a股成长型公司成长要素研究及投资应用word格式论文.docxVIP

率取得超额收益的结论。上述结论对基金经理定性地分析拟投资标的的潜在成长模式、定 量地筛选成长型公司股票池、提升研究与投资的效率，提供了一定的 参考及现实借鉴意义。关键词：成长型公司成长驱动要素量化筛选框架THE GROWTH FACTORS ANALYSIS AND INVESTMENT APPLICATION OF “GROWTH COMPANIES” IN A-SHARE MARKETSABSTRACTGrowth companies is an important source of the stock market’ charm, but as the companies’ growth has a certain degree of randomness, while there are also many factors affecting the company pricing in the capital market, how to find the companies whose market value have sustained growth has always been a great problem faced by investors. What arethe core driving factors for growth companies、what are the typicalgrowth paths, can we design a set of quantitative models to narrow the research scope and improve the research efficiency are important issues of concern to the investors, but also the main research content of this article.This article uses the market value growth excluding refinancing orrestructuring influence as a measure of the growth standard, filters out the 50 top growth companies in the A‐share market among year 2000~2010 as the research sample. Through the analysis of the sample, the article summarized seven typical growth pattern in the A‐share market:industry high boom、monopoly scarce resources、the niche marketgrowth 、 business model innovation 、 continuous optimization ofproducts and channels 、 international industrial transfer 、 investor’s exception rise, and further conclude that there are two basic growth driving factors behind the business nature: Expansion、Barriers.Further, the article summarized two pointed quantitative indicators CAPEX/DA, ROIC-WACC” to describe the two basic driving factors, and also got conclusion that “the portfolio contains companies whose CAPEX is continued greater than the DA as well as ROIC is continued greater than the WACC in the past three years will have great probability to gain excess return in the following year contrast to the main index such as CSI300”.The above conclusions have realistic referentia