There are many valuation models such as cdf , eva model , p / e model and p / b model etc . there is one common character of these models that is the input data of these model is all financial information . however , financial analyst usually estimated different value of the same stock using different models and the estimated value was different from the actual market price . what is the reason lead to this result 各种股权估值模型都有一个共同的特点,即模型的输入变量为公司财务信息,但根据不同的模型,证券分析师估出的股票价值都不一样,而且跟市场实际价格往往也有很大的差距,那是什么样的原因导致这种差距呢
" the value of asset embodies in the earning " , the major factor affecting the intrinsic value of ipo stock is future cash dividend and the discount rate . the factor effecting shareholder ' s cash dividend is analyzed from finance analysis , the methodology of calculating cash dividend in simplified condition is expounded by hypothesis “一项资产的价值体现在其可创造的收入中” ，影响ipo股票价值的主要因素包括未来现金股利和折现率，论文从财务分析的角度，分析了影响股东现金股利的因素，并通过抽象得到了简化条件下计算股东现金股利的方法。
2 . reject the conventional synthetic evaluation method and use five new type methods such as fuzzy theory , gray relation analysis , dba , catastrophe theory and bp networks to establish the evaluation models , then go on the demonstration research taking the stocks of listed company in qingdao as an example (二)摒弃传统的常规综合评价方法，采用模糊数学、灰色系统理论、 dea 、突变论、神经网络五种新型方法，建立股票价值评价模型，并以青岛地区上市公司的股票为例，进行实证研究。
Through the research work in this paper , the question of how to effectively and reasonably evaluate the stock ' s value is resolved by and large which can offer more exact invest references for the rational investors to increase returns and reduce risks , impulse to perfect the mechanism of making a price for capitals in the securities market , make the resource collocation function playing a great role and thereby promote the chinese securities market to be maturity and efficiency 论文的最后部分对应用的股票价值评价方法进行分析总结。通过本文的研究工作，基本解决了对股票价值合理有效评价的问题，为理性投资者提高回报率降低风险提供更为准确的投资依据，从而推动完善证券市场上资本的合理定价机制，使中国股市的资源配置功能发挥效力，促进中国证券市场走向成熟化、效率化。
We find that option value of chinese hi - tech enlisted companies is about 20 % of ipo price , which is one of chief reasons of high underpricing in china through numeric calculation . in empirical part , we research on three abnormal phenomena in ipo , including underpricing , underperformance and hot issue . and methodology is divided into two steps 样本检验结果证明，我国具有高成长性的行业的股票价值中包含的期权价值约占股票发行价格的五分之一，这是新股理论价值中应当包含在内而在实际定价中被“漏掉”的部分，这也是我国新股抑价程度高的原因之一。
Part eight brings to light the chief risks which the commercial banks face in providing stock collateral loans , then gives some precautions against the risks . part nine puts forward some suggestions on how to improve the system of the share right pledge , for example , permitting natural people and common enterprises get stock collateral loans , expanding the scope of the pledge stocks , and so on 第八部分首先结合商业银行发放股票质押贷款，揭示股踉押贷款面临的主要风险，如借款人风险、质押股票价值风险、股票质押的法律风险、股市的系统性风险、质押股票的发行公司带来的间接风险以及质押欺诈风险等，在此刎上，进一步提出些有针对性的风险防范措施。
Listed companies emphasis on rs , but not on how to use funds , so the rights and interests of stockholders can not be realized . seo by qualified listed companies influences the rights and interests of new stockholders , old stockholders and non - circuiting stockholders . the effect is related to the changes of their stock values 满足条件的上市公司实施增发新股会对新股东、老股东以及非流通股股东权益造成影响，这主要体现在各自股票价值的变化上：老股东、非流通股股东的股票价值降低，新股东股票价值增加，前两者的降低值等于后者的增加值，即在增发过程中，新股东、老股东以及非流通股股东进行了零和博弈。
