价值投资-颠覆性创新型企业的研究工商管理专业论文.docxVIP

VALUE INVESTMENT– RESEARCH OF INVESTMENT ON DISRUPTIVE INNOVATIVE COMPANIES ABSTRACT As what Peter Lynch said, the capital created the American’s innovation; and this innovation ability is what made the US keeps its development and productive force on the top of world, as well as the primary engine of the world economy which struggling in the mire. On the qualitative side, on the base of research from “Disruptive” conception of Schumpeter to empirical study on disruptive innovative companies of Christensen from Harvard University, the thesis studied the unique characters of such companies on corporation and development level while identifying the differences between “disruptive” 、 “sustainable” and “destructive” innovations. Furthermore, the thesis discussed the possible factors which could lead to successes or failures of such companies from investors’ perspective, and the methodology of qualitative analysis of screening disruptive innovative companies from four sides of inner、outer、market and technology. On the quantitative side, the thesis started from the methodology of growth value investment, mainly emphasized on single factors effectiveness analysis, and found the ratio of research and development expenditure to sales is an effective factor. The innovation of this thesis is that this exploration on “disruptive innovative” growth value investment strategy, is the first combination of research of “disruptive innovation” and the methodology of growth value investment in this field. KEY WORDS: value, disruptive innovation, single factor, investment strategy 目 录 HYPERLINK \l _bookmark0 第 1 章导论 1 HYPERLINK \l _bookmark1 1.1 研究背景与意义 1 HYPERLINK \l _bookmark2 1.2 研究方法及成果 2 HYPERLINK \l _bookmark3 1.3 研究的创新性 3 HYPERLINK \l _bookmark4 第 2 章颠覆性创新型企业 5 HYPERLINK \l _bookmark5 2.1 索洛增长模型、熊彼特和“颠覆性创新” 5 HYPERLINK \l _bookmark6 柯布-道格拉斯生产函数（Cobb-Douglas production function) 5 HYPERLINK \l _bookmark7 索洛增长模型（Solow Growth Model)[4]与内生增长理论 6 HYPERLINK \l