The Statistical Annalysis Of Value Investing Chinese Stock

China's stock market is an emerging market, the start of this round of 06 bull market, investors once enthusiastic and had several accounts from 70 million to 100 million, to a three urban families, the people belonging to a fanatical state stocks a few examples of the stock market, but with the stamp duty adjustment of 5.30 the stock market, not many have experienced severe bear market of the new shareholders were seriously hurt, they were extreme panic aimed at the government's macro-control, and since October 07 countries Tight monetary policy and the stock market has been going through an adjustment of the state, at this time to fund, securities companies and other institutional investors represented by the beginning of the value of investment vigorously debate the idea of reunification. Many ordinary investors also began to ponder over the so-called policy with Chinese characteristics, the city, news of the city really do not need to stock values, are also thought the value of investment.Second, how to find a value of the investment companies, investors need to consider the company's management, products, competitors, etc., for a listed company on financial data from the research to their products in a relatively long time frame Maintain a certain growth model to study the management of all aspects of judgement, and so on to do meticulous research, including studies of financial data is also a very important aspect, the paper from the market effective as the starting point, three of effective market Shares of accounting information and the relationship between the current China-effective such a weak stock market depends on listed companies and accounting reports. And from four blue-chip stocks in the empirical analysis by financial shares and the general index there is a co-integration, long-term balance, the certification of the listed company's accounting report on the reality of the stock market is of great significance.Third, China's stock market and economic development of the relationship between empirical research, select the first quarter of 2003 to 2008 the first quarter of the stock market's reaction on the card and深证index closed quarter data, the reaction of economic growth over the same period quarter GDP data, the reaction currency The level of expansion over the same period quarter CPI data, M2 money supply data earlier quarter. Self-related, the unit root test data to the smooth; whole theory of stock prices and test the balance between economic data; Granger causality test on which the causal relationship. With the macroeconomic situation and the macroeconomic policy adjustments, retail investors are not rational, the stock "market," the illnesses have a feeling vulnerable, often underestimate or overestimate the value of the stock, fine texture of the stock plummeted to a "marginal safety" It is brave investors a great opportunity to invest.