcoming of the traditional method.
出处
《商业研究》
北大核心
2004年第21期139-141,共3页
Commercial Research
