本文選題：高管增持　切入點：定向增發(fā)　出處：《重慶大學(xué)》2016年碩士論文

【摘要】：現(xiàn)階段我國的股票投資者呈現(xiàn)普遍的非理性投資行為,造成大盤的起伏非常大,也不利于我國資本市場的健康發(fā)展,未來我國股市投資必將回歸以價值為主導(dǎo)的投資方式,而投資者也需要對股票價值有一定的認識。價值投資的方式有多種多樣,安全邊際的投資理念便是價值投資的核心。安全邊際的投資理念指導(dǎo)我們尋找“安全”的股票,即價值低估,風(fēng)險相對較小的一類股票。筆者在實踐中探索了一種尋找安全邊際股票的有效方法——“高管增持、定向增發(fā)事件驅(qū)動型安全邊際”的選股方法,該方法操作簡單,切實可行,筆者通過對樣本股票的跟蹤,發(fā)現(xiàn)用此方法篩選出來的樣本股票在跟蹤期間的整體表現(xiàn)明顯優(yōu)于大盤,這也證明了該種方法的有效性。本文的主要內(nèi)容安排如下:第一部分是緒論,闡述本文研究的背景、主要內(nèi)容和意義、以及相關(guān)文獻綜述;第二部分是理論闡述,對已有的安全邊際理論、股票內(nèi)在價值理論、高管增持和定向增發(fā)行為的理論進行敘述;第三部分是探究整體上市公司股票的安全邊際現(xiàn)狀,這部分對主板、中小板塊和創(chuàng)業(yè)板的股票進行分別研究,以探究不同板塊的安全邊際情況和安全邊際股票的行業(yè)分布特征;第四部分對高管增持和定向增發(fā)安全邊際股進行研究,分別篩選出高管增持安全邊際樣本股票和定向增發(fā)安全邊際樣本股票,并對樣本股票進行一段時間的跟蹤;第五部分是案例分析,本文選取了一只高管增持安全邊際樣本股和一只定向增發(fā)安全邊際樣本股進行具體的研究分析;第六部分是說明采用本文選股方法的一些注意事項;第七部分是結(jié)論,總結(jié)本文的主要研究成果及不足。本文主要的結(jié)論有五個:(1)創(chuàng)業(yè)板存在最普遍的高估值現(xiàn)象,主板股票的安全邊際性更高;(2)高管增持和定向增發(fā)安全邊際股票中,傳統(tǒng)行業(yè)占了較大的比重,傳統(tǒng)行業(yè)股票中擁有行業(yè)轉(zhuǎn)型和行業(yè)利好的股票表現(xiàn)更為優(yōu)異,撇開“公司轉(zhuǎn)型和行業(yè)利好”因素,非傳統(tǒng)行業(yè)股票表現(xiàn)更為優(yōu)異;(3)高管增持、定向增發(fā)為驅(qū)動的安全邊際股票的擇股方法是有效的;(4)每股收益和凈利潤復(fù)合增長率權(quán)重的不同不能顯著影響股價變化;(5)并不是安全邊際系數(shù)越低股價表現(xiàn)越好。
[Abstract]:At the present stage, the stock investors in our country present common irrational investment behavior, which results in a very large fluctuation of the market, and is not conducive to the healthy development of the capital market of our country. In the future, the stock market investment in our country will return to the value-oriented investment mode. Investors also need to have a certain understanding of the value of stocks. There are a variety of ways to invest in value. The investment concept of the safety margin is the core of the value investment. The investment concept of the safety margin guides us to find the "safe" stock. In practice, the author explores an effective method to find the safe margin stock, that is, the stock selection method of "executive increasing stock, directed issuance event driven safety margin", this method is simple to operate. Through tracking the sample stock, the author finds that the overall performance of the sample stock selected by this method is obviously better than that of the large market during the tracking period. This also proves the validity of this method. The main contents of this paper are arranged as follows: the first part is the introduction, the background, the main content and the significance of this study, and the related literature review; the second part is the theoretical elaboration. The third part is to explore the safety margin of the overall listed companies, this part of the main board, this part of the main board, the third part is to explore the safety margin of the overall listed company, this part of the main board, In order to explore the safety marginal situation of different plates and the industry distribution characteristics of the safety marginal stocks, the fourth part is to study the safety margin stocks of senior executives and directionally issued additional security margin stocks, respectively, in order to explore the safety marginal situation and the industry distribution characteristics of the safety margin stocks of the small and medium-sized plates and the growth enterprise board respectively. Screening out the safety margin sample stocks and issuing additional safety marginal sample stocks respectively, and tracking the sample stock for a period of time; the fifth part is the case study. This article selects a senior executive to increase the safety margin sample stock and a directional additional safety margin sample stock to carry on the concrete research and analysis; the sixth part is to explain some matters needing attention in adopting the method of stock selection in this paper; the seventh part is the conclusion. The main conclusions of this paper are five: 1) the most common phenomenon of high valuation exists in the gem, and the safety margin of the main board stock is higher than that of the main board stock. Traditional industries account for a large proportion of the stocks in the traditional industries, and those stocks with industry transformation and positive industries perform even better in the traditional trades. Aside from the factors of "corporate transformation and good industry," the stocks in the non-traditional industries perform even better than others.) executives have increased their holdings. The effective stock selection method for the safety marginal stock driven by directional placement is that the difference in the weight of the compound growth rate of earnings per share and net profit cannot significantly affect the stock price change. (5) the lower the safety margin coefficient, the better the stock price performance.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F832.51

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