The Study Of High-tech Sector Investment Value Based On The Multivariate Analysis

As soon as the foreign capital market born,it was associated with the high technology.The high—tech industries greater and stronger, the more perfect securities business support is needed. Much modern enterprise grew with the support of early capital business. Securities business is important to apply high technology to production and it plays a key roll in improving the hi-tech industries; the direct financing method is more flexible and according with the need of high-tech enterprise.The definition of high—tech sector is broad, it includes electronic message,IT, Digital Television, three—G, internet, software and aerospace industry so on.Based on the ISIS, 1986,the OECD choused 22 manufacture industries and computed the R&D strength. According to the R&D strength, it was decided to define the first six as high—tech industries. 1994, the high—tech industries was redefined.1980s, the high—tech conception was introduced into China. The high—tech industries of"863"plan is closely to the developed countries.1991, Department State of China choused 11 industries as new technology.1997, choused 9 fields ,58 major species and 327 subclasses.2000, choused 11 fields ,53 major species and 2006, choused 11 fields.A few years ago the speculation in high-tech sector can not almost see its core, as long as the names of the word in front dubbed technology will be priceless.Today, fundamental analysis is becoming more and more important, so is the value investment analysis.On the one hand, it is helpful to invest rationally, on the other hand, with the development of value investment ideals, it is helpful to establish perfect corporate structure and make the security develop well.The value investment analysis is based on the corporate fundamental.It is not easily listed by the fundamental information of corporate, but used a scientific method to analyze the information.Based on the government's cognizance of high technology, the annual reports of listed company and some other indicators, this paper construct the high—tech sector.The evaluation indicators include finance indicators and non—financial indicators. The evaluation indicator system is established on the base of 38 indicators in 10 aspects. Finally, this paper uses a new method named FA—PCA to analyze the data collected and this method will analyze data very well. At last, the result is very good. It well accompanies with the facts. So it is helpful to provide information to the investors, make the investment risks lower and establish the value investment ideal so on.Main element:Chapter one: The main topics on the background of domestic and international research literature, the paper's innovative, analytical framework and structure.Chapter two: Major on multivariate statistical analysis and use of the basic tenets of the field, the value of equity investments of the basic theory and method.Chapter three: Analyses of the main characteristics of high-tech companies listed on the choice of targets basic principles and concrete from the 10, selected the 38 indicators, the establishment of a high-tech investment value plate comprehensive evaluation index system.Chapter four: Construct high-tech sector, data preprocess, factor analysis - principal component analysis model, data principal component analysis, results analysis.