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摘要：在西方较为成熟、健康和理性的股票市场中,价值投资的实用性已经从理论和实践两个方面都得到了检验，其股票市场价格与内在价值呈现高度的一致性。然而，经过了二十多年的发展，我国不断扩大股票市场规模，不断完善市场机制，逐步向西方成熟、健康和理性的股票市场靠拢，价值投资将成为引导我国股市健康发展的趋势所在。鉴于此，我们有必要以价值投资在我国股票市场上的应用为主题进行研究。29390
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本文首先介绍了价值投资的理论、模型，并对影响价值投资的因素进行分析。随后，依据我国实际情况，对价值投资在我国股票市场上的可行性进行分析。紧接着，以我国医药行业为例进行实证分析，通过面板数据模型分析,研究我国上市公司的股票市场价格与其基本面因素之间的关系。通过实证研究发现每股收益、每股净资产、每股经营性现金流，这三个指标可以对上市公司的股票价格进行解释。最后，向我国股票投资者提出有关价值投资的建议。
毕业论文关键词：价值投资 基本面因素 可行性 医药行业 实证分析
Value investing in China's stock market——A Case Study of the Medical industry
Abstract: In the West is more mature, healthy and rational stock market, practical value of the investment has gone from both theoretical and practical aspects have been tested. Its stock market price and intrinsic value showed a high degree of consistency. However, after twenty years of development, China's stock market is expanding, and constantly improve the market mechanism. It gradually to the West mature, healthy and rational stock market close, the value of the investment will become a trend to guide the healthy development of the stock market lies. In view of this, we need to apply the value of the investment in China's stock market, as the theme for study.
This paper introduces the theoretical model of value investing, value investing and influencing factors were analyzed. Subsequently, according to China's actual situation, the feasibility of the value of investment in China's stock markets were analyzed. Then, in the medical industry as an example of empirical analysis by panel data model analysis, research relationship listed companies in China's stock market price and its fundamental factors. The empirical study found that earnings per share, net assets per share, operating cash flow per share, the three indicators of listed company's share price will be explained. Finally, the proposals on the value of investments to our equity investors.
Key Words：value investing, fundamentals, feasibility, medical industry, empirical Analysis
目 录
一、绪论 1
（一）选题的研究背景 1
（二）选题的研究目的与意义 2
（二）价值投资理论的文献回顾 2
二、价值投资的理论分析 4
（一）价值投资的含义及前提假设 4
（二）价值投资的理论 4
（三）价值投资的模型 6
三、价值投资的影响因素分析 7
（一）影响我国股票价值投资的内部因素 8
（二）影响我国股票价值投资的外部因素 9
四、我国股票价值投资可行性分析 9
（一）我国价值投资理论的发展过程 9
（二）价值投资理论在我国股票市场的可行性分析 11
五、实证分析：以医药行业为例 12
（一）医药行业概述 12
（二）前提假设和样本的选取 13
（三） 变量的选择 13