Thirdly, the paper constructs investment portfolio based on low stock price/ IVPS ratio, and validates that the return of the portfolio is higher than return of SSE A market.

• 第三步构造了基于低股价／每股内在价值的投资组合，采用事后检验的方法验证了投资组合的收益率高于上证A股指数的收益率。