我国新兴市场证券投资策略研究  

The Study on Strategy of Security Investment in Development Market

作　　者：李敏[1] 

机构地区：[1]上海大学,上海200444

出　　处：《上海市经济管理干部学院学报》2008年第2期40-48,共9页Journal of Shanghai Economic Management College

摘　　要：我国新兴市场资金流动与各市场间的联系主要受资产价格传导机制作用的引导,而不是利率传导。与发达国家相比较,多数企业投资行为短期化,股息分配存在巨大差异,使证券投资的理念也存在巨大差异。因此,发达国家证券投资注重个股趋势胜于市场趋势,而我国则是市场趋势胜于个股趋势。对新兴市场证券投资组合策略的研究是建立在马科维茨组合投资理论基础上,顺应国际流行的不相关性证券投资组合策略来运作的,其特点是更注重把握中短期上升趋势获取收益最大的策略,而长期投资则是未来发展趋势。In emerging market, the capital flow among different markets is guided mainly by asset price rather than interest rate. Most enterprises in China, compared with those in the developed countries, show the shortterm tendency in investment behavior. The great difference in dividend distribution leads to the corresponding difference in portfolio strategy. As a result , in developed countries,the action of security investment pays more attention to individual security trend than the market tendency,as it dose on the contrary in China. In emerging market, the study on strategy of security investment portfolio,conforming to international pop, is based on the theory of Markowitz portfolio investment and operated on the strategy of uncorrelated security investment portfolio, whose features lies in more focusing on short-term and medium-term upward trend to achieve benefit maximization, long-term investment is a trend in the future.

关 键 词：资产价格传导机制 价值投资 组合策略 

分 类 号：F832.5[经济管理—金融学]