1, the influence of securities on β coefficient, the average market rate of return Rm usually adopts the rate of return of an index in the securities market. There are many indexes in China stock market, including Shanghai Composite Index, Shenzhen Composite Index, Shanghai-Shenzhen 300 Index, Shenzhen Component Index, Shanghai A-share Index and B-share Index, Shanghai 180 Index, Shenzhen A-share Index and B-share Index, and New Shanghai Composite Index. The securities and compilation methods represented by each index are different. Appraisers should master the basic information and compilation methods of various indexes and analyze whether the compilation methods of securities indexes have an impact on the rate of return of the evaluated enterprises.
2. Influence in calculation. The β coefficient in the income method should be the β coefficient that can represent the future. But we can only use historical data to calculate β coefficient, but is it better to use longer or shorter historical data? The longer the data is used, the better the variance of β coefficient is, and its stability may be improved. However, if the time is too long, the calculation result of β coefficient may be influenced by enterprise management, market, technological innovation, competitiveness, inter-enterprise mergers and acquisitions and changes in the characteristics of the securities market.
3. The influence of dividend distribution on β coefficient is determined according to the relationship between the change of average market return rate and the change of return rate of an asset; Therefore, during the calculation of beta coefficient, when the proportion of dividend-paying securities in the stock index sample is large as the average market yield, the calculation result of beta coefficient of dividend-paying assets is less affected by dividend payment; On the contrary, asset securities that do not pay dividends for a long time will be greatly affected.
1. coefficient, also known as beta coefficient, is a risk index used to measure the price fluctuation of individual stocks or stock funds relative to the whole stock market. β coefficient is a tool to evaluate the systemic risk of securities, which is used to measure the volatility of a securities or portfolio relative to the overall market. Common investment terms such as stocks and funds.
2. At present, according to the characteristics and perspectives of research paradigm, there are three main analysis methods of stock investment: basic analysis, technical analysis and evolution analysis. The theoretical basis, premise, hypothesis, research paradigm and application scope of these three analytical methods are different, and they are interrelated and have important differences in practical application. Among them, basic analysis belongs to general economic paradigm, technical analysis belongs to mathematics or Newton paradigm, and evolutionary analysis belongs to biology or Darwin paradigm; Basic analysis is mainly applied to the selection of investment targets, while technical analysis and evolution analysis are mainly applied to the time and space judgment of specific operations as an important means to improve the effectiveness and reliability of stock investment analysis.