发现基本面价值：基于中国数据的基本面加权指数研究

自鹅湖之会发生以来,鹅湖山中的四贤祠、鹅湖书院以及鹅湖寺这三个即相互区别又相互叠合的空间成为儒学士人对鹅湖之会这一历史事件以及吕祖谦、朱熹、陆九渊与陆九龄这“四贤”特别是朱陆等历史人物等表达崇敬、景仰和怀念行为的场所,经由情感的调动与思考的引发、此一空间承担起了唤起并塑造鹅湖之会记忆的功能,创造了“四贤”或“鹅湖之会”的永恒价值。但由于空间与记忆的主体性特点,因此,此一空间场所对于置身其中其他主体而言则具有完全不同的意义。

Discovering theValue of the Fundamentals: A Fundamentals Indexation Research Based on the Chinese Stock Market

Since Arnott and Hsu proposed the fundamental indexation in 2005, studies of the fundamental indices are popular all over the world. However, it is still in its infancy in China. In this paper, based on monthly data of A-share from 2002 to 2014 of Shanghai and Shenzhen Stock Exchange, we build the fundamental indices which significantly outperform their traditional counterparts, i.e., CSI 300 index. They also pass the robustness check with CAPM, three factor model and four factor model. Our main conclusion is that the fundamental index is significantly superior to the performance of the CSI 300 index, and the three factor model has the best explanatory power. The conclusion of the paper passes the robustness checks, which implies that the fundamental indices have the market vitality in practice.