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所谓价值投资,通常的解释是：股票(股权)本身具有内在价值,并随时间的推移而稳定增长；股票(股权)的市场价格围绕价值轴心上下波动,只要股价处在合理的估值区域内,买入并长期持有就能获得相应的投资回报。价值投资面临的首要问题是：确定股权的内在价值。在西方发达国家,由于资本市场高度发达,公司经营运作相当规范,代理成本低,财务数据准确可靠,上市和非上市公司股权的价值虽有一
The so-called value investment, the usual explanation is: stock (equity) itself has intrinsic value, and over time and a steady growth; stock (equity) market price fluctuations around the value of the axis, as long as the stock price in a reasonable valuation area Within, buy and hold long-term will be able to get the appropriate return on investment. The primary problem facing value investing is determining the intrinsic value of equity. In the western developed countries, due to the highly developed capital market, the operation of the company is fairly standardized, the agency cost is low, the financial data is accurate and reliable, and the value of listed and unlisted companies’ equity is equal to one