The Study Of Amerrican Stock Investment Theory History And Morden Stock Market In China

This dissertation attempts to present an standard framewoks of western stock investment theory,it concolude that the stock investment theory mainly consist of four parts,namely,value theory,behavier theory,method theory,exthousted effect theory. Value theorymainly discuss weather the intrinsic value exist, how it is decided, what is the relationship between instruct value and market price, it is the base of the different investment theory, behavior theory discuss weather theinvester is rational, wheather the market is efficient. Methodology is aboutthepracticalmehodin investment, it help invester tochoose different invest stratigy, concentrating or diversificaton, passive investment or inpassive investment longterm investment or shortterm investment. Extraneous effect theory mainly discuss the effect of stock market and stock investment, how they effect the general supply and general demand ,capital cost ,interest trate,and assets allocation etc.On the base of thourough study of western investment theory, the auther divide the western investment theory into four classes:technical anlasis theory,psychological analisis theory,foundmental ananlisis theory and maodern securities investment theory. This dissertition make a systemiticallya study on Charles Dow and R.N.elliott's technical anlasis theory, Jessy Livermore, R.M.Keynes, Soros and Daniel Kahneman's psychological analisismeory,E.L.Smith,B-Graham,John.B.Williams,P.fisher,W.Buffett and M.Whiteman's foundmental ananlisis theory, H.Markowitz, James.tobin, F.Modigliani, M.Miller, W.Sharpe, Stephen Ross's maodern securities investment theory.This dissertation mixly study the western economic develepmrnt history. stock market develepmrnt history and western investment theory develepmrnt history, the authe give an explorsive ananlisis to the western investment theory develepmrnt,he draw an conclusion that five historical milestones exist in the develepmrnt of the western investment theory. In 1900s', Charles Dow's technical anlasis theory provided the idea that the stock market could not be manupilated ,he put the spaculater into the center of stock market. 1924å¹´, E.L.Smith suggested that stock is the best longterm investment tool and the investment value of a stock is connected with its future growth, that is the second historical milestones. 1930s' B.Graham,John. B. Williams providedthe value investment theory and the theory of investment value repectively,It recorded the third historical breakthrough. In the middle of twenty century , H.Markowitz'EPT Theory,James.Tobin'Assets Selection Theory,F.Modiglian and M.Miller'Capital Structure Theory,W.Sharpe'CAPM,Stephen Ross's APT Theory jointly formed mordern securities investment theory. In 1980' and 1990' Daniel Kahneman's behavier finace theory and M.Whiteman's morden value investmenttheory made the fifth breakthroug in westen stock investment theory development history. This dissertation also discuss the development history of the mordern Chinese stock market, it draws the conclusion that the history of the morden Chinese stock market can be divide into three stages:mass investers spaculation,institutional investers manupilation and the investment idea really rooting .the anther also provide some new ideas on stockmarket investmen : intrinsic value and the market price is reletiveiy aparting,invester behavier lining between a rational invester and a emotional invester etc. the anther also suggests the government to boost the stock market to improve the capital structure of the companies in china ,and disclose the risk that exist in current china economy.