清洁能源行业上市公司投资价值评估研究

发布时间：2018-04-30 15:11

本文选题：清洁能源 + 上市公司　；参考：《中国地质大学（北京）》2013年硕士论文

【摘要】：能源是人类生存和经济发展的物质基础，也是制约可持续发展的重要因素。随着世界经济向低碳环保方向发展，各国纷纷致力于寻找解决能源消费带来的环境问题的方法，而发展低碳能源无疑是应对该问题的最佳选择。随着循环经济的发展和低碳技术的推广，清洁能源行业必将不断发展壮大成为今后的热点行业。我国近日出台的“十二五”规划也提出：到2015年，中国一次能源消费中，非化石能源消费的比例达到11.4%。随着国家政策向清洁能源倾斜，一批清洁能源企业在国内迅速崛起、成长，成为了众多投资者的关注对象，清洁能源上市公司数量也飞速增长，来自投中集团的统计显示，光是2010年前三季度，该行业共有15家企业实现IPO，比2009年增长了近三倍，其中，十一家企业在国内上市。在清洁能源行业上市公司数量激增的情况下，投资者开始对该行业是否有“泡沫”产生顾虑，，因此如何从不同角度衡量清洁能源上市公司的投资价值，尽可能规避投资风险，是众多投资者共同面临的难题。为解决上述问题，本文对清洁能源行业上市公司的投资价值评估进行研究。首先，本文分析了国内外现有的投资价值评价理论（即基本面分析法和技术分析法），结合我国证券市场的实际情况，选择基本面分析法作为本文的投资价值评估理论基础。然后，从市场中常用的指标着手，结合我国清洁能源发展环境和新动态，从盈利能力、偿债能力、成长能力、资产管理能力、股本扩张能力、股本结构六个方面选取指标构建评价体系，并运用主成分分析模型。最后，选取沪深A股50家清洁能源上市公司的2011年度财务报告数据对其进行投资价值得分的计算和排名，并选择其中具有代表性的公司，对其进行具体的投资价值分析。该评价结果可为清洁能源行业上市公司投资者提供适当参考，尽量控制投资风险，提高投资收益率。
[Abstract]:Energy is not only the material basis of human existence and economic development, but also an important factor restricting sustainable development. With the development of the world economy towards low-carbon environmental protection, many countries are devoting themselves to finding solutions to the environmental problems caused by energy consumption, and the development of low-carbon energy is undoubtedly the best choice to deal with this problem. With the development of recycling economy and the promotion of low-carbon technology, clean energy industry will continue to grow and become a hot industry in the future. According to the 12th Five-Year Plan of China, by 2015, the proportion of non-fossil energy consumption in primary energy consumption in China will reach 11.4%. With the national policy in favour of clean energy, a number of clean energy enterprises have rapidly risen and grown in China, which has become the focus of many investors. The number of clean energy listed companies has also increased rapidly, according to statistics from the capitalizing group. In the first three quarters of 2010 alone, there were 15 IPOs in the industry, nearly three times more than in 2009, with 11 listed domestically. Given the surge in the number of listed companies in the clean energy industry, investors are starting to worry about whether there is a "bubble" in the industry, so how to measure the investment value of clean energy listed companies from different angles and avoid investment risks as much as possible. Is a common problem faced by many investors. In order to solve the above problems, this paper studies the investment value evaluation of listed companies in clean energy industry. First of all, this paper analyzes the existing investment value evaluation theories at home and abroad (namely, the fundamental analysis method and the technical analysis method), and selects the fundamental analysis method as the theoretical basis of the investment value evaluation in the light of the actual situation of our country's securities market. Then, starting from the commonly used indicators in the market, combining the clean energy development environment and new developments in our country, we can start with profitability, solvency, growth capacity, asset management ability, equity expansion ability, Six aspects of equity structure are selected to construct the evaluation system, and principal component analysis model is used. Finally, we select 50 listed companies of Shanghai and Shenzhen A shares to calculate and rank their investment value in 2011 annual financial report data, and select representative companies to analyze their investment value. The evaluation results can provide appropriate reference for investors of listed companies in clean energy industry, control investment risk as far as possible, and increase investment return rate.
【学位授予单位】：中国地质大学（北京）
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.2

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