基于财务报告的东方园林投资价值分析

发布时间：2018-01-12 07:18

本文关键词：基于财务报告的东方园林投资价值分析　出处：《哈尔滨工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：在市场经济条件下，企业本身作为一种商品，是可以在市场上进行交易的，企业管理的目标是企业价值最大化。因此，企业价值对投资者和经营者来说是至关重要的。财务报告作为企业财务状况的载体，是定期对外公布的对上市公司的财务状况进行综述的文件，它详细反映了企业的财务状况和经营成果。在中国证券市场上,一直都以市盈率、市净率、每股收益等指标作为上市公司经营成果的衡量指标,并成为绝大多数上市公司经理的业务目标和激励标准。然而,随着社会经济条件的日益增长,逐渐发现这些传统指标不能反映企业的真实价值。因此,公司必须不断地寻求新的性能指标和金融方法。本文通过理论分析和实证研究，并与财务报告相结合的研究方法，基于财务比率分析和经济增加值（EVA）模型来评估上市公司的价值。本文首先阐述选题的目的和意义，国内外研究现状及研究内容和研究方法；其次，对现存的几种企业估值模型进行介绍，将EVA模型与其它主要企业估值模型进行对比，得出EVA估值模型能够真实地反映企业价值，在企业估值方面存在独特的优势；再次，介绍我国园林行业的发展状况，，重点介绍了东方园林的发展沿革和发展环境及核型竞争力；最后，基于财务报告，对东方园林进行财务比率分析，并应用经济增加值模型对东方园林股份有限公司进行了价值评估，得出东方园林的企业价值。本文的创新点是运用财务比率分析和经济增加值模型来评估东方园林的所有过程，这是在国内相对较少的。本文希望东方园林价值的探讨，可为广大投资者提供有益的参考，同时可将这个方法应用于用于其他上市公司。
[Abstract]:Under the condition of market economy, the enterprise itself, as a commodity, can be traded in the market. The goal of enterprise management is to maximize the value of the enterprise. As the carrier of the financial situation of the enterprise, the financial report is the document that carries on the summary to the listed company's financial condition regularly. It reflects the financial situation and operating results of the enterprise in detail. In China's securities market, the index of price-to-earnings ratio, price-to-book ratio and earnings per share has always been taken as a measure of the operating results of listed companies. However, with the increasing of social and economic conditions, it is gradually found that these traditional indicators can not reflect the true value of enterprises. Companies must constantly look for new performance indicators and financial methods. In this paper, through theoretical analysis and empirical research, and the combination of financial reporting research methods. Based on the financial ratio analysis and EVA model to evaluate the value of listed companies. Firstly, this paper describes the purpose and significance of the topic, domestic and foreign research status, research content and research methods; Secondly, this paper introduces several existing enterprise valuation models, compares the EVA model with other major enterprise valuation models, and draws the conclusion that the EVA valuation model can truly reflect the enterprise value. There are unique advantages in enterprise valuation; Thirdly, it introduces the development of the garden industry in China, focusing on the oriental garden development history, development environment and karyotype competitiveness; Finally, based on the financial report, the financial ratio of Oriental Garden is analyzed, and the value of Dongfang Garden Co., Ltd is evaluated by applying the model of economic added value, and the enterprise value of Oriental Garden is obtained. The innovation of this paper is the use of financial ratio analysis and economic value added model to evaluate all the processes of eastern gardens, which is relatively less in China. This paper hopes to explore the value of eastern gardens. It can provide useful reference for investors and can be applied to other listed companies.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.92;F406.7

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