Study On Concentrate Investment Model And Its Empirical Analysis In Chinese A Stock Market

Although our security market was launched in 1989,it has not been fully developed for more than ten years .It is characterized with developing and adjusting feature. On the one hand ,with the continuous development of the security market , its influence has strengthened gradually. On the other hand , the stock price is always separated from the company's essential element resulting from speculation. With the developing reform, the institution of the security market has been continuously improved and brought forth new ideas ,the international communication has reinforced gradually and QFII had been implemented ,then, the ideal of the Value Investment has penetrated into people's minds and the essential element of the company has becoming the important factor which determines the price of the stock.. This thesis integrates the overseas'developed theory of the stock price with the practice of Chinese security market. In doing so, we can build the Concentrated Investment Model (CIM) based on the intrinsic value of the stock which is suitable for the Chinese security market .Through the initial survey ,the thesis illustrates the relationship between the intrinsic value and the market value of the stock and the essential element of the company . In the way of qualitative analysis of the product market and the competence of the manager and quantitative analysis of the financial feature and the reliable profit margin of the company, we can find the stock whose intrinsic value has been underestimated or overestimated, and then formulate the relative strategy of the value investment This thesis applies the new achievements of the Risk Management and the Strategy Management to formulate CIM through contrast analysis and empirical analysis. This thesis consists of six parts. The first part introduces the background ,the significance and the research achievements of the subject. The second part reviews the theory and the practice of the security investment. The third part, it declares CIM and its theoretical basis by doubting the modern theory of the security investment. On the base of the relative condition and theory of CIM, in the fourth part, it develops CIM in the view of the risk management and the strategy management, at the same time optimizes the relative element and builds CIM according to the realistic circumstance of the security market in china. In the fifth part, there is empirical analysis of CIM. In the last part , it analyzes and summarizes the question which found in the studying course. And put forwards the suggestions on how to perfect CIM.