对我国资本市场环境下价值投资的分析

本文分析了价值投资在我国资本市场环境下的应用:股权分置改革、经济增长、人民币升值及税制改革等提升了上市公司的价值;重组借壳,提升了绩差股的价值。但新会计准则导致了企业收益的账面繁荣,投资者乐观预期,以及流动性过剩等因素,有可能使市场背离价值投资。

This paper analyzes value investment under our country＇ s capital market environment. Reform of different placed stockholder＇ s rights, economical growth, RMB appreciation and reform of tax system promote value of listed company. Reorganization and borrowing the shell promote value of bad achievement listed company. While these factors can make investment violates value investment, which are book prosperity of return on equity because of new accounting standards, optimistic expectation of individual investors and excess liquidity and so on.