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本文以1993～2003年期间在上海深圳证券交易所上市的全部A股股票作为研究对象,对价值投资进行了实证检验和研究,得出以下结论:在本文研究的时间阶段,价值投资可以获得良好的投资回报;证券市场价值投资超额收益率的来源在检验期初期阶段表现为对其所承受的额外风险的补偿,后期则表现为市场对低市盈率公司的股价过度低估反应,价值投资策略是作为反向操作而取得长期超额收益的。
In this paper, all the A-shares listed in Shanghai Stock Exchange from 1993 to 2003 are taken as the research object. Empirical test and research on the value investment are made. The conclusions are as follows: In the time period of this paper, the value investment can get good Of the return on investment; the source of excess returns of the value of the securities market investment in the early stages of the inspection period as the compensation for the additional risk it suffered, the latter showed the market overvalued response to the low price-earnings ratio of the company’s stock price investment strategy as a Reverse operation and obtain long-term excess returns.