基于因子分析法的EMC型上市公司投资价值评价研究

发布时间：2018-02-27 11:43

本文关键词： 因子分析 EMC财务指标投资价值　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着工业化、城镇化进程的加快和消费结构的升级,我国能源需求和消耗呈刚性增长,同时这种不断增长的需求与消耗又受国内资源保障能力和环境容量制约,因此资源环境问题已成为制约我国经济社会发展的瓶颈。最近几年出现的电荒、油荒等问题已敲响能源安全的警钟。如何“缓解资源环境约束,应对全球气候变化,促进经济发展方式转变,建设资源节约型、环境友好型社会”已成为我国面临的一个重要问题,为此,国家制定了一系列鼓励节能减排行业发展的政策。在此背景下,一种新型的节能市场机制—合同能源管理(EMC)模式引起了国家的重视,在国家政策的扶持下,在政府及相关企业的共同努力下,近几年取得了飞速发展。随着EMC行业的不断发展,证券市场上的EMC型上市公司也随之受到了众多投资者的关注,如何正确评估EMC型上市公司的投资价值,成为投资者十分关注的问题。这里,投资价值是指基于上市公司财务报表分析的内在价值。本文以EMC型上市公司为研究对象,对我国EMC型上市公司的投资价值进行综合评价。本文首先对研究上市公司投资价值的两种学派进行回顾,在总结国内外相关研究的基础上,对EMC行业的相关概念、影响因素进行了阐述分析。然后,本文在此基础上,结合我国EMC行业发展现状和未来前景,从公司的资产负债方面、经营与发展方面、利润构成与盈利能力三大方面九项财务指标出发,运用因子分析法构建了投资价值评价体系,并采用SPSS20软件对2011年我国沪、深市场上20家EMC型上市公司进行了综合评价。最后,本文得出综合评价的结果：排名靠前的上市公司为变频设备、照明、暖通空调公司。本文所得结果与国外市场EMC行业的发展趋势相符。本文以期给投资者及EMC型上市公司的发展提供一些有意义的参考建议。
[Abstract]:Along with the industrialization, the acceleration of the urbanization process and the upgrading of the consumption structure, the energy demand and consumption of our country are increasing rigidly. At the same time, this kind of increasing demand and consumption is restricted by the domestic resource guarantee ability and the environmental capacity. Therefore, the problem of resources and environment has become the bottleneck restricting the economic and social development of our country. The problems such as electricity shortage and oil shortage in recent years have sounded the alarm of energy security. To promote the transformation of economic development mode, to build a resource-saving and environment-friendly society "has become an important problem in China. For this reason, the state has formulated a series of policies to encourage the development of energy-saving and emission reduction industries." A new type of energy saving market mechanism-contract energy management model has attracted the attention of the state. With the support of national policies and the joint efforts of the government and related enterprises, it has made rapid development in recent years. With the continuous development of EMC industry, the EMC listed companies in the securities market have also attracted the attention of many investors. How to correctly evaluate the investment value of EMC listed companies has become a very important issue for investors. The investment value refers to the intrinsic value based on the financial statement analysis of the listed company. This paper takes the EMC listed company as the research object, carries on the comprehensive appraisal to our country's EMC listed company's investment value. Firstly, this paper reviews the two schools of research on the investment value of listed companies, and on the basis of summarizing the relevant research at home and abroad, expounds and analyzes the related concepts and influencing factors of EMC industry. Then, on this basis, combined with the current situation and future prospects of EMC industry in China, this paper starts with nine financial indicators in terms of assets and liabilities, operation and development, profit composition and profitability. The evaluation system of investment value is constructed by using factor analysis method, and 20 EMC listed companies in Shanghai and Shenzhen market in 2011 are evaluated by SPSS20 software. Finally, the results of comprehensive evaluation are obtained: the top listed companies are frequency conversion equipment, lighting, HVAC companies. The results obtained in this paper are in line with the development trend of EMC industry in foreign markets. This paper hopes to provide some meaningful suggestions for the development of investors and EMC listed companies.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F406.72

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