作为新兴市场的A股价值投资研究.docxVIP

作为新兴市场的 A 股价值投资研究内容摘要作为新兴市场的 A 股价值投资研究内容摘要2008 年，国际金融风暴席卷全球，广大投资者在恐慌中无奈的抛出价格已经大幅缩水的股票时，可有位老人—“股神”巴菲特旗下公司却在贪婪的大举买进股票，虽然老人的异常举动也遭受了一定时间的损失，一度引起了广大投资者对价值投资的质疑，但时间能证明一切，2009 年的年末，老人在盘点又一个丰收年时，又有谁能再怀疑价值投资的力量？2005-2009 年是中国股市不平凡的五年，经历了三年的特大牛市，也经历了史无前例的超大熊市和 2009 年一年的超跌反弹，面对股市中剧烈的振荡，众多投资者尤其是广大中小投资者束手无策、损失惨重，但是投资不是投机，价值投资应是一种比较长久稳定的投资方式，“股神”沃伦?巴菲特就是该投资策略的忠实拥笃。价值投资策略的核心是：股市不是有效市场，不能及时反映公司全部信息，所以当公司的内在价值低于当前市场价格，即存在一定比例的安全边界时买入，在市场价格高于内在价值时卖出，以获得超额收益率。上证 50 指数是根据科学客观的方法，挑选上海证券市场规模大、流动性好的最具代表性的 50 只股票组成样本股，以综合反映上海证券市场最具市场影响力的一批优质大盘企业的整体状况。本文通过对 50 指数中一直保留的 13 只股票进行研究并得出以下结论：价值投资策略在中国股市中可以为投资者带来超额收益。2005 年-2009 年，13 只股票的平均收益为 16.7%，复权后的平均收益为 33.7%。关键词：价值投资、上证 50 指数、新兴市场、全流通作者：赵育其指导老师：万解秋IAbstractValue Investment Reserch on China A Stock Market as Emerged MarketValue Investment Reserch on China A Stock Market asEmerged MarketAbstractIn 2009, the global economy was swept by the international financial crisis, an oldman- Warren Buffett is buying stocks in greedy while many investors sold out their stocksin panic. Although the abnormal behavior of the old man caused to encounter a part time ofloss, so was suspected on value investment by investors, but time means everything, at theend of 2009, when the old man is counting this years’ profits, who will be continue onsuspecting the power of value investment?It’s unusual five years (2005-2009) for China’s Stock market, experienced 3 years’ bullmarket , 1 year’s super bear market and one year’s recovery, the market’s strong shockhurts the investors, a lot of investors encounter a big loss in such environment, most ofthem are small and medium private investors. But the investment is not speculation, of allkinds of investment strategies nowadays, the value investment is a quite long-time stableinvestment way, and Warren Buffett, often called the Sage of Omaha is a big fan of thisstrategy. The core of value strategy is that the stock market is not a effective market, and itcannot reflect the company’s complete information promptly, so it