公司基本面、市场行为与股票投资收益

Company Fundamentals,Market Behavior and Stock Investment Return

介绍股票市场投资者常用的现代投资组合理论、技术分析理论和价值投资理论,指出各种投资理论在实践中的优势与局限性。通过构建公司基本面指标和市场行为指标考查两者对股票投资收益的影响,研究结果表明:公司基本面决定股票投资收益,市场行为对股票投资收益大小有重要影响;投资期越长,两者对股票投资收益影响越大。基于研究结论提出了股票投资建议。

This paper introduces the modern portfolio theory,technology analysis theory and value investment philosophy,and points out their advantages and limitations. Through the construction of the indicators of the company fundamentals and the market behaviors to examine their impacts on the stock investment return,the research results show that： the company fundamentals basically determine the stock investment return,the market behaviors have an important impact on the size of stock investment return; the longer the investment period,the greater the impact on the stock investment return. Finally,this paper puts forward the suggestion of stock investment based on the research conclusion.