中国股市价值投资研究——论巴菲特投资思想在中国股市的适用性

《中国股市价值投资研究——论巴菲特投资思想在中国股市的适用性》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、上海交通大学硕士学位论文中国股市价值投资研究一一论巴菲特投资思想在中国股市的适5^姓名：裘超强中请学位级别：硕士专业：工商管理指导教师：张天西20080113THESTUDYOFVALUEINVESTMENTINCHINASTOCKMARKET—DOESTHEINVESTMENTSTRETEGYOFBUFFETTSUITCHINASTOCKMARKETABSTRACTValueinvestmentideaisakindofinvestmentideainwhichthestockinvestmentdecisionismadebyanalyzing

2、thestockinternalvalueandcomparingthestockpricewithit.Asoneofthemostsuccessfulinvestorusingvalueinvestmentidea,Buffetthasmanyparticularunderstandinginanalyzingthestockinternalvalue.Buffettdevelopedthetraditionalvalueinvestmenttheorytoanewlevelandheisthebestrepresentativeofthist

3、heory.Atpresent,sinceChinaStockMarketbecomelargerandthemarketmechanismalsoimprovealot,valueinvestmentideaismorewidely・taken.However,therearestillmanypersonsinsistthevalueinvestmenttheorydoesn'tsuittheChinaStockMarketbecauseitisstillnotmatureenough・Baseonthetheorystudyandthedem

4、onstrationstudyonthevalueinvestmentstrategyofBuffett,thispapertrytovalidateifthevalueinvestmentstrategyofBuffettsuitChinaStock.First,aftersummarizingthestudystatusofthevalueinvestment,thispaperfocusonthestudyofthevalueinvestmentstrategyofBuffettandsummarized4ruleswhichBuffettu

5、sedtofindacompanywhichcanbeinvest:“(1)onethatwecanunderstand(2)withfavorablelong-termprospects,(3)operatedbyhonestandcompetentpeople,and(4)availableataveryattractiveprice.^^Then,109companieswhosestocksgiveoutthebestinvestreturnduring1996.12.31to2006.12.31arechosenasthesamples.

6、Atlast,thepapertrytodemonstrateifthecharacteristicsofthesesamplesmatchtherulesofthevalueinvestmentstrategyofBuffettornot.ThestudyshowsthecharacteristicsofthesecompanieswithhighinvestreturnmatchtherulesofthevalueinvestmentstrategyofBuffettandthisresultvalidatethatthevalueinvest

7、mentstrategyofBuffettalsosuitChinaStockMarket・KEYWORDS:valueinvestment,Buffett,ChinaStockMarket,suit上海交通大学学位论文原创性声明本人郑重声明：所呈交的学位论文，是本人在导师的指导下，独立进行研究工作所取得的成果。除文中已经注明引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写过的作品成果。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到本声明的法律结果由本人承担。学位论文作者签名：裘超强日期：2007年11月1

8、9日上海交通大学学位论文版权使用授权书本学位论文作者完全了解学校有关保留、使用学位论文的规定，同意学校保留并向国家有关部门