作者:齐岳1 熊莎2 王文超3

关键字:价值投资 公司治理 指数投资 组合理论

 

摘要/Abstract

以简单价值投资法挑选出的5家企业在2006-2010年的股市表现远远战胜市场,说明由于中国股价短期剧烈变动难以预测,普通股民更应该使用中国修正式的价值投资理念来避免损失,增加盈利。作者然后以2006-2009年企业的每月股票回报率对价值投资法的5家企业和2009年度CCGINK排名前10的公司构建出10组投资组合比例,再对两组企业以已计算出的10组投资比例组成的投资组合在2010年至2011年5月期间的周回报率进行T检验,结果显示,公司治理排名高的公司投资回报率显著优于价值投资法挑选出的企业。

Based on the theoretical foundation of value investment, we choose 5 companies firstly, and then by analyzing Shanghai and Shenzhen stock markets’ data from 2005 to 2010, the author holds that the modified Buffett value investing is one of the best ways for the ordinary shareholders to avoid losing and making profit. The main reason is the Chinese stock market always changing dramatically and never can be forecasted in a short time. And then we build 5 groups of portfolio proportion for the 5 value investing firms and the 10 top of CCGINK respectively, based on the monthly stock return of 2006 to 2009. Lastly, we compare the two groups’ weekly stock return of 2010 to 2011. The results showed that the stock return of the company which is high ranking in CCGINK list is significantly better than enterprise picked out by value investing way.