对西方投资实践的认识及中国投资策略的选择

The Understanding of China's Capital Market and the Choice of Investment Tactics

西方的投资实践经历了投机、职业化和科学化三个发展阶段。西方投资实践从投机阶段到职业化阶段,最终到科学化阶段是一种必然。中国的投资实践也必然有这样一个过程,但也许不会是对西方发展过程的简单重复。基于价值评估理论的职业化投资分析工具应该是中国资本市场投资实践的主要手段;同时,组合投资的理论和方法在投资实践中有所超前,更是成功的关键所在。

The investment Practice has gone through three stages in west countries:speculative stage,professional stage and scientific stage,and it was an inevitable process.China's investment should have the same process,but it would not be the simple repeat of west process.The professional investment analysis base on the theory of evaluation should be the main means of china's capital market investment.In the same time ,it's the crux of success that the theory and method of combinatorial investment exceed in the practice.