市场估值与价值投资策略——基于中国证券市场的经验研究  

Market Valuation and Value Investing Strategy-Empirical Research on China Stock Market

作　　者：黄惠平[1] 彭博[2] 

机构地区：[1]南京大学会计与财务研究院,210093 [2]南京师范大学商学院金融系,210097

出　　处：《会计研究》2010年第10期40-46,共7页Accounting Research

基　　金：南京大学会计学博士生国际化项目(IAPHD)资助

摘　　要：中国股票市场近年开始重新重视价值投资,但真正能运用价值投资策略进行投资的并不多见。本文研究在我国的证券市场中,价值投资是否适用和有效,通过实证分析的方法,检验价值投资策略在中国证券市场的适应性。本文的结论有助于逐渐改变目前中国证券市场上中小投资者跟风炒作、希望在短期内获得高额回报的投机理念和过度炒作的现象,对于提倡理性投资,抑制过度投机是非常有益的。After Seeing through China Stock Market increasingly rise in 2007 and collapse in 2008,Value Investment strategy is reconsidered in the capital investment decision-making process.In foreign mature capital market,value investment is widely used,bringing investors excess profits,while in China,the value analysis investment strategy is rare recognized.Using statistics in China Stock Market,this paper empirically investigates the effectiveness of Value Investment Strategy at home,testing whether this kind of investment strategy can be adopted by domestic investors.The conclusion can help with the regulation of China Stock Market by warning medium and small investors who speculate based on the market trend.In addition,our study makes a contribution to the promotion of rational investment and curbing excessive speculation as well.

关 键 词：价值投资 价值股 超额收益 安全边际 多元回归 

分 类 号：F832.51[经济管理—金融学]