【摘要】：許多中小投資者對如何進行有效的投資充滿迷惑。面對充滿機會和風(fēng)險的股票市場,秉承何種投資理念,是投資者必須做出的首要抉擇。本文希望形成一套相對完整、務(wù)實的價值投資應(yīng)用分析評估必要系體,指導(dǎo)中小投資者分析與決策。 首先,論證價值投資是可行的。以“有限理性人”為假設(shè)前提,揭示了價值投資的行為基礎(chǔ)。非完全有效市場是價值投資理論得以存在與發(fā)展的必要前提。另一方面,價值投資在非完全有效市場上才能發(fā)揮作用,價值投資與有效市場構(gòu)成了對立統(tǒng)一關(guān)系。 其次,構(gòu)建價值投資基本面分析的必要條件。從上市公司所處的行業(yè)、外部環(huán)境、經(jīng)營管理、核心競爭力、特別是財務(wù)狀況構(gòu)建基本面分析必要體系。 再次,在分析基本面評價的基礎(chǔ)上,提出上市公司進行價值評估的方法——保證本金的安全和具有適當(dāng)?shù)陌踩呺H。 然后,分析寶鋼股份有限公司,通過分析其基本面情況和評估其投資價值,判斷其是否滿足價值投資。 本文構(gòu)建一套價值投資必要條件體系,按照價值投資必要條件選擇上市公司,能指引投資者進行科學(xué)地投資分析和決策,可以發(fā)現(xiàn)大量的價值陷阱,最終獲得高于市場平均水平的投資收益。本文按照價值投資必要條件體系對寶鋼股份價值投資進行了分析,在中國股市的價值投資實踐中,具有一定的代表性。
[Abstract]:Many small and medium investors are confused about how to invest effectively. Facing the stock market full of opportunities and risks, it is the first choice that investors must make. This paper hopes to form a set of relatively complete, pragmatic value investment analysis and evaluation of the necessary framework to guide the analysis and decision-making of small and medium-sized investors. First of all, it is feasible to demonstrate value investment. Based on the hypothesis of "limited rational person", the behavioral basis of value investment is revealed. The incomplete efficient market is the necessary prerequisite for the existence and development of the theory of value investment. On the other hand, the value investment can play a role in the incomplete efficient market, and the value investment and the efficient market form the unity of opposites. Secondly, it is necessary to construct the fundamental analysis of value investment. From the listed companies in the industry, external environment, management, core competitiveness, especially the financial situation of the basic analysis of the necessary system. Thirdly, on the basis of analyzing the fundamental evaluation, this paper puts forward the method of valuation of listed companies, which is to ensure the safety of the principal and to have a proper margin of safety. Then, analyzing Baosteel Co., Ltd., through analyzing its fundamental situation and evaluating its investment value, judging whether it satisfies the value investment. In this paper, we construct a set of necessary conditions for value investment and select listed companies according to the necessary conditions of value investment, which can guide investors to carry out scientific investment analysis and decision, and can find a large number of value traps. The final return on investment is higher than the market average. This paper analyzes the value investment of shares in Baosteel according to the system of necessary conditions of value investment, which is representative in the practice of value investment in Chinese stock market.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F426.31

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