金融支持实体经济下行业投资价值评估与实证分析

Evaluation and Empirical Analysis of Industry Investment Value under the Background of Finance Supporting for the Real Economy

股票收益率与行业发展水平密切相关,通过基本面分析找到具有投资价值的行业,进而准确地在所选行业中选取优质上市公司股票进行投资,促进部分行业发展,可实现金融支持实体经济的目标。从投资价值的本质出发,利用主成分分析法对我国上市公司行业投资价值进行系统分析和比较,并利用“差异比率”衡量行业价值投资得分排名与年收益率排名的差异。以WIND数据库中的65个行业为研究对象,从盈利能力、偿债能力、经营能力和成长性四个方面选取12个财务指标构建行业投资价值评价体系,计算各行业综合得分,并对投资价值综合排序。结果表明,行业价值投资排名与收益率排名存在一定差异;行业间投资价值得分存在较大差异,投资者选择投资对象时,在对个股基本面分析的同时要注重对个股所在行业基本面的比较分析。

The stock return rate is closely related to the development level of the industry.Through the fundamental analysis,we find the industry with investment value,and then accurately select the stocks of high-quality listed companies in the selected industries for investment,promote the development of some industries,and achieve the goal of financial support for the real economy.This paper focuses on the listed companies industries.Based on the essence of investment value,this paper systematically analyzes and compares the investment value of listed companies in China by using principal component analysis method,and innovatively puts forward the difference ratio,which is used to measure the difference between the industry value investment score ranking and the annual rate of return ranking.This paper takes 65 China industries as research objects,and selects 12 financial indicators from four aspects:profitability,solvency,operation ability and growth to construct an industry investment value evaluation system,calculate comprehensive scores of various industries,and integrate investment value.The results show that there is a certain difference between the industry value investment ranking and the profit rate ranking;there is a big difference in the investment value score between industries.When investors choose investment objects,they should pay attention to the fundamentals of the stocks in the stocks while analyzing the fundamentals of individual stocks.