我国证券业上市公司投资价值评价研究

发布时间：2018-05-02 14:34

本文选题：证券业上市公司 + 投资价值　；参考：《安徽大学》2012年硕士论文

【摘要】：随着金融体制的深化改革和开放,国外大型证券公司、外资通过参股或并购等方式纷纷加入到中国的证券行业中,作为行业的领头羊我国证券业上市公司正面临着激烈的市场竞争。2011年作为“十二五”规划的开局之年,中央提出建立多层次的资本市场体系,这对于我国证券业上市公司来说是很好的机遇。因此,如何提高我国证券业上市公司投资价值来吸引更多的投资者加入是目前值得研究的课题。本文开篇首先梳理了国内外学者对上市公司投资价值评价方面的研究,并介绍了相关概念的界定和理论基础。然后阐述了目前我国证券业上市公司的发展现状和存在的问题,具体分析影响证券业上市公司投资价值的外部因素和公司内部因素。并在此基础上结合我国证券业上市公司的特点,遵循评价指标选取的原则,从盈利性、抗风险性、成长性和市场势力四个方面构建了一套适合我国证券业上市公司投资价值的评价指标体系。本文将评价对象选定为中信证券、海通证券、国金证券、太平洋证券等9家上市证券公司,结合这9家上市证券公司2008-2010年数据,对这些公司的投资价值作出客观评价。本文采用因子分析法对9家样本公司进行实证分析,分别从均值、年度、个体三个角度综合评价并对得分排名得出有意义的结论,结果显示投资价值排名前三位的是中信证券、海通证券、国元证券,并从实证分析中发现我国证券业上市公司投资价值存在的一些问题：整体投资价值较低,公司发展强弱悬殊；盈利能力水平普遍较低；风险控制及市场能力有限等。最后根据实证分析的结果,结合影响我国证券业上市公司投资价值的因素,提出从完善投资者利益保护机制、逐步放松证券公司业务范围的限制、扩展融资渠道、扩大资本实力和规模、开展业务创新优化盈利模式、提高风险控制能力等方面提高我国证券业上市公司的投资价值。
[Abstract]:With the deepening of the reform and opening up of the financial system, foreign large securities companies and foreign investors have joined China's securities industry by means of equity participation or mergers and acquisitions. As the leader in the industry, the listed companies in our securities industry are facing fierce market competition. In 2011, as the opening year of the 12th Five-Year Plan, the Central Committee proposed the establishment of a multi-level capital market system. This is a good opportunity for listed companies in our securities industry. Therefore, how to improve the investment value of listed companies in China's securities industry to attract more investors is a subject worth studying at present. At the beginning of this paper, the research on the evaluation of investment value of listed companies is reviewed, and the definition and theoretical basis of related concepts are introduced. Then it expounds the current situation and existing problems of the listed companies in the securities industry in China, and analyzes the external and internal factors that affect the investment value of the listed companies in the securities industry. On this basis, combined with the characteristics of listed companies in China's securities industry, and following the principle of selecting evaluation indicators, from the perspective of profitability and risk resistance, This paper constructs a set of evaluation index system suitable for the investment value of listed companies in China's securities industry in four aspects of growth and market power. This paper selects 9 listed securities companies such as CITIC Securities, Haitong Securities, Guojin Securities, Pacific Securities and so on, and makes an objective evaluation of the investment value of these companies based on the data of these nine listed securities companies from 2008 to 2010. This paper makes an empirical analysis of 9 sample companies by factor analysis, evaluates them comprehensively from three angles of mean, year and individual and draws a meaningful conclusion. The results show that the top three of investment value are CITIC Securities. Haitong Securities, Guoyuan Securities, and from the empirical analysis found that there are some problems in the investment value of listed companies in China's securities industry: the overall investment value is low, the development of the company is strong and weak, the level of profitability is generally low; Limited risk control and market capability. Finally, according to the results of empirical analysis, combined with the factors that affect the investment value of listed companies in China's securities industry, this paper proposes to improve the protection mechanism of investors' interests, gradually relax the restrictions on the business scope of securities companies, and expand the financing channels. Expanding capital strength and scale, carrying out business innovation, optimizing profit mode, improving risk control ability and so on, improving the investment value of listed companies in securities industry of our country.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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