This paper precedes analysis by examples on investment income in shanghai and shenzhen stock market from 1994 to 2005 by investment strategies with financial ratios as decision basis , inspecting average rate of return of various investment strategies , standard deviation for investment income , sharpe ratio of reward to risk , and analysis on these results . financial ratios in research include : price - to - book ratio , price - to - earnings ratio , price - to - sales ratio 本文主要对以相对估价法为决策依据的投资策略在沪深两地a股市场1994年至2005年的投资收益进行实证分析,考察各种投资策略在这11年间的总收益、年度复合收益率、收益标准差、收益的夏普风险指数,并对结果进行了分析。
How does the accounting information express their value - relevance ? these questions are important not only for academic scholars but for investors in the securities markets . in order to answer these questions , the thesis uses " feltham - ohlson valuation model " as the theoretical framework and selects book value ( bv ) and net earnings ( e ) as proxies of accounting information to do research 本文选择“帐面净资产”和“会计盈余”数据作为公开会计信息的代表,运用“费森?奥尔森估值模型”分析净资产倍率和市盈率的性质,并用我国a股市场上市公司1994 ? 98年股价数据和1993 ? 97年年度报告会计数据检验这两个比率的投资决策有用性,以求较深入地回答上述问题。
