相对有效性分析在上市公司投资价值评价中的应用

我国股票市场成立十年来炉深两地上市公司数已经超过千家，以上述公司投资价值的分析与判断一直是市场争论的热点。1997年万青先生在中国证券报上发表了一篇关于系统分析上市公司投资价值的章，当时就引来了众多证券研究机构和分析师的深入讨论，迄今为止有关上市公司投资价值定量化分析的方法仍然是证券市场里一个崭新的课题。本尝试采用DEAW分析方法为定量地评价上市公司的投资价值，建立相对有效性评价模型和评价指标体系，期望通过对模型的演算和结果的分析，最终能实现指导证券交易的目标。

Applying DEA to Listed Companies Investment Evaluation

There have been over one thousand listed companies in China since Shanghai and Shenzen stock exchange market were founded ten years ago. And it always is the hottest focus in analyzing and measuring the value of these listed companies. After Chinese Securities Newspaper published an article about systematically analyzing the value written by Mr. Wan Qing in 1997, it has led to lots of discussions from research institutions and analysts. Up till now,the quantificational analysis method still is a brand new question for discusion. In the paper, a DEA evaluation method is tried out. By means of establishing an index system, DEA analysis model is expected to be caculated and its right result can guide investors to real date trading finally.