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价值投资是证券市场上一种比较安全的投资理念和方法,关键在于确定资产的内在价值与市场价格之间的大小关系,进而为投资决策提供依据。本文从价值投资的视角出发,分别以账面价值、盈利能力、现金流量和超额收益为依据对上市公司普通股定价模型的发展历程进行梳理和评述,最后得出结论即价值规律永远不会过时,股票的内在价值是确定股票价格的根本因素,价值投资就是对价值被低估且具有成长型价值的股票进行集中投资长期持有。
Value investing is a kind of safer investment philosophy and method in the stock market. The key lies in determining the relationship between the intrinsic value of assets and the market price, and then providing the basis for investment decision-making. Based on the perspective of value investing, the paper sorts and comments on the development course of the common stock pricing model of listed companies on the basis of book value, profitability, cash flow and excess return, and concludes that the law of value will never be out of date, The intrinsic value of a stock is the fundamental factor in determining the stock price. A value investment is a long-term holding of a concentrated investment in a stock that is undervalued and has a growth value.