基于价值投资理论的选股策略构建

发布时间：2018-01-02 09:33

本文关键词：基于价值投资理论的选股策略构建　出处：《华南理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：股市作为企业融资的平台的同时，也是投资者进行投资的主要选择领域之一。尤其在中国，投资者可选的投资领域狭小，投资股市成为大多数投资者的首选。而与国外股票市场多是专业的投资机构参与所不同，中国的股票市场上非专业的中小投资者数量较多。相较于专业投资机构，中小投资者的资源、资金、精力等均不足，投资收益较差。本文旨在构建投资策略以为中小投资者在投资决策过程中提供帮助。本文的股票投资策略的分析方法建立在本杰明·格雷厄姆和沃伦·巴菲特的价值投资的理论基础上，首先选择出有政策支持的并且发展前景向好的行业，进而从所选行业中利用PE、PB、PS等估值指标选取行业中最有投资价值的公司。根据此思路，本选股策略的基本逻辑是由面及点，由广及细的渐进筛选。为了方便验证本投资策略的可行性，有历史数据可以验证，拟定投资期为2002年6月至2012年6月的十年期。本策略在选择政策支持的行业部分，主要分析“五年规划”对行业发展的影响；在选择前景向好的行业部分，主要分析行业的市场结构和利润增长情况；因为在拟定投资期开始前恰逢中国加入WTO，将特别包括对于加入WTO后的行业发展分析；在选择有投资价值的公司上，选取了PE、PB、PS这些估值指标单独或联立进行评判，经综合考虑和对比验证，，最终选取PE、PB、PS三个估值指标联立的估值体系。
[Abstract]:As a platform for corporate financing, stock market is also one of the main choice areas for investors to invest. Especially in China, investors have a narrow choice of investment fields. Investing in the stock market has become the first choice for most investors. However, it is different from the participation of professional investment institutions in foreign stock markets. There are more non-professional small and medium-sized investors in China's stock market. Compared with professional investment institutions, the resources, funds and energy of small and medium-sized investors are insufficient. The purpose of this paper is to construct investment strategies to help small and medium investors in the process of investment decision. The analysis of this paper's stock investment strategy is based on the theory of value investment by Benjamin Graham and Warren Buffett. First of all, we choose the industry with policy support and good prospects. And then select the most valuable companies from the selected industries by using such valuation indicators as PEI / PBPS. According to this idea, the basic logic of this stock selection strategy is from the aspect and point. By a wide and detailed progressive screening. In order to verify the feasibility of this investment strategy, there are historical data to verify that the investment period is from June 2002 to June 2012. This paper mainly analyzes the impact of "five-year plan" on the development of the industry; In the selection of promising industries, the main analysis of the industry market structure and profit growth; Since China's entry into WTO coincides with the beginning of the proposed investment period, it will include, in particular, an analysis of the development of the industry after China's entry into WTO; In the selection of companies with investment value, the evaluation index of PEI PBPPS is selected to judge separately or simultaneously. After comprehensive consideration and comparison, PEPb is selected finally. PS three valuation indicators of the valuation system.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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