EVA在白酒行业上市公司价值投资分析中的应用
发布时间：2018-08-16 17:52
【摘要】：我国证券市场发展迅猛,但相较于壮大了的市场规模和逐渐成熟的市场秩序,市场参与者尤其是个人投资者素质的提升仍是一个漫长的过程。投资者需要树立科学理性的投资观念,不要仅以股票价格的波动作为操作依据,要先对企业进行了解,尝试判定企业价值等,做一个价值投资者。此外,因为我国资本市场环境和会计制度的独特性,会计利润在很多情况下很难反映企业真正的价值,所以本文希望通过对EVA的研究,来衡量上市公司的企业价值并对其在价值投资分析中的应用进行探析。本文以白酒行业上市公司为研究对象,用理论分析和实证分析相结合的方法,对EVA在价值投资分析中的应用进行研究,通过基础理论分析,加深对价值投资理念层次的理解和对企业价值、企业价值评估及方法的认识,也对经济增加值(EVA)在应用时应注意的事项有了进一步的了解。通过EVA指标和传统会计指标在白酒行业上市公司的比较分析以及对泸州老窖进行个案分析,加深了对EVA在该行业价值投资分析中应用的认识。文章首先对基本理论进行论述,结合国内外相关研究文献,明确界定了有关定义的概念。本文对价值投资理论的认识基本遵循格雷厄姆的思想,另外比较偏向研究企业价值评估对价值投资分析的影响。文章通过对传统和现代企业价值理论的比较,对企业价值的内涵的阐释,以及对价值评估方法进行界定和对比后,认为收益法中的经济增加值EVA评估法适合现代企业的价值评估,对分析上市公司价值投资有帮助。然后文章在对EVA的调整规则和调整项目归纳的基础上,根据实际情况对计算公式进行调整。通过EVA指标和传统会计指标进行比较,得出EVA指标是适用于白酒行业上市公司的价值评估的,且和企业实际收益联系更密切,为EVA对泸州老窖的具体分析提供了支撑。最后在理论研究和数据分析的基础上,本文选取泸州老窖作为案例分析的对象。首先介绍了泸州老窖的基本情况其次对泸州老窖的经济增加值EVA进行确认、计量、分析和预测,观察企业在股市表现与EVA值波动有无共通之处来进行解释说明,并根据预测的EVA值结果对泸州老窖进行分析,找出存在的理论和实践的问题,并提出对策和建议,不仅可以帮助广大投资者对明确投资目标,更好地进行价值投资,还可以帮助企业管理者明确管理方向,提升企业绩效。
[Abstract]:China's securities market is developing rapidly, but compared with the growing market scale and gradually mature market order, it is still a long process to improve the quality of market participants, especially individual investors. Investors need to establish a scientific and rational investment concept, not only based on the fluctuation of stock price, but also to understand the enterprise, try to judge the value of the enterprise, and be a value investor. In addition, because of the uniqueness of our country's capital market environment and accounting system, it is very difficult to reflect the real value of the enterprise in many cases, so this paper hopes to pass the research on EVA. To measure the corporate value of listed companies and analyze its application in value investment analysis. In this paper, the application of EVA in value investment analysis is studied by combining theoretical analysis and empirical analysis with the listed companies of liquor industry as the research object. Further understanding of the level of the concept of value investment and the understanding of enterprise value, enterprise value evaluation and methods, as well as the matters that should be paid attention to in the application of value added (EVA). Through the comparative analysis of EVA index and traditional accounting index in the listed company of liquor industry and the case study of Luzhou Laojiao, the understanding of the application of EVA in the value investment analysis of this industry is deepened. In this paper, the basic theory is discussed, and the concept of the definition is clearly defined in combination with the domestic and foreign research literature. In this paper, the theory of value investment is based on Graham's thought, and the influence of enterprise value evaluation on value investment analysis is also studied. Through the comparison of traditional and modern enterprise value theory, this paper explains the connotation of enterprise value, and defines and compares the methods of value evaluation. It is considered that the EVA valuation method of economic added value in income approach is suitable for the value assessment of modern enterprises, and it is helpful to analyze the value investment of listed companies. Then, on the basis of the adjustment rules of EVA and the induction of adjustment items, the calculation formula is adjusted according to the actual situation. By comparing the EVA index with the traditional accounting index, it is concluded that the EVA index is suitable for the value evaluation of listed companies in liquor industry, and is more closely related to the actual income of the enterprise, which provides the support for the concrete analysis of Luzhou Laojiao by EVA. Finally, on the basis of theoretical research and data analysis, this paper selects Luzhou Laojiao as the object of case study. Firstly, the basic situation of Luzhou Laojiao is introduced. Secondly, the EVA of Luzhou Laojiao is confirmed, measured, analyzed and forecasted. According to the predicted EVA value, this paper analyzes the Luzhou Laojiao, finds out the existing problems in theory and practice, and puts forward some countermeasures and suggestions, which can not only help the vast number of investors to make clear the investment target, but also better carry out the value investment. Also can help the enterprise manager clear management direction, enhances the enterprise performance.
【学位授予单位】：江苏科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7
本文编号：2186733
[Abstract]:China's securities market is developing rapidly, but compared with the growing market scale and gradually mature market order, it is still a long process to improve the quality of market participants, especially individual investors. Investors need to establish a scientific and rational investment concept, not only based on the fluctuation of stock price, but also to understand the enterprise, try to judge the value of the enterprise, and be a value investor. In addition, because of the uniqueness of our country's capital market environment and accounting system, it is very difficult to reflect the real value of the enterprise in many cases, so this paper hopes to pass the research on EVA. To measure the corporate value of listed companies and analyze its application in value investment analysis. In this paper, the application of EVA in value investment analysis is studied by combining theoretical analysis and empirical analysis with the listed companies of liquor industry as the research object. Further understanding of the level of the concept of value investment and the understanding of enterprise value, enterprise value evaluation and methods, as well as the matters that should be paid attention to in the application of value added (EVA). Through the comparative analysis of EVA index and traditional accounting index in the listed company of liquor industry and the case study of Luzhou Laojiao, the understanding of the application of EVA in the value investment analysis of this industry is deepened. In this paper, the basic theory is discussed, and the concept of the definition is clearly defined in combination with the domestic and foreign research literature. In this paper, the theory of value investment is based on Graham's thought, and the influence of enterprise value evaluation on value investment analysis is also studied. Through the comparison of traditional and modern enterprise value theory, this paper explains the connotation of enterprise value, and defines and compares the methods of value evaluation. It is considered that the EVA valuation method of economic added value in income approach is suitable for the value assessment of modern enterprises, and it is helpful to analyze the value investment of listed companies. Then, on the basis of the adjustment rules of EVA and the induction of adjustment items, the calculation formula is adjusted according to the actual situation. By comparing the EVA index with the traditional accounting index, it is concluded that the EVA index is suitable for the value evaluation of listed companies in liquor industry, and is more closely related to the actual income of the enterprise, which provides the support for the concrete analysis of Luzhou Laojiao by EVA. Finally, on the basis of theoretical research and data analysis, this paper selects Luzhou Laojiao as the object of case study. Firstly, the basic situation of Luzhou Laojiao is introduced. Secondly, the EVA of Luzhou Laojiao is confirmed, measured, analyzed and forecasted. According to the predicted EVA value, this paper analyzes the Luzhou Laojiao, finds out the existing problems in theory and practice, and puts forward some countermeasures and suggestions, which can not only help the vast number of investors to make clear the investment target, but also better carry out the value investment. Also can help the enterprise manager clear management direction, enhances the enterprise performance.
【学位授予单位】：江苏科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7
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