宝钢股份投资价值分析

发布时间：2019-01-11 21:03

【摘要】：许多中小投资者对如何进行有效的投资充满迷惑。面对充满机会和风险的股票市场,秉承何种投资理念,是投资者必须做出的首要抉择。本文希望形成一套相对完整、务实的价值投资应用分析评估必要系体,指导中小投资者分析与决策。首先,论证价值投资是可行的。以“有限理性人”为假设前提,揭示了价值投资的行为基础。非完全有效市场是价值投资理论得以存在与发展的必要前提。另一方面,价值投资在非完全有效市场上才能发挥作用,价值投资与有效市场构成了对立统一关系。其次,构建价值投资基本面分析的必要条件。从上市公司所处的行业、外部环境、经营管理、核心竞争力、特别是财务状况构建基本面分析必要体系。再次,在分析基本面评价的基础上,提出上市公司进行价值评估的方法——保证本金的安全和具有适当的安全边际。然后,分析宝钢股份有限公司,通过分析其基本面情况和评估其投资价值,判断其是否满足价值投资。本文构建一套价值投资必要条件体系,按照价值投资必要条件选择上市公司,能指引投资者进行科学地投资分析和决策,可以发现大量的价值陷阱,最终获得高于市场平均水平的投资收益。本文按照价值投资必要条件体系对宝钢股份价值投资进行了分析,在中国股市的价值投资实践中,具有一定的代表性。
[Abstract]:Many small and medium investors are confused about how to invest effectively. Facing the stock market full of opportunities and risks, it is the first choice that investors must make. This paper hopes to form a set of relatively complete, pragmatic value investment analysis and evaluation of the necessary framework to guide the analysis and decision-making of small and medium-sized investors. First of all, it is feasible to demonstrate value investment. Based on the hypothesis of "limited rational person", the behavioral basis of value investment is revealed. The incomplete efficient market is the necessary prerequisite for the existence and development of the theory of value investment. On the other hand, the value investment can play a role in the incomplete efficient market, and the value investment and the efficient market form the unity of opposites. Secondly, it is necessary to construct the fundamental analysis of value investment. From the listed companies in the industry, external environment, management, core competitiveness, especially the financial situation of the basic analysis of the necessary system. Thirdly, on the basis of analyzing the fundamental evaluation, this paper puts forward the method of valuation of listed companies, which is to ensure the safety of the principal and to have a proper margin of safety. Then, analyzing Baosteel Co., Ltd., through analyzing its fundamental situation and evaluating its investment value, judging whether it satisfies the value investment. In this paper, we construct a set of necessary conditions for value investment and select listed companies according to the necessary conditions of value investment, which can guide investors to carry out scientific investment analysis and decision, and can find a large number of value traps. The final return on investment is higher than the market average. This paper analyzes the value investment of shares in Baosteel according to the system of necessary conditions of value investment, which is representative in the practice of value investment in Chinese stock market.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F426.31

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