海康威视企业成长的案例分析

发布时间：2018-09-19 19:17

【摘要】：随着我国市场经济的飞速发展,企业作为市场活动的主体,其竞争力的强弱,不仅关系到企业自身,同时也关系到市场经济的存在和发展。然而当下企业的发展环境、治理能力、规模大小形态各异,创业者和企业家关心的角度是如何能从小规模成长为具有竞争能力的成熟企业和如何长久保持年轻活力;而投资者关心的角度是如何去筛选成长性企业、或是顺应市场波动去管理资产市值。论文结合作者安防行业的从业经历,基于全球市场的行业通过对安防龙头海康威视企业的分析,从安防行业发展、全球竞争格局、企业自身的变革治理的角度,分析企业的成长性,再结合估值理论进行价值探索。论文提出,首先海康威视的高速成长基本内因是产品创新和市场创新,作为一个新进入者随着企业发展,更多表现是不断地打破自身的瓶颈、持续地寻找新的领域;其次,企业的管理和治理能力的成长是循序渐进的,在成长中学习在学习中成长,在不同的阶段,需要与该阶段相应的不同管理方式。最后,企业成长的真正贡献在于创造财富,为了正确评估企业的价值,本文基于权益法与市盈率法的研究,就海康威视2011-2015年财务和经营数据给出相应的估值参考,并指出当前市场价值低于其真实内在价值。同时指出估值研究应基于事实研究企业成长溢价的根本原因、评估背后的高成长的投资回报。本文就企业发展给出了一定的借鉴思路和参考,同时也对中小型企业成长内因和企业价值的估算挖掘给出了一定的方法。
[Abstract]:With the rapid development of China's market economy, as the main body of market activities, the competitiveness of enterprises is not only related to enterprises themselves, but also related to the existence and development of the market economy. The paper combines the author's experience in the security industry, based on the global market industry through the security leader Haikang Video Enterprise. From the perspective of security industry development, global competition pattern and enterprise's own reform and management, this paper analyzes the growth of enterprises, and then explores the value by combining valuation theory. It is now constantly breaking its own bottlenecks and continually looking for new areas; secondly, the growth of enterprise management and governance capabilities is gradual, learning in the growth of learning, in different stages, the need for different management methods corresponding to this stage. Finally, the real contribution of enterprise growth is to create wealth, in order to be correct. Based on the study of equity method and P/E ratio method, this paper gives the corresponding valuation reference to the financial and business data of Haikangwei from 2011 to 2015, and points out that the current market value is lower than its real intrinsic value. At the same time, it points out that valuation research should be based on facts to study the fundamental causes of the growth premium of enterprises and evaluate the high yield behind it. This paper gives some ideas and references for the development of enterprises. At the same time, it also gives some methods for estimating and mining the internal causes of the growth of small and medium-sized enterprises and enterprise value.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49

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