發(fā)布時(shí)間：2018-06-05 11:58

  本文選題：價(jià)值投資 + 公司成長性��； 參考：《廣東工業(yè)大學(xué)》2012年碩士論文

【摘要】：我國的股票市場從建立以來經(jīng)歷了深刻的發(fā)展,在國民經(jīng)濟(jì)中的地位也越來越顯著。我國的經(jīng)濟(jì)持續(xù)增長,但是許多投資者在股票市場上并沒有獲得較高的利潤。主要原因在于,一些投資者的投資理念和投資策略存在問題。價(jià)值投資是一種成功的投資理念,其核心思想是：股票的市場價(jià)格圍繞其內(nèi)在價(jià)值上下波動,長期來看,股票市場價(jià)格會向內(nèi)在價(jià)值回歸。當(dāng)股票價(jià)格低于內(nèi)在價(jià)值時(shí),投資者應(yīng)逐步買入并長期持有；當(dāng)股票價(jià)格高于內(nèi)在價(jià)值時(shí),投資者應(yīng)逐步賣出。 學(xué)術(shù)界諸多研究者只是對股票的內(nèi)在價(jià)值理論在我國證券市場上的適用性做定性分析,本文則以內(nèi)在價(jià)值的理論為依據(jù),用定量的實(shí)證分析方法來研究我國證券市場上常用的一種投資策略——定期定額投資策略。 我們首先從傳統(tǒng)的定期定額投資的定義出發(fā),得到其收益率公式,并對其進(jìn)行了數(shù)理分析,總結(jié)了影響定期定額投資策略收益率的因素。 通過實(shí)證分析,本文歸納出定期定額投資方式下確保獲利的投資策略的步驟：步驟一,尋找成長性良好的公司；步驟二,投資者應(yīng)按股票的內(nèi)在價(jià)值選擇低成本股票,保證投資的低成本性；步驟三,在持股區(qū)間內(nèi),根據(jù)市場的投機(jī)性,緊盯股票的內(nèi)在價(jià)值,當(dāng)股票市場價(jià)格價(jià)格低于內(nèi)在價(jià)值時(shí),逐步買入；當(dāng)股票市場價(jià)格高于內(nèi)在價(jià)值時(shí)逐步賣出。步驟四,根據(jù)內(nèi)在價(jià)值的理論,判斷上市公司的成長性,根據(jù)成長性的變化確定持股區(qū)間。 在上述步驟中,我們靈活的應(yīng)用了內(nèi)在價(jià)值的理念,研究了能夠確保投資者盈利的定期定額投資策略。步驟三中,股票市場價(jià)格低于內(nèi)在價(jià)值時(shí),我們用回收的成本買入額外的股票,如此循環(huán),長期下來,在堅(jiān)持定投的過程中投資者投入的總成本沒變,而堅(jiān)持定投的過程中回收的成本反復(fù)利用,使得投資者的持有份額不斷在增加,累積平均成本價(jià)格不斷降低。步驟四中,當(dāng)上市公司的成長性不再持續(xù)時(shí),我們選擇停止定投,而不局限于事先設(shè)定的固定的投資期限。相比傳統(tǒng)的“傻瓜式”定期定額投資,投資者能夠充分利用股市的牛熊市循環(huán),使得投資的收益增大。
[Abstract]:The stock market of our country has experienced profound development since its establishment, and its position in the national economy is becoming more and more remarkable. China's economy continues to grow, but many investors in the stock market have not made a higher profit. The main reason is that some investors have problems with their investment ideas and strategies. Value investment is a successful investment idea whose core idea is that the market price of stock fluctuates around its intrinsic value and in the long run the price of stock market will return to its intrinsic value. When the stock price is below the intrinsic value, the investor should gradually buy and hold it for a long time; when the stock price is above the intrinsic value, the investor should gradually sell. Many researchers in academic circles only make qualitative analysis on the applicability of the internal value theory of stock in the stock market of our country, and this paper is based on the theory of intrinsic value. In this paper, a quantitative empirical analysis is used to study a common investment strategy in China's securities market: fixed quota investment strategy. Starting from the traditional definition of fixed investment, we get the formula of return rate, analyze it mathematically and summarize the factors that influence the return rate of fixed investment strategy. Through empirical analysis, this paper sums up the steps of investment strategy to ensure profit under regular quota investment: step one, looking for a company with good growth; step two, investors should choose low-cost stocks according to the intrinsic value of stocks. Ensure the low cost of investment; step 3, according to the speculative nature of the market, focus on the intrinsic value of the stock, step by step, buy when the price of the stock market is lower than the intrinsic value; Sell gradually when the stock market price is higher than the intrinsic value. Step four, according to the theory of internal value, judging the growth of listed companies, according to the change of growth to determine the holding interval. In the above steps, we apply the concept of intrinsic value flexibly and study the fixed investment strategy which can ensure the profit of investors. In step 3, when the stock market price is below the intrinsic value, we use the cost of recovery to buy additional stocks, so that, in the long run, the total cost invested by the investor in the process of holding on to the investment has not changed. However, the repeated use of the recovered cost in the process of holding the fixed investment makes the holding share of investors increase and the cumulative average cost price decrease. In step 4, when the growth of the listed company is no longer sustained, we choose to stop investing rather than limit ourselves to a predetermined fixed investment period. Compared with the traditional "fool" fixed investment, investors can make full use of the bull market cycle of the stock market and increase the return on the investment.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

【參考文獻(xiàn)】

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本文編號：1981914