上市公司投资价值评价模型及其实证分析

The Appraising Model of Investment Value of Listed Firms and Its Empirical Analysis

本文从投资者的角度出发,参考公司价值理论设计了我国上市公司的投资价值评价模型,并且以因子分析和聚类分析等定量分析方法为基础,结合定性分析以医药行业上市公司为例,对其进行了实证分析,从而得到关于我国医药行业上市公司的投资价值的分析结论。分析结论表明:以该评价模型为基础的因子分析和聚类分析可以有效评价和细致分析上市公司的投资价值,投资者可以参考分析结论和评价方法选择投资对象和构造合理有效的投资组合来降低风险、提高收益。

Based on the theories of coporate value, an appraising model of investment value of pharmaceutical listed firms is put forward from the view of investors. Combined by qualitative analysis, some conclusion about pharmaceutical listed firms in China is reached through the use of factor analysis and cluster analysis. The analysis indicates that the model could appraise and analyse the investment value of coporates effectively and thoroughly. And the final results and apprasing model could be regarded as the foundation for investors to select and construct their investment portfolio.