工业类ST股票投资价值评价及投资策略研究

发布时间：2018-02-24 22:15

本文关键词： ST股票因子分析法投资价值 K均值聚类投资策略　出处：《南昌大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着中国资本市场的逐渐成熟,价值投资越来越受到重视,而ST股票一般经营业绩、财务状况不佳,投资风险较大,通常被视为投机的对象,其投资价值备受质疑。2011年9月份以来,在大盘持续弱势的情况下,ST板块的表现极为引人注目,那么ST股票到底有没有投资价值,投资价值有多大,投资者应如何从ST板块中选股才能规避风险,获得较大收益,这些问题都值得深思。本文详细阐述了ST公司的成因、ST股票的投资风险和收益、ST制度设立的背景及功能缺陷,并运用因子分析法深入分析了ST股票的投资价值评价标准,进而通过K-means聚类分析法对ST股票进行类别划分,同时,针对各类ST股票的市场表现特点提出了相应的投资策略,多种分析方法的综合运用,环环相扣,使本文的分析更加全面深入。分析表明上市公司的偿债能力、营运能力、成长能力、盈利能力、市场表现是评价ST股票的关键因素,具有摘帽趋势和重组趋势的ST股票投资价值相对较大,广大投资者可重点关注。
[Abstract]:With the maturation of Chinese capital market, the value investment is paid more and more attention to, and St stock is generally regarded as the object of speculation because of its poor financial situation and high investment risk. Its investment value has been questioned. Since September 2011, when the market continues to be weak, the performance of the St sector has been extremely noticeable, so whether or not St stocks have investment value, and how big the investment value is, It is worth pondering how investors should choose stocks from St plate in order to avoid risks and gain large profits. This paper expounds the causes of St companies and the background and functional defects of St system establishment. The paper also analyzes the evaluation standard of St stock investment value by factor analysis, and then classifies St stock by K-means clustering analysis. At the same time, it puts forward the corresponding investment strategy according to the market performance characteristics of all kinds of St stocks. The comprehensive application of various analytical methods makes the analysis of this paper more comprehensive and in-depth. The analysis shows that the listed companies' solvency, operating capacity, growth ability, profitability, market performance are the key factors to evaluate St stocks. St stocks with the trend of cap removal and restructuring are relatively large, investors can focus on them.
【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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