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价值投资理念在西方的证券市场被广泛应用已久,这种理念引导市场走向理性,使价格回归价值。相对而言,中国的股票市场历史短,近二十年经历过五轮爆涨爆跌。本文首先理论上阐述了价值投资的核心思想和有效市场的概念。然后结合中国股市的特性,阐述了中国股市的现状和推行价值投资的障碍。最后对未来股市的发展趋势做一个展望,并得出结论:价值投资理念是引导中国股市走向更加规范和健康重要理论,应该逐步在投资市场上推行,应该建立符合中国特点的价值评估框架。
The concept of value investing has been widely used in the stock market in the West for a long time. This notion leads the market to become rational and return the value to value. In contrast, China’s stock market has a short history and has experienced five rounds of explosive growth in the past 20 years. This paper firstly expounds the core idea of value investing and the concept of effective market theoretically. Combined with the characteristics of China’s stock market, this article expounds the status quo of China’s stock market and the obstacles to the implementation of value investing. Finally, it makes a prospect for the development trend of the stock market in the future and concludes that the concept of value investment is to guide the Chinese stock market to a more standardized and health-oriented theory and should be gradually implemented in the investment market. A valuation framework conforming to China’s characteristics should be established.