| As the most important capital market in China, after years of development, a-share market’s scale unceasingly expands, the rules is increasingly perfect, played an important role in optimizing the allocation of resources, promote the development of economy. On the investment concept, value investment is becoming more and more popular. This paper from two aspects of theory and empirical analysis to study the applicability of value investment in a-share market, and related influence factors.First, this paper describes the concept of investment and it’s change, then to the father of value investing Benjamin. Graham. According to the main ideas of Graham, four different stock selection criteria are introduced to different types of investors. Next, to the four different standards in the a-share market in the short term and long term performance of the empirical test, proved that Graham value investment idea in the a-share market for long-term investment is able to obtain good of excess profits. On this basis, the author try to through years of large sample data of multiple linear regression analysis, to the financial factors influencing the a-share listed company’s share price performance was studied, the results show that for all a-shares samples, value investment index has a strong ability to explain, but not stable enough, some index in some years even became the reverse index, shows that China’s stock market value investment idea is not mature enough. The selection of stocks must by multiple standards. On time series, we also see along with the continuous improvement and development of a-share market, the index has the ability to explain the stock value is more and more, the influence is more and more important, too, it shows A share market in constantly mature and perfect, investment value unceasingly highlighting, value investment idea in the future will play an increasingly important role. |
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