本文關(guān)鍵詞： 行業(yè)因素 股票收益率 行業(yè)周期 行業(yè)集中度　出處：《山西財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：從證券投資者的角度來(lái)說(shuō)，行業(yè)正確的選擇對(duì)股票市場(chǎng)收益率具有不可忽視的影響。對(duì)于一個(gè)價(jià)值投資者來(lái)說(shuō)，一個(gè)行業(yè)的發(fā)展前景是選股的重要依據(jù)，通過(guò)分析行業(yè)發(fā)展周期、行業(yè)景氣指數(shù)、行業(yè)集中度，投資者能夠及時(shí)把握行業(yè)市場(chǎng)結(jié)構(gòu)變化，提高投資收益。本文在前人研究的理論基礎(chǔ)上，結(jié)合中國(guó)的實(shí)際以及股票市場(chǎng)的實(shí)際情況，，采用理論分析法、比較分析法以及實(shí)證研究法對(duì)影響股票收益率的行業(yè)因素進(jìn)行分析。 論文基于我國(guó)股票市場(chǎng)行業(yè)行業(yè)年收益率以及平均收益率，采用描述性統(tǒng)計(jì)分析以及比較分析，通過(guò)縱向和橫向比較，分析總結(jié)我國(guó)股票市場(chǎng)收益率的行業(yè)分布特點(diǎn)。最后發(fā)現(xiàn)在各個(gè)經(jīng)濟(jì)周期都有表現(xiàn)比較好的行業(yè)。在經(jīng)濟(jì)蕭條期，這一階段表現(xiàn)比較好的行業(yè)有：采掘業(yè)也就是能源類(lèi)、信息技術(shù)業(yè)、公用事業(yè)等；在經(jīng)濟(jì)復(fù)蘇階段表現(xiàn)好的行業(yè)有：農(nóng)林牧漁業(yè)、金融業(yè)、房地產(chǎn)業(yè)、制造業(yè)、采掘業(yè)等；在經(jīng)濟(jì)繁榮時(shí)期可以選擇的行業(yè)有：制造業(yè)、采掘業(yè)、房地產(chǎn)業(yè)、批發(fā)零售貿(mào)易業(yè)、社會(huì)服務(wù)業(yè)等；在經(jīng)濟(jì)衰退期這一階段，表現(xiàn)好的行業(yè)有：農(nóng)林牧漁業(yè)、通訊業(yè)、醫(yī)藥衛(wèi)生業(yè)等。 論文基于我國(guó)各行業(yè)2004年到2011數(shù)據(jù)，依據(jù)我國(guó)證監(jiān)會(huì)對(duì)行業(yè)的劃分標(biāo)準(zhǔn)，通過(guò)構(gòu)建行業(yè)集中度、行業(yè)規(guī)模與股票收益率之間的經(jīng)濟(jì)模型，實(shí)證檢驗(yàn)了我國(guó)股票市場(chǎng)確實(shí)存在著行業(yè)效應(yīng)。研究表明行業(yè)規(guī)模對(duì)股票收益率的影響甚微，而行業(yè)集中度與股票收益率之間存在著負(fù)相關(guān)的關(guān)系，行業(yè)集中度越低，行業(yè)的競(jìng)爭(zhēng)性就越大，從而行業(yè)就會(huì)通過(guò)創(chuàng)新來(lái)不斷的提高自己的收益率。對(duì)投資者來(lái)說(shuō)，除了個(gè)股的選擇之外，行業(yè)的選擇也至關(guān)重要。
[Abstract]:From the perspective of securities investors, the right choice of the industry has an important impact on the stock market yield. For a value investor, the development prospects of an industry is an important basis for stock selection. Through the analysis of industry development cycle, industry boom index, industry concentration, investors can grasp the changes of industry market structure in time and improve investment returns. Combined with the actual situation of China and the stock market, this paper analyzes the industry factors that affect the stock yield by theoretical analysis, comparative analysis and empirical research. Based on the annual rate of return and the average rate of return of the stock market industry in China, the paper adopts descriptive statistical analysis and comparative analysis, and compares them vertically and horizontally. This paper analyzes and summarizes the characteristics of industry distribution of stock market returns in China. Finally, it is found that there are industries with better performance in each economic cycle, and in the economic depression period. This stage of performance is relatively good industry: extractive industry, that is, energy, information technology industry, public utilities, and so on; In the stage of economic recovery, the industries that perform well are: agriculture, forestry, animal husbandry, fishery, finance, real estate, manufacturing, extractive industries and so on; The industries that can be chosen in the period of economic prosperity include manufacturing industry, extractive industry, real estate industry, wholesale and retail trade, social service industry and so on; In the period of recession, the industries with good performance include agriculture, forestry, animal husbandry, fishery, communication, medicine and health, etc. Based on the data from 2004 to 2011, and according to the standards of industry division of CSRC, this paper constructs an economic model between industry concentration, industry size and stock return. Empirical test of China's stock market does exist in the industry effect, research shows that industry size has little impact on stock returns, and there is a negative correlation between industry concentration and stock returns. The lower the industry concentration, the more competitive the industry will be, and the industry will continue to improve its rate of return through innovation. For investors, in addition to the choice of individual stocks, industry choice is also crucial.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51

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相關(guān)期刊論文 前10條

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2 勞蘭s

本文編號(hào)：1481413