英国硕士留学毕业论文：论巴菲特投资理论在中国股市的适应性（盈利与避险能力）

发布时间：2016-08-06 07:02

Abstract摘要

华伦巴菲特是世界上最成功的投资者，他的投资理论导致了投资成功。中国股市绝对是一个新兴的市场与美国和英国的美国相比来说。投资者更加愿意在中国股票市场上赚钱。因此，，巴菲特的理论在中国的市场份额不错的选择。本文想讨论在中国市场的份额在股神巴菲特的投资理论从各自回归的应用的适应性和规避风险。显然，在理论的核心是鸡蛋在不同一个篮子里，而最大的利润是在长期获得了。此外，选择了10个潜在的投资股票，并从长期时间中投资。因此，华伦巴菲特理论可以应用于股票市场的长期投资和短期投资中。

Warren Buffett is a successful investor around the world; his investment theory can be leading to the success in the investment. Chinese share market is absolutely an emerging market compared with the United States of America and United Kingdom. Investors are willing to earn the money in the Chinese share markets. Therefore, the theory of Warren Buffett is nice choice in the share markets in China. Therefore, this article would like to discuss the adoptability of the share market in China on the application of the Warren Buffett’s investment theory from the respective of the return and avoid the risks. Apparently, in the central of the theory is do not eggs in the same baskets, the maximum profits are gained in the long-term. Additionally, 10 potential investing shares are selected and elevated over the time from the investment. As a consequence, the theory of the Warren Buffett could be applied in the long term investment and short term investment in the share market. 

1.0 Introduction介绍

With a series of patchwork that the Chinese government took in the late of June 2015 trying to stop the A-share market’s steeping fall since the early of this year from years of depression, the A-share market provides both opportunities and breathtaking moments to the oversea investors. The opportunities lie in the 150 percent of explosion rise since the last eight months, led by retail investors in Mainland China, before the historic fall in June, generated about 30 percent of drop in three weeks (APPELL, 2015). The roller coaster like rise and drop make the mysterious Chinese share market more elusive. 
There are two stock exchanges in Mainland China. First, the market for securities approved by the Government in Shanghai was established in November 26, 1990, and began to operate on December 19, 1990 in the name of Shanghai Stock Exchange (SHSE). Soon after, the Shenzhen Stock Exchange (SZSE) was established in December 1, 1990, and began operating in July 3, 1991. Many large companies prefer to be listed in Shanghai Stock Exchange, while medium and small enterprises are often listed in Shenzhen in China market. Figure 1 shows the recent trends in the Shanghai Stock Exchange Composite Index from 1997 to 2010 (Wan, 2015).

Table of contents目录
Abstract 2
1.0 Introduction 4
2.0 Literature review 7
2.1     Share market in China 7
2.1.1 The current situation of share market in China 7
2.1.2 The history shortcut of the share market and the main trend of investment culture 9
2.1.3 TheStructure of the investors 9
2.1.4 The culture difference between Chinese market and foreign markets 10
2.1.5 The legal environment of market 11
2.1.6 The distance to the global share market 13
2.2      Warren Buffett 14
2.2.1 Brief introduction of Warren Buffett 14
2.2.2 The foundation of Warren Buffett 15
2.2.3 The warren Buffett’s investment success theory 16
2.2.3.1 Invest in Candor 16
2.2.4 The Berkshire Hathaway 18
3.0 Methodology 20
3.1     The example of Warren Buffett’s investment in share market 20
3.1.1    Excellent examples of Warren Buffett’s investment 20
3.1.2         The investment on The Boston Globe, the Washington Post and Coca-Cola 21
3.1.3         Investment on share-term or long-term 24
4.0 Result 26
5.0 Discussion 29
6.0 Conclusions 36
References 37

6.0 Conclusions总结

In short, the core of Warren Buffett's theory, not putting all their eggs in the same basket and preferred investment is long-term. In addition, the relationship theory is enhanced the relationship with the shareholder to help the confidence in the investment. Also, learn from him not only the successful in the share market, but also the personality from him. His success is not only built on his knowledge but also his team work. 
In addition, China's stock market is highly developed, but not yet mature. The real watcher of the share market in China is government body China Securities Regulatory Commission (CSRC) and also regulation in Chinese share market is poor and ineffective. Furthermore, the trust could the biggest challenge in the investment. 
Besides this, his preferred investment is gained in the long-term. Based on this theory, following ten shares could be selected to investment in the long-term. 
Company Stock Code
Lenovo 00992
Petro China 601857
China Offshore Oil Engineering Corporation 600583
China Railway Construction Corporation 601186
Beijing Tongrentang Group 600085
Qinghai Salt Lake Potash Co., Ltd 000792
Ping An Insurance (Group) Company of China Ltd. 601318
Shenzhen Ping An Bank 000001
Bank of China 601988
Sany Group 600031

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