Application Of Value Investment Analysis In Domestic Securities Market

On the securities market, the mode style and theory of investor investment influence the investment methods and determine the investment return to a certain extent. So adopting rational and suitable securities investment mode, style and theory is very essential. At present, there are two kinds of securities investment modes mainly at home and abroad: the growing up investment and the value investment. The growing up investment means that investors buy the stocks of company which hopefully have rapid growing up in the future, and investors expect that the investment will make a profit with growth of the companies. Value investment means that investors buy those pieces whose value are higher than the price of stocks, the stocks are sold when the price goes up and fully embodies their value. In our country securities market, with the changing of investor style, the enhancing of supervision, the improving of listed company' s basic situation, value investment is receiving more and more market' s approval and extensive application gradually, embodying its due value.There are a lot of value analytical methods about listed companies. Analyzing and judging the value of company through open financial information from listed companies is suitable for the masses of smalland medium-sized investors. So how to utilize open financial information effectively which offered by the listed company to evaluate accurate value is a realistic problem in front of the masses of investors.In this paper, according to financial information that listed companies announced regularly, analyzing the financial index first, understanding the overall financial situation of the goal enterprise synthetically, and then evaluating its value. The paper tries to design a pricing model on the basis of financial affairs with enterprise financial index: Dividing the assets value of the enterprise into the value in the future and the value in the near time, calculating the overall value of the enterprise synthetically and carrying on the instance analysis to value evaluation with the relevant financial statement data of the airport of Shanghai. The full paper is divided into six parts altogether.The first part: Introducing domestic and international securities investment theories and theory developing course. They are firm basic theory and plans or hopes that are unlikely to be realized theory mainly in the securities market abroad. Our domestic securities market, investment analytical theory is mainly divided into foundation investment analyzing and technology investment analyzing. Among them, foundation investment analyzing is divided into two kinds of modes: value investment and growing up investment.The second part: Introducing value investment' s concept and the characteristics of value investment stock' s, pointing out the possession of policy environment and market environment in our country at the same time, and verifying the feasibility of the value investment on our country securities market in addition.The third part: Pointing out the important status about the information of the securities value judgment. Especially that the financial information has becomes the important tool that the investors carried on investment analysis with its one' s own merit. This part analyze the relation between financial information and evaluate listed company' s value .The part introduce the meaning of financial affairs analyzing, relevant financial analyzing methods, relevant financial analyzing index in addition.The fourth part: Introducing the traditional methods that evaluate listed company' s value: cash flow method and relative value method, pointing out the two method' s shortcoming and unsuitability that they have. How to evaluate the value of listed company accurately, the paper introduce EBO value pricing model, through using the relevant information of the balance sheet and profit flow table to evaluate the company' s value. On the basis of EBO value pricing model, combining the annual report periodic characteristic, trying to design and publish a kind of...