Correlation Research On The Investment Value And Stock Market Performance Of Listed Wine Companies

As an important place to connect investors and financiers, China’s securities market plays a leading role in the modern financial system, and has made tremendous contributions to the development of capital market. But compared with the mature capital market, transaction order confusion and lack of regulation still exists in China’s stock market:the theme stocks without performance to support are popularly speculated in this market, part of the funds exist the speculative behavior to make a short benefit by price difference, which leads to the stock price seriously deviates from its basic value and directly causes the sharp up and down of the stock market. Only effectively measuring the speculation degree in the market can we recognize the reality and foster the correct concept of investment.At present, due to its unique accumulation of culture and strong consuming demand, China’s wine industry takes a leading position in the consumer sectors, some listed wine companies are well-known brand enterprises with good performance and cash flow. Through the research on the investment value of wine companies, we can have a better understanding of the current basic situation and risk in China securities market as well as the influence of external factors on market performance, which helps to avoid the systematic risk of the market and improve the investors’ capital allocation efficiency while advocate the concept of value investment.Based on the data of 32 listed wine making companies in A-shares from 2011 to 2014, a number of financial indexes are chosen from multiple dimensions, then the comprehensive scores of investment value of the listed companies are got by factor analysis method. Finally, through the empirical analysis, it proves that the correlation lever between wine companies’performance in the stock market and their basic investment value is not high enough, and investment value has little impact on stock market performance, which reflect the applicability of value investment in China’s securities market is relatively low, thus investors who adhere to the concept of value investment need to recognize this reality.