中文摘要：

本文选取1990年12月19日上海证券交易所开业到2010年12月31日之间所有A股股票为样本,通过建立投资回报率模型来实证分析A股是否具有投资价值,研究结果发现：20年来,A股股票累计年均投资回报率达到12%-19%,高于同期最高定期存款利率及美国股票市场平均回报率,而且A股涌现了大批投资回报率惊人的上市公司,其中最高的投资回报率高达214.83倍,结果还表明A股累计投资回报率与投资者持有股票时间具有显著的正相关关系,从长期来看,坚持价值投资,则A股的投资价值是非常可观的。本文研究结论对投资者、监管部门、政府都有比较大的启示作用。

英文摘要：

This paper selected all the stocks of A shares from December 19,1990,when the Shanghai Stock Exchange was established to December 31,2010, to analyze the investment value of A shares by establishing the model of investment returns rate. The results showed that： in the 20 years, the total annual investment return rate of A shares reach to 12% -19% , higher than the highest deposit rates of China and U.S. stock market average return. And many listed companies have amazing investment return rate. The best one achieve 214.83 times of investment returns rate. The results also showed that there is significant positive relationship between the cumulated investment returns and the holding periods of investment. In the long run, the investment return rate of A shares is very impressive. The conclusions of of this paper have important implications for investors, governments and regulatory authorities.