股利折现模型在理论上严谨而在实际操作中困难重重。在经济个体的行为服从“均值-方差规则”的假定下,根据资本资产定价模型、套利定价模型以及其他定价理论可以估计股票的收益率。用期权定价公式在一定程度上可以减轻主观预测对股票定价的影响。随着股票定价理论的发展,行为金融学对“理性人”的假设提出了质疑,并分析了定价理论在我国股票市场的应用。 Dividend discount model in theory rigorous and difficult in the actual operation. Under the assumption that the economic individual’s behavior obeys the mean-variance rule, the return rate of the stock can be estimated according to the capital asset pricing model, the arbitrage pricing model and other pricing theories. To some extent, the option pricing formula can reduce the impact of subjective forecasting on stock pricing. With the development of stock pricing theory, behavioral finance has challenged the assumption of “rational person” and analyzed the application of pricing theory in China’s stock market.