中文摘要：

通过超额收益统计检验研究市场有效性和利用均值—方差投资组合理论间接研究金融资产定价的经典方法与范式正面临尖锐的质疑和挑战。本文从输入输出转换和相对比较的视角对股票定价机制进行了分析,提出了一个涵盖四类定价因素,综合反映股票内在价值和相对价值的定价模式,给出了各组成部分的测度模型。最后,利用9家多重上市公司股票论证了本文提出方法的有效性。

英文摘要：

To examine the market efficiency based on excess returns statistical tests and to study indirectly financial asset pricing based on the mean-variance portfolio theory,the classical method and paradigm is facing sharp questions and challenges.From the perspective of input-output conversion and relative pricing,this paper analyzes stock pricing mechanism and presents the stock pricing model,which covers four types of pricing factors and integrates the intrinsic value and relative value,as well as gives the measurement model of the various components of stock price.Finally,nine multi-listed firm＇s stocks demonstrates the effectiveness of the proposed method.