本文对股票价值决定因子研究的发展和连续时间股票定价模型的建立进行了分析,着重探讨了周期波动条件下的股票价值决定因子模型,采用上市公司财务和股价数据,对企业价值决定因子是否会对企业价值产生实际影响,以及能否比现有模型提高对股票价格的解释能力进行了实证分析,并得出了相关结论。 This paper analyzes the development of the determinants of the stock value and the establishment of the stock pricing model for continuous-time stock market. Emphatically discusses the determinants of the stock value under the condition of cyclical fluctuations. Using the listed companies’ financial and stock price data, The actual impact on the enterprise value, and whether the existing model can improve the ability to explain the stock price empirical analysis and draw the relevant conclusions.