估价(财务)
贴现现金流
库存(枪支)
经济
剩余收益评估
衡平法
贴现
金融经济学
财务
股权风险
工程类
政治学
机械工程
法学
出处
期刊:Contributions to Finance and Accounting
日期:2023-01-01
卷期号:: 39-77
标识
DOI:10.1007/978-981-19-8269-9_3
摘要
This chapter explores the valuation of common stock or equity. For various reasons, common stock valuation is often supposed to be a solved problem in finance. In fact, there has been no qualified solution for stock valuation so far in mainstream finance. The multiple or ratio (P/E, P/B and P/S) method is not sound in theory; and the Gordon growth model is not feasible in practice! None of them can consider the growth of a stock properly. Deeper discussions reveal even more and bigger surprises, such as positive perpetual growth rate can never exist, DCF (discounting cash flow) method does not work for stock valuation, etc. Of course, a real solution to stock or equity valuation is worked out finally which is sound in theory and feasible in practice. This is a brand-new valuation method––valuation based on required payback period, which can overcome most defects of DCF method or the Gordon growth model, and can rescue or improve fundamentally the multiple or ratio method as well—by enhance both their theoretical soundness and practical valuation power with theoretical or bubble free ratio models.
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