| 价值投资的内涵及其在中国的适用性探讨 |
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| 引用本文： | 陈俊华,陶亚民.价值投资的内涵及其在中国的适用性探讨[J].西安建筑科技大学学报(社会科学版),2005,24(1):26-30,68. |
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| 作者姓名： | 陈俊华 陶亚民 |
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| 作者单位： | 上海交通大学,上海,200052 |
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| 基金项目： | 上海十一五专项规划及专项研究项目———完善资本市场中介服务体系研究课题 (2 0 0 4) |
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| 摘 要： | 完全的市场环境、成熟的市场构成是保证价格在偏离价值后能有效向价值回归的基础。在此前提下,价值投资认为企业未来的收益水平决定企业的价值,而股价的合理性就在于其在一定的安全边际内能真实反映价值。我国市场在投资对象价值的确定、参照物的选取、收益率的设定等方面与原有理念的应用环境尚存在差异。这些因素的变化,在一定程度上揭示了价值投资在我国的效果不佳的原因
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| 关 键 词： | 价值 价格 安全边际 投资环境 |
| 文章编号： | 1008-7192(2005)01-0026-06 |
| 修稿时间： | 2004年12月10 |
A Discussion on the Practicability of Value Investment in Chinese Stock Market |
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| CHEN Jun-hua,TAO Ya-min.A Discussion on the Practicability of Value Investment in Chinese Stock Market[J].Journal of Xi'an University of Architecture & Technology(Social Science Edition),2005,24(1):26-30,68. |
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| Authors: | CHEN Jun-hua TAO Ya-min |
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| Abstract: | Value investment theory is an important stock pricing approach. This essay gives a comprehensive discussion about value investment method, including its value conception, risk conception, and practice skills. The advanced marketability is a necessary requirement for its theoretical result. An Investment theory will show different result under different investment environment. Social background, ownership structure and the market conditions have great influence on stock pricing. This essay analyzes our stock market's traits, which is quite different from the west market. It is the reason why we can't successfully analyze our market by the original value investment theory. Our stock market is one emerging with great development potential. We have bound of valuable investment chances. Not only by using advanced theories, but also by fully considering our markets' traits, can we make valuable investment practical and perfect. |
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| Keywords: | value price safe margin investment environment |
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