發(fā)布時(shí)間：2018-02-24 22:15

  本文關(guān)鍵詞： ST股票 因子分析法 投資價(jià)值 K均值聚類 投資策略　出處：《南昌大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著中國資本市場的逐漸成熟,價(jià)值投資越來越受到重視,而ST股票一般經(jīng)營業(yè)績、財(cái)務(wù)狀況不佳,投資風(fēng)險(xiǎn)較大,通常被視為投機(jī)的對象,其投資價(jià)值備受質(zhì)疑。2011年9月份以來,在大盤持續(xù)弱勢的情況下,ST板塊的表現(xiàn)極為引人注目,那么ST股票到底有沒有投資價(jià)值,投資價(jià)值有多大,投資者應(yīng)如何從ST板塊中選股才能規(guī)避風(fēng)險(xiǎn),獲得較大收益,這些問題都值得深思。本文詳細(xì)闡述了ST公司的成因、ST股票的投資風(fēng)險(xiǎn)和收益、ST制度設(shè)立的背景及功能缺陷,并運(yùn)用因子分析法深入分析了ST股票的投資價(jià)值評價(jià)標(biāo)準(zhǔn),進(jìn)而通過K-means聚類分析法對ST股票進(jìn)行類別劃分,同時(shí),針對各類ST股票的市場表現(xiàn)特點(diǎn)提出了相應(yīng)的投資策略,多種分析方法的綜合運(yùn)用,環(huán)環(huán)相扣,使本文的分析更加全面深入。分析表明上市公司的償債能力、營運(yùn)能力、成長能力、盈利能力、市場表現(xiàn)是評價(jià)ST股票的關(guān)鍵因素,具有摘帽趨勢和重組趨勢的ST股票投資價(jià)值相對較大,廣大投資者可重點(diǎn)關(guān)注。
[Abstract]:With the maturation of Chinese capital market, the value investment is paid more and more attention to, and St stock is generally regarded as the object of speculation because of its poor financial situation and high investment risk. Its investment value has been questioned. Since September 2011, when the market continues to be weak, the performance of the St sector has been extremely noticeable, so whether or not St stocks have investment value, and how big the investment value is, It is worth pondering how investors should choose stocks from St plate in order to avoid risks and gain large profits. This paper expounds the causes of St companies and the background and functional defects of St system establishment. The paper also analyzes the evaluation standard of St stock investment value by factor analysis, and then classifies St stock by K-means clustering analysis. At the same time, it puts forward the corresponding investment strategy according to the market performance characteristics of all kinds of St stocks. The comprehensive application of various analytical methods makes the analysis of this paper more comprehensive and in-depth. The analysis shows that the listed companies' solvency, operating capacity, growth ability, profitability, market performance are the key factors to evaluate St stocks. St stocks with the trend of cap removal and restructuring are relatively large, investors can focus on them.
【學(xué)位授予單位】：南昌大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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本文編號：1531932