An Empirical Study Of The Intrinsic Value And Fundamental Factors Of Small And Medium-sized Listed Companies

In recent years,with the tightening of China's capital market regulation and the continuous improvement of investor professionalism,China's stock market is moving in a perfect direction.However,the volatility of the stock market in 2015 reflects the existence of large speculation in China's capital market,which has led to the discussion of the concept of value investment in academia.Value investment philosophystock is based on a reasonable value assessment method to establish the intrinsic value of listed companies,therefore,the intrinsic value of listed companies to assess the choice of investment strategies and China's securities market development has important practical significance.May 2004,the Shenzhen Stock Exchange in the main board market set up SME plate.Today,SME plate has been developed for 13 years,the number of listed companies has grown from the initial 38 to 812,the total market value has grown from 41.3 billion yuan to 988.25 billion yuan.In recent years,with China to vigorously promote the construction of multi-level capital market,small and medium-sized board market to show more and more vigorous vitality.In the above background,this paper chooses 762 listed companies listed on December 31,2015 as the research object,and tries to apply the idea of the fundamentals factor valuation model to the small and medium-sized board market.The empirical data used in this paper are the latest data for 2013-2016,covering a complete cyclical fluctuation during the study period,which includes both the stock market stationary period and the stock market volatility data.Firstly,this paper systematically combs the literature on the influencing factors of domestic and foreign stock price and the stock valuation method,and selects a total of 34 fundamentals of 10 categories.Secondly,stock price is interpreted as explanatory variable,and the fundamentals variables as explanatory variables.Based on the method of qualitative analysis,quantitative analysis,correlation analysis,statistical test and simple multiple regression analysis,we analyses the price and fundamentals of 2013-2014,2014-2015 and 2015-2016 respectively,we also analyses the impact of the fundamentals on the intrinsic value and try to build a small board listed companies fundamentals valuation model.Finally,based on the fundamentals factor valuation model,we divided the sample company into overvalued group and undervalued group,and study the price situation in the next 30 trading days to verify the effectiveness and the practical significance of the model,and provide an investment strategy for investors.