Valuation Under The Criterion Of Required Payback Period

摘要：

Stock valuation is fundamentally important to finance. The current absolute and relative valuations do not wok in some common circumstances. This paper finds a new valuation method with the criterion of required payback period. The new method is a brand new way in valuation paralleling to the discounted cash flow method. This paper further derives the models of theoretical P/E, P/B and P/S based on the new method. These new valuation models are theoretical sound and flexible for valuing various stocks and market bubbles. They can also bridge the gap between the relative and absolute valuations.

关键词： Gordon model required payback period ZZ growth model theoretical ratios

作者: ZHANG Zhiqiang

作者单位: School of Business, Renmin University of China, Beijing, P. R. China 100872

会议类型: 国际会议

会议名称: 2010 International Conference on Management(2010管理国际大会)

会议地点: 上海

会议语种:英文

页码: 251-259

在线出版日期: 2010-07-24（万方平台首次上网日期，不代表论文的发表时间）