文章基本信息

标题：Valuation Methods in Emerging Financial Markets: Literature Review Study
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作者：Marek Garbowski ; Natalia Kozitska ; Yevheniia Poliakova 等
期刊名称：Academy of Strategic Management Journal
印刷版ISSN：1544-1458
出版年度：2021
卷号：20
期号：6
页码：1-27
语种：English
出版社：The DreamCatchers Group, LLC
摘要：The study aimed to review the evaluation models and their suitability for emerging financial markets, according to the concept, classification and characteristics of those markets, the study also aimed to present the stages of development of emerging financial markets, and its position according to international diversification , and what are the obstacles facing the emerging financial markets in terms of the legal and legislative structure and the determinants of the securities traded in them, and the limited activity. The study concluded by reviewing how to apply traditional and modern methods to emerging financial markets. In his study, the researcher used the reference approach based on the investment and financing literature that follows modern investment theory. The study concluded that the security is a commodity like all commodities in the economy. Which means that the process of pricing securities is governed by the same principles and theories that govern the process of pricing goods and services in the economy. Thus, the fair value or the appropriate market price for this paper is determined at the point of equilibrium between supply and demand. The demand side represents the expected interest from this asset (cash flow), The supply side represents the cost of owning or using this asset (opportunity cost). Finally, the researcher concludes that there are many models that were presented in an attempt to determine the appropriate value, and each of them has conditions and limitations for use. But we have not yet reached an optimal model that can be used in all circumstances and conditions.
关键词：Valuation;FCF;DDM;DPS;EPS;WACC