摘要
完全的市场环境、成熟的市场构成是保证价格在偏离价值后能有效向价值回归的基础。在此前提下,价值投资认为企业未来的收益水平决定企业的价值,而股价的合理性就在于其在一定的安全边际内能真实反映价值。我国市场在投资对象价值的确定、参照物的选取、收益率的设定等方面与原有理念的应用环境尚存在差异。这些因素的变化。
Value investment theory is an important stock pricing approach. This essay gives a comprehensive discussion about value investment method, including its value conception, risk conception, and practice skills. The advanced marketability is a necessary requirement for its theoretical result. An Investment theory will show different result under different investment environment. Social background, ownership structure and the market conditions have great influence on stock pricing. This essay analyzes our stock market's traits, which is quite different from the west market. It is the reason why we can't successfully analyze our market by the original value investment theory. Our stock market is one emerging with great development potential. We have bound of valuable investment chances. Not only by using advanced theories, but also by fully considering our markets' traits, can we make valuable investment practical and perfect.
出处
《西安建筑科技大学学报（社会科学版）》
2005年第1期26-30,68,共6页
Journal of Xi'an University of Architecture & Technology(Social Science Edition)
基金
上海十一五专项规划及专项研究项目---完善资本市场中介服务体系研究课题 (2 0 0 4)
关键词
价值
价格
安全边际
投资环境
value
price
safe margin
investment environment
