价值投资方法在中国证券市场的应用研究

发布时间：2018-01-16 12:29

本文关键词：价值投资方法在中国证券市场的应用研究　出处：《暨南大学》2012年硕士论文　论文类型：学位论文

【摘要】：自1990中国资本市场建立以来，众多投资者就在探究股市财富的运行规律，多种投资理论在市场中被广大投资者研究运用，随着资本市场的完善和发展，投资理念也在不断转变，尤其是价值投资理论。价值投资理论于2001年在中国股市出现，并逐步被投资者重视。价值投资理念源于国外，在国外发展的几十年中经受住了市场的考验。事实证明，对投资者来说，它是一种成功的投资理念，对股市的健康发展也发挥着积极作用。但是在我国的证券市场中，价值投资还远远没有达到被成熟运用的程度。从2001年开始广泛宣传、应用到后来渐渐被怀疑，再到投资者有选择的组合应用，这事实上正是投资者渐为成熟的表现。股票投资价值分析的实质就是在长期观察股票价格的基础上来分析上市公司的经营前景，客观理性的评估股票的内在价值，从而减少盲目投资所带来的投资风险，争取获得低风险、高回报的投资机会。本文一共分为五大部分，第一部分详细分析了进行价值投资研究的背景及意义，指出价值投资对我国股市发展的积极作用以及对我国社会资源合理分配方面的促进作用。第二部分主要是总结概括了价值投资理念的起源以及在我国的研究状况，同时详细介绍了价值投资的理论基础和内在价值评估方法，主要罗列了比较法、剩余收益模型和股利折价模型。第三部分结合理论与实证研究阐述了价值投资在我国证券市场运用中的有效性，重点验证了价值投资理论在我国证券投资基金中的可行性和有效性。第四部分是案例分析，侧重于实证分析，选择一家在香港上市的红筹股——昆仑能源，，从行业分析、公司基本面分析、财务状况分析等多个角度来研究昆仑能源股票的内在价值，并利用内在价值评估模型来测算出其股票内在价值，揭示股票内在价值投资理论的可行性。第五部分是对全论文的总结，指出昆仑能源是一家发展前景甚为广阔的上市公司，其股票的成长性非常好，能给投资者带来稳定的投资收益，值得投资者关注和投资，证实了价值投资具有很强的实用价值，必定能指引投资者进行科学地投资分析和决策，并最终战胜市场。
[Abstract]:Since the establishment of Chinese capital market in 1990, many investors have been exploring the law of stock market wealth, and many kinds of investment theories have been studied and applied in the market, with the improvement and development of capital market. The investment concept is also changing, especially the value investment theory, which appeared in the Chinese stock market in 2001 and is gradually valued by investors. The value investment theory originates from foreign countries. It has stood the test of the market in the decades of development abroad. It has proved to be a successful investment concept for investors. It also plays a positive role in the healthy development of the stock market. However, in our country's securities market, the value investment has not reached the level of mature application. Since 2001, it has been widely publicized. The application has gradually become suspicious, and then investors have a choice of portfolio applications, which is in fact a sign that investors are becoming more mature. The essence of stock investment value analysis is to analyze the operating prospects of listed companies on the basis of long-term observation of stock prices and to evaluate the intrinsic value of stocks objectively and rationally. In order to reduce the investment risk brought by blind investment, and strive to obtain low risk, high return investment opportunities. This paper is divided into five parts, the first part of the detailed analysis of the value of investment research background and significance. The paper points out the positive effect of value investment on the development of stock market and the promotion effect on the rational distribution of social resources in China. The second part mainly summarizes the origin of the concept of value investment and the research situation in our country. . At the same time, it introduces the theoretical basis of value investment and the internal value evaluation method in detail, mainly lists the comparative method. The third part expounds the validity of the value investment in the application of our country's securities market combining the theory and the empirical research. The 4th part is case analysis, focusing on empirical analysis, select a Hong Kong-listed red chips-Kunlun Energy. The intrinsic value of Kunlun energy stock is studied from industry analysis, company fundamental analysis, financial condition analysis and so on, and the intrinsic value of Kunlun energy stock is calculated by using intrinsic value evaluation model. Part 5th is a summary of the whole paper, pointing out that Kunlun Energy is a listed company with broad development prospects, and its stock growth is very good. It can bring stable investment income to investors, and it is worthy of investors' attention and investment. It proves that value investment has strong practical value, and it can certainly guide investors to make scientific investment analysis and decision. And finally beat the market.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F406.7;F426.22

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