| The theory of value investment has a very long history, and it is a grown-up and mainstream investment philosophy in the developed countries. Lots of the famous economists have done some research on this topic, such as Marx, Benjamin ? Graham, Keynes, Fisher and Buffett. Now, this philosophy is a public subject, and it is about some specific and difficult problems. There are more and more introductions about it in our securities market recent years, which helps our investment philosophy become more rational.My research is mainly about Ji An dynamic assess system based on the value investment. This system is advanced and influential in our country. Its research is serialized in the Investment and Securities magazine; meanwhile, many securities companies and funds are based on this system, CSRC included. I have studied about its main principle and have completed some empirical research by myself, so I know how it operates. Now, this system is to be published moderately, and I'm glad to have the honor to introduce its basic principle.This paper is trying to construct a new system based on value investment to assess the value of stocks, which studies from industry type, company and individual share. Price of individual share is the main core, in the consideration of industry type. After that, we allow for company qualifications. All things considered, price of individual share is composed by industry price, indifference price and market price. The empirical study is to gather all the data of the listed companies at three specific time points to do some regression analysis, using SPSS. In this way, we can know which factors play a leading role in the price of the stocks at three different time points.The method to assess the value of stocks in this paper can be used to assess investment value of listed companies in our country. |
PDF Full Text Request