西山煤电投资价值分析

发布时间：2018-04-16 10:06

本文选题：价值投资 + 经济增加值　；参考：《兰州大学》2012年硕士论文

【摘要】：证券市场在经济发展中的地位是举足轻重的,在经济结构调整方面和资源优化配置方面效果更加显著。经过了2007—2009年证券市场的大起大落以后,我们更应该理性去投资,去发掘证券产品的实际价值。以往的概念炒作已经不能成为投资人做决策的主要依据,取而代之的是以证券的内在价值为基础的价值投资理念。本文以我国A股市场煤炭行业板块中的山西西山煤电股份公司为研究对象,探索如何研究上市公司的内在投资价值。文中以上市公司的历年年报,财务数据及其他相关的信息为分析基础,运用价值分析法,结合MBA学习的相关理论知识和方法,对其内在价值进行研究和分析。本文的主要研究内容分为三部分。首先,对西山煤电的外部环境进行了分析,即从经济、政治、社会、技术等方面阐述了西山煤电的宏观环境,从行业的发展状况以及运用波特五力模型分析了西山煤电所处的产业环境。其次,以西山煤电公司的财务报表为基础分析了该公司的赢利能力、偿债能力、经营能力、盈利能力等。最后,通过市盈率法、EVA等价值评估方法对西山煤电的投资价值进行了计算,为投资者提供了比较准确合理的投资价值范围。本文也为投资者的投资决策提供了理论依据。
[Abstract]:The stock market plays an important role in the economic development, and it is more effective in the adjustment of economic structure and the optimal allocation of resources.After the ups and downs of the securities market in 2007-2009, we should invest rationally to discover the real value of securities products.The former concept speculation can no longer be the main basis for investors to make decisions. Instead, it is based on the intrinsic value of securities.This paper takes Shanxi Xishan Coal and Power Co., Ltd in the coal industry of A share market as the research object to explore how to study the intrinsic investment value of listed companies.Based on the annual reports, financial data and other relevant information of listed companies, this paper studies and analyzes the intrinsic value of listed companies by using value analysis method and combining with the relevant theoretical knowledge and methods of MBA learning.The main content of this paper is divided into three parts.First of all, the external environment of Xishan coal power is analyzed, that is, the macroscopic environment of Xishan coal power is expounded from the aspects of economy, politics, society and technology.This paper analyzes the industrial environment of Xishan Coal Power Company by using Porter's five-force model.Secondly, based on the financial statements of Xishan Coal Power Company, this paper analyzes the profitability, solvency, management ability and profitability of Xishan Coal Power Company.Finally, the paper calculates the investment value of Xishan coal power through the value evaluation method such as P / E ratio and EVA, which provides a more accurate and reasonable range of investment value for investors.This paper also provides a theoretical basis for investors to make investment decisions.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.21;F426.61;F832.51

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