基于熵权模糊综合评价模型的股票内在价值研究
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摘要
针对股票内在价值评判方法中指标权重设定的主观性缺陷,提出在利用熵权确定各指标权重的基础上,运用模糊综合评价方法对股票会计信息的综合指标进行模糊处理,为投资者投资股票提供一种新的参考;并通过"一带一路"概念股中的五支工程基建行业类股票进行模拟实证分析,证明将会计信息进行相关量化处理,能够为投资者提供较为客观的选择,同时基于熵权的模糊综合评价模型在股票内在价值评价中具有可行性.
To solve the weights of each indicator of stock intrinsic value in evaluating investment value,the entropy weight fuzzy comprehensive evaluation model was built based on the consideration of entropy theory and fuzzy mathematical theory in this paper,and then selected five typical stocks to simulate.Meanwhile the new model could quantify the corresponding accounting information synthetically,which could also provide more objective references for investors than other methods.
To solve the weights of each indicator of stock intrinsic value in evaluating investment value,the entropy weight fuzzy comprehensive evaluation model was built based on the consideration of entropy theory and fuzzy mathematical theory in this paper,and then selected five typical stocks to simulate.Meanwhile the new model could quantify the corresponding accounting information synthetically,which could also provide more objective references for investors than other methods.
引文
[1]刘松.股票内在投资价值理论与中国股市泡沫问题[J].经济研究,2005(2):45-53.
[2]Williams J B.The theory of investment value[M].Harvard University Press,1938.
[3]Modigliani F,and Miller M H.The cost of capital,corporation finance,and the theory of investments[J].American Economic Review,1958(48):261-297.
[4]Kisor Manown,Jr.and Volkert S.Whitbeck.A New Tool in Investment Decision-Making[J].Financial Analysts Journal,1963,19(3):55-62.
[5]Haugen,Robert A,Baker,Nardin L.Commonality in the determinants of expected stock returns[J].Journal of Financial Economics,1996,41(3):401-439.
[6]赵志君.股票价格对内价值的偏离度分析[J].经济研究,2003(10):66-74.
[7]郝奕,张强.基于Vague集合属性综合评价的股票投资价值分析方法[J].中国管理科学,2005,13(2):15-21.
[8]郭洪,何丹.基于剩余收益价值模型的权益资本成本计量及其运用[J].管理世界,2010(1):183-185.
[9]陈艳.基于会计信息分析的证券投资风险控制的研究[M].大连东北财经大学出版社,2007.
1在模糊理论中,模糊合成算子共有四种算法,即M(∧,V),M(·,V),M(∧,⊕),M(·,⊕),考虑到主因素及其它因素的共同影响下,本文选取M(·,⊕)算子计算.
[2]Williams J B.The theory of investment value[M].Harvard University Press,1938.
[3]Modigliani F,and Miller M H.The cost of capital,corporation finance,and the theory of investments[J].American Economic Review,1958(48):261-297.
[4]Kisor Manown,Jr.and Volkert S.Whitbeck.A New Tool in Investment Decision-Making[J].Financial Analysts Journal,1963,19(3):55-62.
[5]Haugen,Robert A,Baker,Nardin L.Commonality in the determinants of expected stock returns[J].Journal of Financial Economics,1996,41(3):401-439.
[6]赵志君.股票价格对内价值的偏离度分析[J].经济研究,2003(10):66-74.
[7]郝奕,张强.基于Vague集合属性综合评价的股票投资价值分析方法[J].中国管理科学,2005,13(2):15-21.
[8]郭洪,何丹.基于剩余收益价值模型的权益资本成本计量及其运用[J].管理世界,2010(1):183-185.
[9]陈艳.基于会计信息分析的证券投资风险控制的研究[M].大连东北财经大学出版社,2007.
1在模糊理论中,模糊合成算子共有四种算法,即M(∧,V),M(·,V),M(∧,⊕),M(·,⊕),考虑到主因素及其它因素的共同影响下,本文选取M(·,⊕)算子计算.