价值投资理论

价值投资理论当中的内在价值模型研究

The Intrinsic Value Model Research of the Value of Investment Theory

价值投资理论的关键，是如何估算股票的价值，这也成为价值投资理论各派观点争论的核心。

The key of many value-investing scholars is the calculation of the stock value .

价值投资理论就是其中一个具有较大影响的投资分析流派。

The value investment theory is a more important and influencing one among the stock investment theories .

从实证角度为价值投资理论在中国股市的应用建立了股票投资价值评价指标集。

The paper aims to decide evaluation indexes set about stocks investment value in order to serve value investing theorys application in China .

价值投资理论的发展源远流长，在西方已经是比较成熟的主流投资理念。

The theory of value investment has a very long history , and it is a grown-up and mainstream investment philosophy in the developed countries .

价值投资理论被引进中国以后，经过十几年的发展与实践，无论是机构投资者还是散户投资收益依然不尽人意。

Organization investors or common investors have not obtained good profit from investment in light of value investment which has developed in more ten years .

因此，虽然理论基础相同，但价值投资理论有一套对公司资本结构，贴现率完全不同的选择和判断。

Thus , while their theoretical base is the same , but the Value Investment theory has a entirely different choices and judgments on company structure and discount rate .

价值投资理论自其诞生之日起至今已有数十年的发展历史，目前已经成为西方成熟市场上的主流投资理念。

Value investment theory has been the development history of several decades since its inception date and has become the mainstream investment philosophy in the western mature market now .

本文在对价值投资理论各个不同流派基本理论梳理的基础上，对价值投资理论进行完善和整合。

In this paper , on the basic of the theory of value investing of different schools , I will make a systematic improvement and integration about this theory .

首先简要回顾了各种投资理论，指出源于稳固基础理论的价值投资理论将成为投资分析方法的主流；

Firstly , it briefly reviews various theories of investment and then it indicates that the value investment theory , which derives from the firm ground theory , would become a dominant investment analysis method .

要发挥证券市场作用，成熟的投资方法必不可少，而价值投资理论在西方成熟资本市场在实践上取得了巨大成功，这就不得不吸引国内投资者眼光。

Value investment theory has to focus on people attention because of great success in western mature capital market , so that it is endowed with key role in operation of securities market of China .

价值投资理论的核心思想是寻找价值被低估的股票并长期持有，该理论经过近百年的发展，得到众多投资者的认可和推崇。

The core idea of the value investment theory isto look for undervalued stocks and hold them in the long term . In nearly a century the theory has been recognized and respected by many investors .

非完全有效市场是价值投资理论得以存在与发展的必要前提。

Non efficient market is a necessary prerequisite for the existence and development of the value investment theory , on the other hand , value investment which is in Non efficient market Can play a role .

第二章，价值投资分析的理论和方法。

Chapter II , the value of investment analysis of the theories and methods described .

第二，介绍价值投资理念的理论基础，并探讨价值投资理念的相关基本问题，投资与投机、基本分析与技术分析等概念的关系与区别。

Secondly , Introduce the basic theory of the value invest idea , and discuss some related questions , the relationship and difference between investment vs. speculation , basic analysis vs. technical analysis .

引入风险价值约束的投资组合理论

Portfolio Theory Introducing a Value-at-Risk ( VaR ) Constraint

实物期权理论充分考虑了投资活动中各种灵活性的价值，是投资决策理论方法的一大飞跃，为价值评估理论提供了必要的补充。

Real option theory which gives full consideration to all kinds of flexibility value in investment activities is a major leap forward in the investment decision-making theory and provides the necessary supplement for the valuation theory .

从价值投资概念，价值投资理论的产生与发展做了详细的概述。

From the concept of value investing , value investing theory of creation and development of a detailed overview .

价值投资的核心在于内在价值，价值投资理论正是在内在价值这一概念上建立起来的，抓住了这一点才是判断价值投资的唯一标准。

The core of Value Investment is Intrinsic Value , Value Investment theory is built on the concept of Intrinsic Value , which is the Judgment Standards of Value Investments .

然后具体介绍了什么是价值投资，包括价值投资的概念，价值投资理论根据公司的三要素：资产、赢利能力和增长前景分析公司内在价值的方法。

Then it describes what is value investment , including the concept of value investment . The value investment theory is used to analyze companies ' intrinsic value according to the following three factors , i. e.these companies ' assets , earning capability and growing prospect .

价值中心论顾名思义强调以价值为中心，证券投资理论中的价值投资理论即是这一理论的反映，主要观点认为股价应该围绕基础价值上下波动。

The Theory of Value-centeredness , represented by the Theory of Value Investment in the Theory of Stock Investment , emphasizes the focus of value , and holds that share price should fluctuate with the changes of basic value .

2003年以来，在基金、QFII等投资机构的大力倡导下，价值投资理念在我国证券市场逐渐得到认同，价值投资组合的理论及方法也受到越来越多的重视。

Since 2003 , with the promotion of mutual funds and QFII , the value investment ( VI ) theory has been accepted by Chinese capital market , and the portfolio management of VI having been regarded more and more highly .

在这样的市场环境下，价值投资逐渐受到我国股市投资者的青睐，在价值投资热潮兴起的同时，由于国内外股票市场和上市公司素质的差异性导致舶来的价值投资理论倍受非议。

Under such market environment , value investment is being pursued by China stock market investors gradually . Meanwhile the differences in the domestic and foreign stock markets and the qualities of the listed companies lead much criticism to the imported value investment theory .