基于上市公司财务信息的投资策略研究

Research of Investment Strategies Based on Financial Information of Listed Companies

文章以价值规律理论为基础,提出了适用于投资者对上市公司财务信息进行有效分类的方法———基于价值的指标分类法,通过将投资者的收益分解为股票标的本身的价值增值和股价在偏离价值过程中的得益,构建了二维指标下的投资策略。通过对中国股市的实证研究,证实了基于此方法构建的投资策略的有效性,同时还得到了中国股市近些年来在不断成熟和发展,价值规律在市场中起越来越重要作用的证据。

The paper puts forward a kind of index classification based on the law of value. By separating the return of stocks into the components of the value appreciation and the benefit from price fluctuation, investment strategies based on the method of two-index dimensions have been constructed. In this paper an empirical research in the Chinese stock market is carried out and the efficiency of investment strategies is proved. At the same time, we get some evidence that the Chinese stock market is developing into a more perfect market and the law of value is working better and better.