Abstract: 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 demon strates the effectiveness of the proposed method.

Key words: pricing model, price decomposition, relative pricing, measuring method