Shenzhen Exchanges A-Shares Listed Company Investment Value Analysis Based On The Discounted Cash Flow Model And The Improved Model

The current rapid development of economy of our country has achieved stage achievement, total economic output has exceeded Japan as the world's second-largest economy. Meanwhile our country's economy faces transformation, the stock market as important ways of corporate finance and investment, plays an important role in promoting the development of national economy. The position of the stock market in the national economy has become more obvious. The number of our country involved in securities investment has become more and more, but our stock market compared with the developed countries'such as Britain and America is still belong to emerging markets. At present, most investors still lacks the right investment idea, speculation in consciousness is still in the dominant position, lack of the value investment ideas and technology.This paper aims to discussing methods of stock investment value analysis in our emerging securities market with Chinese characteristics economy and try to combine the characteristics of Chinese stock market exploring a set of suitable for China's A-share investment analysis method. Based on research of the current world mainstream value investment method, examine the applicability of the value investment methods and ideas in Chinese stock market, advocate the rational investment, make the interests of broad investors especially the interests of small and medium shareholders can be guaranteed, and, value investment in the long run will be conducive to the healthy development of China's stock market.This paper mainly adopts the theoretical analysis and empirical research methods. The part of the theoretical analysis will introduce an overview of listed company value investment analysis methods. The theoretical analysis part will be tested by a lot of data analysis in the empirical research part, and try to improve the existing methods from the conclusion.In this paper, the application of discounted cash flow model was tested by the large data in Shenzhen Exchanges A-shares, the conclusion indicate that its applicable scope is very narrow. And the improvement of the discounted cash flow model expanded the applicable scope, and is also tested by the empirical research. Finally two indicators are suggested to add in the financial statements of the listed company, in order to strengthen the authenticity of the financial statements.