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一、股票市场三因子模型分析股票市场在我国虽然处于初步的发展阶段,但已经取得较大的成就。对股票市场技术层面的研究也在不断的发展。三因子模型是以股票市场为基础反应企业价值、企业的内在价值和股东的账面价值三者之间的关系,并用来解释股票市场股票投资回报的超额收益率。由于我国股票市场的特殊性,该模型解释结果也存在着明显的特性。
First, the stock market three-factor model analysis Although the stock market in our country is in the initial stage of development, but has made greater achievements. Research on the technical aspects of the stock market is also constantly evolving. The three-factor model reflects the relationship between the enterprise value, the intrinsic value of the enterprise and the shareholders’ book value based on the stock market and is used to explain the excess return rate of the stock market return on investment. Due to the particularity of the stock market in our country, the results of the model interpretation also have obvious characteristics.