한국 주식시장에서 가치투자전략과 사례연구

Abstract

Since 1980, internationalism of stock market has progressed and due to borrowing the money from the IMF, the market was rapidly open. Korean stock market falls behind in the improvement of inefficient markets because of autonomous growth and growth through external shocks. Such inefficiency of the market caused gaps between market value and original value which brought an idea of value investment, " Identify the essential value of corporations you are to invest to and then invest. If so, when a question, ＇what is the essential value of corporations＇is answered, a basic orientation may be prepared. To obtain the answer of the question, ＇is the value investment the best investment method＇, this study analysed domestic and international cases. As speculated in the case study, it was demonstrated that investment after identification of essential value has a high probability of success. The value investment to properties is an investment strategy which use difference between book values and market value. To the corporations whose authorized capital values are judged as low, investment is possible. The essential value of the corporations may equal to the market value at a certain point. Value investment to profits is value investment to shares furnished as actual shares. Recently, because of low interest, attention to share fund is increasing. In the current market, there are many corporations which have maintained market price shares beyond the open market rate for five years. Investment to such corporations will be relatively stable. Therefore, it is suggested that value investment is possible thanks to change in markets and surrounding environments.