本文關(guān)鍵詞： 市場有效性 價值投資 主題投資　出處：《天津財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：我國的A股市場自1990年誕生至今,無論從股票種類還是總市值上都取得了巨大的發(fā)展,人們投資于股市的熱情日益高漲。但是自08年金融危機(jī)以來的中國股市一直都起起伏伏,不很穩(wěn)定,在這樣的一個大環(huán)境下,廣大的投資者迫切需要先進(jìn)的投資理論來指導(dǎo)他們的投資活動。 目前比較流行的投資理論中尤以股神巴菲特所倡導(dǎo)的價值投資理論最受國人追捧,而且這一套理論確實在巴菲特多年的投資生涯的實踐中也經(jīng)受住了時間的考驗。但有一個前提不得不說,巴菲特的投資主要集中于歐美等比較成熟的證券市場,對于A股市場的股票則涉獵甚少,而A股市場無論在股市相關(guān)配套制度的完善程度以及投資者的理性方面與歐美證券市場都存在相當(dāng)大的差距,市場的有效性水平也遠(yuǎn)不如歐美市場,這就不免讓人對該理論的適用性產(chǎn)生疑慮。 本文旨在證明A股市場弱式有效性的前提下,分析擅長于投資于盈利好、資本規(guī)模大、品牌價值高的藍(lán)籌股的價值投資理論不很適合當(dāng)前A股市場的原因。然后通過主題投資理論的分析框架與成功案例的分析,進(jìn)一步說明在這樣的一個弱式有效的市場中,主題投資理論可能更為適合當(dāng)前A股市場實際,務(wù)求為還在股市中苦尋出路的投資者提供另一種選擇。同時也提出作者本人對改善當(dāng)今A股市場信息披露不完善、投資者理性水平不夠等現(xiàn)狀的一些建議,希望我國的A股市場能夠在一個更加健康的市場環(huán)境下和健全的市場體制中更好地為我國社會主義經(jīng)濟(jì)建設(shè)服務(wù)。
[Abstract]:Since its birth in 1990, China's A-share market has made great progress in terms of both the types of stocks and the general market value. People are increasingly enthusiastic about investing in the stock market. However, since the financial crisis of 2008, the Chinese stock market has been up and down. Not very stable, in such a general environment, the majority of investors urgently need advanced investment theory to guide their investment activities. Among the more popular investment theories at present, the value investment theory advocated by Warren Buffett is the most popular among Chinese. Moreover, this theory has indeed stood the test of time in the practice of Buffett's investment career for many years. However, there is a premise to say that Buffett's investment is mainly concentrated in more mature securities markets such as Europe and the United States. The A-share market has very few stocks, and there is a considerable gap between the A-share market and the European and American securities markets in terms of the degree of perfection of the relevant supporting systems in the stock market and the rationality of investors. The effectiveness of the market is far less than that of the European and American markets, which raises doubts about the applicability of the theory. The purpose of this paper is to prove the weak efficiency of A share market, and to analyze that they are good at investing in good profit and large scale of capital. The theory of value investment of blue-chip stocks with high brand value is not very suitable for the reasons of the current A-share market. Then, through the analysis framework of thematic investment theory and the analysis of successful cases, it is further demonstrated that in such a weak and effective market, Subject investment theory may be more suitable for the current A-share market, in order to provide another choice for investors who are still struggling to find a way out in the stock market. At the same time, the author also points out that the author himself is not perfect to improve the disclosure of information in the A-share market today. It is hoped that the A share market of our country can serve the socialist economic construction of our country better in a more healthy market environment and in a sound market system.
【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F224

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本文編號：1508484