Phương pháp lựa chọn cổ phiếu giá trị của các nhà đầu tư bậc thầy và cách ứng dụng vào thị trường việt nam

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Tác giả: Phạm Thi Nhân Nguyễn, Tuấn Vinh Trần

Ngôn ngữ: vie

Ký hiệu phân loại: 330 Economics

Thông tin xuất bản: Tạp chí kinh tế và ngân hàng châu á - đại học ngân hàng thành phố hồ chí minh, 2021

Mô tả vật lý: 68-83

Bộ sưu tập: Metadata

ID: 489081

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Chủ đề

Đầu tư giá trị là hình thức đầu tư vào các cổ phiếu chất lượng tốt và đang bị định giá thấp. Các lý thuyết đầu tư khác chỉ ra rằng, các nhân tố ảnh hưởng đến tỷ suất sinh lời của cổ phiếu đến từ bên ngoài của cổ phiếu, trong khi lý thuyết Đầu tư giá trị đưa ra quan điểm cho rằng, nhân tố ảnh hưởng đến tỷ( )suất sinh lời của cổ( )phiếu đến từ bên trong của cổ phiếu. Ngày nay, lý thuyết Đầu tư giá trị được đánh giá là một trong những phương pháp mang lại hiệu quả cao cho các nhà đầu tư (NĐT) cổ phiếu trên thế giới, có rất nhiều các NĐT thành công trên thế giới đang sử dụng lý thuyết này để đầu tư. Bài viết được chia thành hai nội dung(:) Trình bày phương pháp lựa chọn cổ phiếu giá trị của các NĐT nổi tiếng trên thế( )giới, gồm có(:) Benjamin Graham, Philip Fisher, Warren Buffett và Peter Lynch
và Cách thức ứng dụng các phương pháp này vào thực tế( )đầu tư trên thị trường chứng khoán Việt Nam. Nhóm tác giả thực hiện nội dung thứ hai thông qua hai phần chính(:) Trình bày cách thức xây dựng bộ lọc cổ phiếu giá trị bằng điểm số( )V-Score (Value Score) dựa theo sự tổng hợp các phương pháp lựa chọn cổ( )phiếu giá trị của các NĐT nổi tiếng và mô phỏng ý tưởng xây dựng điểm số F-Score trong nghiên cứu Piotroski (2000)
và Trình bày cách áp dụng điểm số( )V-Score để chọn lựa cổ phiếu của công ty cổ phần Tập đoàn Hòa Phát (HPG) trên thị trường chứng khoán Việt Nam. Kết quả cho thấy rằng, sau sáu tháng lựa chọn đầu tư vào HPG theo điểm số( )V-Score, tỷ suất sinh lời là 27,5%, tương đương 55%/năm.Value investing is a form of investment in superb and undervalued stocks. The valued investment theory offers insights into the internal determinants of stock while the extant literature has empirically examined the external factors. Today, the sense of the aforementioned theory provides higher effectiveness for stock investors around the world. This paper is clustered into two contents(:) First, the study presents the selection methods for value stocks of experienced investors in the world, including Benjamin Graham, Philip Fisher, Warren Buffett, and Peter Lynch
Second, the research presents highlights how to apply these methods into practical investment in the Vietnamese stock market. The authors perform the second content through two parts(:) part one presents how to build value stocks filter by V-Score (Value Score) basing on a combination of the Guru investors' value stock selection methods and simulation ideas to build F-Score according to Piotroski (2000)
and the second part shows how to apply V-Score for selecting the share of Hoa Phat Group (HPG) in the Vietnamese stock market. The results show that after 6 months of choosing to invest in HPG according to the V-Score, the return rate is 27.5%, equivalent to 55%/ year.

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