A股市场弱式有效性下的主题投资研究

发布时间：2018-02-13 15:27

本文关键词： 市场有效性价值投资主题投资　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国的A股市场自1990年诞生至今,无论从股票种类还是总市值上都取得了巨大的发展,人们投资于股市的热情日益高涨。但是自08年金融危机以来的中国股市一直都起起伏伏,不很稳定,在这样的一个大环境下,广大的投资者迫切需要先进的投资理论来指导他们的投资活动。目前比较流行的投资理论中尤以股神巴菲特所倡导的价值投资理论最受国人追捧,而且这一套理论确实在巴菲特多年的投资生涯的实践中也经受住了时间的考验。但有一个前提不得不说,巴菲特的投资主要集中于欧美等比较成熟的证券市场,对于A股市场的股票则涉猎甚少,而A股市场无论在股市相关配套制度的完善程度以及投资者的理性方面与欧美证券市场都存在相当大的差距,市场的有效性水平也远不如欧美市场,这就不免让人对该理论的适用性产生疑虑。本文旨在证明A股市场弱式有效性的前提下,分析擅长于投资于盈利好、资本规模大、品牌价值高的蓝筹股的价值投资理论不很适合当前A股市场的原因。然后通过主题投资理论的分析框架与成功案例的分析,进一步说明在这样的一个弱式有效的市场中,主题投资理论可能更为适合当前A股市场实际,务求为还在股市中苦寻出路的投资者提供另一种选择。同时也提出作者本人对改善当今A股市场信息披露不完善、投资者理性水平不够等现状的一些建议,希望我国的A股市场能够在一个更加健康的市场环境下和健全的市场体制中更好地为我国社会主义经济建设服务。
[Abstract]:Since its birth in 1990, China's A-share market has made great progress in terms of both the types of stocks and the general market value. People are increasingly enthusiastic about investing in the stock market. However, since the financial crisis of 2008, the Chinese stock market has been up and down. Not very stable, in such a general environment, the majority of investors urgently need advanced investment theory to guide their investment activities. Among the more popular investment theories at present, the value investment theory advocated by Warren Buffett is the most popular among Chinese. Moreover, this theory has indeed stood the test of time in the practice of Buffett's investment career for many years. However, there is a premise to say that Buffett's investment is mainly concentrated in more mature securities markets such as Europe and the United States. The A-share market has very few stocks, and there is a considerable gap between the A-share market and the European and American securities markets in terms of the degree of perfection of the relevant supporting systems in the stock market and the rationality of investors. The effectiveness of the market is far less than that of the European and American markets, which raises doubts about the applicability of the theory. The purpose of this paper is to prove the weak efficiency of A share market, and to analyze that they are good at investing in good profit and large scale of capital. The theory of value investment of blue-chip stocks with high brand value is not very suitable for the reasons of the current A-share market. Then, through the analysis framework of thematic investment theory and the analysis of successful cases, it is further demonstrated that in such a weak and effective market, Subject investment theory may be more suitable for the current A-share market, in order to provide another choice for investors who are still struggling to find a way out in the stock market. At the same time, the author also points out that the author himself is not perfect to improve the disclosure of information in the A-share market today. It is hoped that the A share market of our country can serve the socialist economic construction of our country better in a more healthy market environment and in a sound market system.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F224

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