摘要
证券投资策略一直是广大投资者关注的焦点之一。对证券投资策略的研究有助于广大投资者加深对股票市场的了解,帮助投资者树立起正确的投资理念和方式。本文以财务报表的调整为基础,从基本的财务数据出发,通过对公司自由现金流量的分析和计算,提出了基于自由现金流量的证券投资策略,对我国证券市场进行了动态实证分析,对持有股票是否具有超额收益率进行显著性检验。实证结果表明,基于自由现金流量的证券投资策略显著性地高于市场的收益率。
The securities investment has been the focus of attention of investors in generally.Studying on the securities investment strategy has contributed to deepen understanding of the stock market for large numbers of investors and help investors to establish a correct investment philosophy and approaches.Basing on adjusting financial statement analysis and basic financial ratio,this paper proposes the securities investment strategy based on free cash flow,empirically analyzes stock markets in China,and makes a significance test on the excess rate of return of holding the stock.The results of studying shows that the securities investment strategy based on free cash flow can gains higher rate of return than the market.
出处
《预测》
CSSCI
北大核心
2011年第2期57-61,共5页
Forecasting
关键词
自由现金流量
证券投资
显著性检验
实证分析
free cash flow
securities investment
significance test
empirically analyze
