本文關(guān)鍵詞：價(jià)值投資方法在中國證券市場(chǎng)的應(yīng)用研究　出處：《暨南大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 價(jià)值投資 有效性 內(nèi)在價(jià)值 昆侖能源

【摘要】：自1990中國資本市場(chǎng)建立以來，眾多投資者就在探究股市財(cái)富的運(yùn)行規(guī)律，多種投資理論在市場(chǎng)中被廣大投資者研究運(yùn)用，隨著資本市場(chǎng)的完善和發(fā)展，投資理念也在不斷轉(zhuǎn)變，尤其是價(jià)值投資理論。價(jià)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(jià)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(chǎng)的考驗(yàn)。事實(shí)證明，對(duì)投資者來說，它是一種成功的投資理念，對(duì)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(chǎng)中，價(jià)值投資還遠(yuǎn)遠(yuǎn)沒有達(dá)到被成熟運(yùn)用的程度。從2001年開始廣泛宣傳、應(yīng)用到后來漸漸被懷疑，再到投資者有選擇的組合應(yīng)用，這事實(shí)上正是投資者漸為成熟的表現(xiàn)。 股票投資價(jià)值分析的實(shí)質(zhì)就是在長(zhǎng)期觀察股票價(jià)格的基礎(chǔ)上來分析上市公司的經(jīng)營前景，客觀理性的評(píng)估股票的內(nèi)在價(jià)值，從而減少盲目投資所帶來的投資風(fēng)險(xiǎn)，爭(zhēng)取獲得低風(fēng)險(xiǎn)、高回報(bào)的投資機(jī)會(huì)。本文一共分為五大部分，第一部分詳細(xì)分析了進(jìn)行價(jià)值投資研究的背景及意義，指出價(jià)值投資對(duì)我國股市發(fā)展的積極作用以及對(duì)我國社會(huì)資源合理分配方面的促進(jìn)作用。第二部分主要是總結(jié)概括了價(jià)值投資理念的起源以及在我國的研究狀況，同時(shí)詳細(xì)介紹了價(jià)值投資的理論基礎(chǔ)和內(nèi)在價(jià)值評(píng)估方法，主要羅列了比較法、剩余收益模型和股利折價(jià)模型。第三部分結(jié)合理論與實(shí)證研究闡述了價(jià)值投資在我國證券市場(chǎng)運(yùn)用中的有效性，重點(diǎn)驗(yàn)證了價(jià)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(shí)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(cái)務(wù)狀況分析等多個(gè)角度來研究昆侖能源股票的內(nèi)在價(jià)值，并利用內(nèi)在價(jià)值評(píng)估模型來測(cè)算出其股票內(nèi)在價(jià)值，揭示股票內(nèi)在價(jià)值投資理論的可行性。第五部分是對(duì)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(zhǎng)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(guān)注和投資，證實(shí)了價(jià)值投資具有很強(qiáng)的實(shí)用價(jià)值，必定能指引投資者進(jìn)行科學(xué)地投資分析和決策，并最終戰(zhàn)勝市場(chǎng)。
[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(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F406.7;F426.22

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本文編號(hào)：1433157