內在價値가 株價形成에 미치는 영향에 관한 實證的 硏究

다국어 초록 (Multilingual Abstract)

The study is aimed at making a suggestion for effective investment by finding out the relations between the theoretically inherent value of an enterprise and the formation of its stock price on the Korean stock market.
As the pattern of investment through basic analysis on the occasion of the opening of the capital market to foreign invest-ment in 1992 is taking root. It is now required that one should take the logic and reasonable investment attitude by which to evaluate stocks through main financial statements such as price earnings ratio (FFR) arid price book value ratio (PBR).
This means that when the stock price is defined as its evaluation by investors, It is, above all, important to judge whether the market stock price of an enterprise is evaluated lower or higher than its "the enterprise's" intrinsic value by analyzing its "the enterprise's" inherent value before investment.
In Chapter 2 and 3. hitherto introduced models of stock evaluation are explained for better understanding of the back-ground of the theory and the approach which has been made is based on the position of the theory of profits.
And in Chapter 4, for higher reliance on the study, the Japanese stock market of the times when it was opend to foreign investment is dealt with as its situation was similar to that ofour present market.
Lastly by positive analysis of the results from the invest-ment after making four portfolios on the basis of the respective different criterions. I have arrived at the following conclusion:
1. There is a close interrelationship between the inherent value of an enterprise and the formation of its stock price on the market.
2. The stock price tends to depend on the inherent value of the related enterprise and moves elastically in proportion to the size of the gap between them.
3. In the inherent value of an enterprise and its stock price. the relative importance of PER, an index of profitability has been found to the absolute and PER, the increase rate of the sales has proved to influence them.
4. It has also been found that one can get the best results from the investment by concentrating investment on the items found to be evaluated lower on the basis of the calculation of the inherent value of the enterprise through main financial ratio.
As is shown in the above paragraghs, the theory of the formation of the stock price depending on the Inherent value of an enterprise has been confirmed. But further studies and improvement are required since a lot of problems have been found in the way of analysis.

목차 (Table of Contents)

• 目次 = 0
• 第Ⅰ章 序論 = 1
• 第1節 問題提起 및 硏究目的 = 1
• 第2節 硏努의 方法과 範圍 = 3
• 第Ⅱ章 株式評價에 대한 理論的 接近 = 4
• 第1節 用語에 대한 基礎槪念 = 4
• 1. PER指標의 槪念 = 4
• 2. 企業의 內在價値 = 9
• 3. 割引 率 = 10
• 第2節 洙式評價 理論 = 11
• 1. 配當評價模型 = 12
• 2. 利益評 價漢型 = 14
• 3. 乘 數模型 = 15
• 第3節 技術的 分析 方法 = 16
• 1. 技術的 分析方法의 槪念 및 意義 = 16
• 2. 技術的 分析의 前提條件 = 17
• 第Ⅲ章 모딜리아니와 밀러의 株式譯價 理論 = 19
• 第1節 M.M 理論의 假定 = 19
• 第2節 M.M 理論의 原理 = 21
• 第3節 M.M 理論에 대한 問題提起 = 23
• 第Ⅳ章 日本證券市場에서의 PER 革命 = 25
• 第1節 日本의 資本自由化 및 證券市場 動向 = 25
• 1. 資本自由化 當時 背景 = 25
• 2. 外國人株式投資 推移 = 27
• 3. 株式所有 構造의 變化 = 29
• 第2節 PER 革命의 展開 = 29
• 1. PER槪念의 導入背景 = 30
• 2. 日本證券市場에서의 PER 上昇 = 31
• 第3節 實際事例 = 33
• 1. 業種別 推移 = 33
• 2. 種目別 推移 = 35
• 第4節 우리 證券市場에의 시사점 = 36
• 第Ⅴ章 實證分析 = 37
• 第1節 分析 方法 = 37
• 第2節 資料의 選定 및 成格 = 39
• 1. 資料 의 選定 = 39
• 2. 資料의 性格 = 69
• 第3節 實證分析 = 72
• 1. 內在價値 基準에 의한 포트폴리오의 成果分析 = 72
• 2. 成長性·安定性 基準에 의한 포트폴리오의 成果分析 = 76
• 第4節 問題點 및 改善方案 = 81
• 第Ⅵ章 結論 = 85
• 參考文獻 = 87
• ABSTRACT = 89