【作者】 徐宇洁；

【导师】 张忠桢；

【作者基本信息】 武汉理工大学 ， 管理科学与工程， 2005， 硕士

【摘要】 中国证券市场作为一个新兴的证券市场,从2001年以来,市场环境发生了重大的变化。而市场环境的变化又导致在盈利模式、投资策略和操作理念等诸多方面发生了深刻的变化。投资者开始对价格操纵型的市场盈利模式进行反思,确定公司证券的内在价值成为一个最为重要的环节。 本文在借鉴西方投资大师经典投资理念的基础上,结合经典投资评价方法在中国的应用情况,对上市公司价值决定的相关内容进行切实可行的拓展,系统分析了在中国证券市场如何进行投资决策的问题。文章主要采取了理论分析与实证研究相结合的做法,将传统的财务指标评价和因子分析相结合,构建了因子评价模型,最后提出了一些针对性的建议。 全文紧紧围绕投资取向的选择展开分析,文章主体包括以下几个部分: 第一部分指第1章绪论,主要是相关背景分析与概念的引出。通过对我国证券市场的背景的分析,阐述了上市公司投资取向研究的重要性以及本文的研究思路和方法。 第二部分是基本面分析概述和西方理论的介绍与评价,包括第2、3章。完整的公司投资取向研究包括宏观经济分析、行业分析和公司分析。该部分旨在为本文的具体研究做好理论铺垫,并为优化我国各类投资者投资取向的选择提供可资借鉴的国际经验。 第三部分包括第4、5章。系统分析了基本面分析中的行业分析方法和公司分析。重点分析了常用的上市公司投资评价方法以及在我国证券市场的实用性与局限性。 第四部分为上市公司投资价值的定量分析,即第6章。在定性分析的基础上,本部分从传统的财务指标入手,结合因子分析法,构建了因子评价模型,并对上市公司综合投资价值进行评估排序。通过与实际情况对照,研究结果表明,因子分析的评价结论基本上符合客观实际情况。各个上市公司的评价得分也充分体现了这些公司的内在投资价值。 第五部分为最后一章。此部分为结论部分,总结了全文的研究成果,并在分析本文研究时存在的种种局限性之后,提出了可对投资的上市公司进行投资组合,以期获得最大的投资效益等建议。更多还原

【Abstract】 As a newborn market, the environment of Chinese security market has taken great changes since the year 2001, which result in the profound changes in active model, investment strategies and operation ideas, etc. The investors begin to reconsider the active model of security market which is always controlled by price, and the determination of intrinsic value of securities has become the most important link.Based on the classical investment ideas of western investment popes and the applied condition of classical evaluation methods, this article extends the content of listed companies’ price-determination, and gives systematic analysis of how to make investment orientations in Chinese security market. It mainly takes the research methods of theoretical analysis and demonstration research, combines the traditional financial indexes evaluation with factor analysis, and construct a factor evaluation model. In the end, this article gives some relevant suggestions on it.The investment orientation is studied in this article and the main contents are presented as follows.Part 1 refers to chapter 1. It provides a general introduction to the background of the Chinese security and the meaning of investment value of listed companies. It expands the importance to study the investment orientation of listed companies and the research method through the analysis of the background of Chinese security market.Part 2 gives a general view of foundation analysis and western theories. It includes chapter 3 and 4. The integrated research on investment orientation of listed companies should include the analysis of macro-economics, the analysis of industries and the analysis of companies. In this part, some theories are described in order to do the specific research, and some international experiences are provided for optimizing investment orientation of various investors.Part 3 includes chapter 4 and 5. It gives a systematical research of the analysis of industries and companies in foundation analysis. The point isthe analysis of usual methods of the investment evaluation of listed companies and the’ utility and limitations in Chinese security market.Part 4 is the quantitative analysis of the investment value of listed companies, which is the chapter 6. Based on the analysis of qualitative analysis, starting from the traditional financial indexes, it constructs the factor evaluation model and sorts the listed companies according to the result of it. Through the contrast of practical situation, he outcome of the study shows, that the evaluation conclusion of factor evaluation is general correspond to objective situation. The evaluation score of each list company also exemplified the intrinsic value of itself completely.Part 5 is the last chapter. This part is the conclusion, which summarizes the research fruits of the whole article. It gives some suggestions, such as the investment unit to get the biggest investment efficiency, after analyzing the some limitations when doing the research.更多还原