本文分析了价值投资在我国资本市场环境下的应用:股权分置改革、经济增长、人民币升值及税制改革等提升了上市公司的价值;重组借壳,提升了绩差股的价值。但新会计准则导致了企业收益的账面繁荣,投资者乐观预期,以及流动性过剩等因素,有可能使市场背离价值投资。 This paper analyzes the application of value investing in the capital market environment of our country: the reform of non-tradable shares, economic growth, RMB appreciation and tax reform have raised the value of listed companies; However, the new accounting standards have led to the book boom of corporate earnings, investors optimistic expectations and excess liquidity and other factors, the market may deviate from the value of investment.