本文關鍵詞：價值投資方法在中國證券市場的應用研究　出處：《暨南大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 價值投資 有效性 內(nèi)在價值 昆侖能源

【摘要】：自1990中國資本市場建立以來，眾多投資者就在探究股市財富的運行規(guī)律，多種投資理論在市場中被廣大投資者研究運用，隨著資本市場的完善和發(fā)展，投資理念也在不斷轉(zhuǎn)變，尤其是價值投資理論。價值投資理論于2001年在中國股市出現(xiàn)，并逐步被投資者重視。價值投資理念源于國外，在國外發(fā)展的幾十年中經(jīng)受住了市場的考驗。事實證明，對投資者來說，它是一種成功的投資理念，對股市的健康發(fā)展也發(fā)揮著積極作用。但是在我國的證券市場中，價值投資還遠遠沒有達到被成熟運用的程度。從2001年開始廣泛宣傳、應用到后來漸漸被懷疑，再到投資者有選擇的組合應用，這事實上正是投資者漸為成熟的表現(xiàn)。 股票投資價值分析的實質(zhì)就是在長期觀察股票價格的基礎上來分析上市公司的經(jīng)營前景，客觀理性的評估股票的內(nèi)在價值，從而減少盲目投資所帶來的投資風險，爭取獲得低風險、高回報的投資機會。本文一共分為五大部分，第一部分詳細分析了進行價值投資研究的背景及意義，指出價值投資對我國股市發(fā)展的積極作用以及對我國社會資源合理分配方面的促進作用。第二部分主要是總結(jié)概括了價值投資理念的起源以及在我國的研究狀況，同時詳細介紹了價值投資的理論基礎和內(nèi)在價值評估方法，主要羅列了比較法、剩余收益模型和股利折價模型。第三部分結(jié)合理論與實證研究闡述了價值投資在我國證券市場運用中的有效性，重點驗證了價值投資理論在我國證券投資基金中的可行性和有效性。第四部分是案例分析，側(cè)重于實證分析，選擇一家在香港上市的紅籌股——昆侖能源，，從行業(yè)分析、公司基本面分析、財務狀況分析等多個角度來研究昆侖能源股票的內(nèi)在價值，并利用內(nèi)在價值評估模型來測算出其股票內(nèi)在價值，揭示股票內(nèi)在價值投資理論的可行性。第五部分是對全論文的總結(jié)，指出昆侖能源是一家發(fā)展前景甚為廣闊的上市公司，其股票的成長性非常好，能給投資者帶來穩(wěn)定的投資收益，值得投資者關注和投資，證實了價值投資具有很強的實用價值，必定能指引投資者進行科學地投資分析和決策，并最終戰(zhàn)勝市場。
[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.
【學位授予單位】：暨南大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F406.7;F426.22

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相關期刊論文 前2條

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本文編號：1433157