我国涉海上市公司投资价值评估研究

发布时间：2018-04-14 20:25

本文选题：投资价值 + 涉海上市公司　；参考：《中国海洋大学》2012年硕士论文

【摘要】：证券市场在国民经济中发挥着融通资金、优化资源配置、促进经济发展的重要作用，上市公司投资价值是证券投资分析中热点话题。正确的认识上市公司投资价值对于投资者的理性投资、公司经营管理具有重要的参考意义，因此运用不同方法和模型的投资价值研究是证券投资分析领域的研究重点。现阶段海洋经济已经成为国民经济新的增长点，海洋产业在经济发展中占据越来越重要的地位，涉海上市公司是海洋产业资本市场融资的活跃力量，是带动海洋经济发展的积极因素。国家政策的推动使得资本市场掀起一股海洋股的投资热潮。涉海上市公司与海洋经济的发展密切相关，因此表现为独有的特征。在此背景下，科学评价涉海上市公司的投资价值对于完善公司投资价值研究和促进理性投资具有重要的理论意义和现实意义。本文旨在通过对涉海上市公司投资价值影响因素分析及其特点进行总结的基础上，构建一套适用于涉海上市公司投资价值综合评估的指标体系，全面评估涉海上市公司的投资价值，为投资者、经营者、政府等多方主体提供参考和建议。首先，本文对涉海产业、涉海上市公司、上市公司投资价值的涵义进行界定，并进一步介绍投资价值的影响因素，并对上市公司投资价值评估的常用方法进行评述，确定本文要采用的研究方法，为全文奠定理论基础。其次，，针对研究的主体，对影响涉海上市公司投资价值的因素进行分析，从宏观经济层面、中观产业层面、微观公司层面把握主要的影响因素。再次，根据我国涉海上市公司的特点和主要影响因素，结合投资价值综合评估指标体系构建应该遵循的原则，从传统财务能力和未来投资潜力两大方面构建我国上市公司投资价值综合评估指标体系，并对每类指标进行细分和设定。最后，基于突变级数法对涉海上市公司的投资价值进行实证分析，并将研究结果与传统投资价值衡量指标进行相关性检验，以验证评估模型的有效性，然后针对研究结果从不同主体的角度提出相关的对策建议。其中对于评估指标体系特殊指标的计算用到了随机前沿分析和灰色关联分析法，对于实证分析过程中指标重要性的确定用到了主成分分析法。论文主要创新之处和研究成果为： 1、从涉海上市公司的特点出发，构建包括财务能力指标和投资潜力指标在内的投资价值综合评估指标体系。财务能力指标又细分为盈利能力、资产质量、偿债能力、成长能力四个子系统。投资潜力包含创新与发展潜力、行业前景、股本扩张能力三个子系统，完善了涉海上市公司投资价值综合评估的指标体系。 2、将突变级数法引入到涉海上市公司投资价值的实证分析中，以实现对涉海上市公司投资价值的综合评估。研究发现上市公司行业间分布差异较大，即使处于同一行业的上市公司在投资价值评估中也存在较大差异。为了确保研究的准确性，接着将研究结果运用相关性分析进行检验，检验结果显示在1%的置信水平下实证分析结果通过了相关性检验，表明该方法在涉海上市公司投资价值的评估中是有效的。
[Abstract]:The securities market financing plays in the national economy, optimize the allocation of resources, an important role in promoting the development of economy, the investment value of Listed Companies in the securities investment analysis is a hot topic. The correct understanding of the investment value of listed companies for the rational investment of investors, the company management has the important reference significance, therefore the research on the investment value of different methods and the model is the research focus in the field of securities investment analysis.
At the present stage of marine economy has become a new growth point of national economy, marine industry occupies more and more important role in economic development, marinelisted company is active force in the market of marine industrial capital, are positive factors to promote the development of marine economy. The national policy to promote the capital market set off a marine stock investment boom. Closely related to the development of marine listed companies and marine economy, therefore shows unique characteristics. In this context, the scientific evaluation of sea related investment value of listed companies to improve corporate investment has important theoretical significance and practical significance in promoting the rational investment and research value.
This paper aims at summarizing the sea related factors of investment value of listed companies and the analysis of its characteristics, constructing the index system of a set of applicable sea related investment value of listed companies comprehensive evaluation, comprehensive evaluation of sea related investment value of listed companies, investors, operators, and provide reference of government and other parties subject.
First of all, this paper of marine industry, marine listed companies, defines the meaning of the investment value of listed companies, and further introduces the influencing factors of investment value, common methods and evaluation of the investment value of listed companies is reviewed, the research method of this paper to determine the theoretical basis for the full text. Secondly, according to the study of the subject the factors influence on the sea, the investment value of listed companies is analyzed, from the macroeconomic level, industry level, micro company level, grasp the main affecting factors. Thirdly, according to the features and main influencing factors of China's marine listed companies, the construction should follow the principle of combining the comprehensive evaluation index system of investment value, construct comprehensive evaluation the index system of investment value of Listed Companies in our country from the traditional financial ability and future investment potential in two aspects, and subdivide and set for each index. Finally, base The catastrophe progression method of marine investment value of listed companies by empirical analysis, and the research results with the traditional investment value index of correlation test, to verify the validity ofthe assessment model, then according to the results of the study from the perspectives of different subjects and make relevant suggestions. For the calculation of the evaluation index system of the use of special index the stochastic frontier analysis and grey correlation analysis method, empirical analysis on indicators of the importance in the process of use principal component analysis to determine.
The main innovation and research results of this paper are as follows:
1, starting from the characteristics of marinelisted company, to build a comprehensive evaluation index system of investment value including financial capacity index and investment potential index. Financial capacity index is divided into profitability, asset quality, solvency, capacity growth of four subsystems. The investment potential includes innovation and development potential, the prospect of the industry, capital expansion capacity the three subsystems, the index system to improve the marine comprehensive assessment of the investment value of listed companies.
2, the catastrophe progression method is introduced into the empirical analysis of the investment value of listed companies related to the sea, so as to make comprehensive assessment of marinelisted company investment value of the listed companies. The study found that the inter industry differences, even in the same industry listed companies there is a big difference in the investment valuation. In order to ensure the then the results accuracy was tested using correlation analysis, test results show that the results of the empirical analysis through the correlation test in 1% confidence level, showed that the value of this method in investment marinelisted company evaluation is effective assessment.

【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】