煤炭行业上市公司投资价值分析

发布时间：2018-08-09 07:48

【摘要】：我国已经成为世界上最大的煤炭生产国和消费国,煤炭广泛应用于钢铁、电力、化工等工业生产及居民生活领域。虽然我国对煤炭需求的增速逐步放缓,但是“富煤、缺油、少气”的能源结构决定了煤炭在我国一次能源供需中的基础地位在相当长时间内都难以改变,煤炭行业在国民经济和社会发展中的重要地位也不会改变。因此煤炭行业依旧是各类投资者重点关注的行业,对其行业内上市公司投资价值分析显得尤其重要。鉴于此,本文参考国内外有关上市公司投资价值的研究成果,结合我国证券市场发展的具体情况,分析煤炭行业投资价值的影响因素,探索建立上市公司投资价值综合评价方法,为投资者的投资策略提供有效的参考价值,具有较强的实践意义。本文基于价值投资理论,从证券投资分析的基本分析流派框架入手,在宏观经济和中观行业分析的基础上,引入因子分析法构建上市公司投资价值综合评价体系,选取23家煤炭行业上市公司作为样本,从14项指标变量之间的内部作用关系中探求被观测数据的基本结构,通过少数假想变量来反映该数据结构,最终得出煤炭行业内上市公司投资价值综合排名,并分别与市场表现的投资价值进行比较,确定投资策略。
[Abstract]:China has become the world's largest producer and consumer of coal, coal is widely used in steel, electricity, chemical and other industrial production and household life. Although the growth rate of coal demand in China has slowed down gradually, the energy structure of "rich coal, lack of oil and less gas" determines that the basic position of coal in China's primary energy supply and demand will be difficult to change for quite a long time. The important position of coal industry in national economy and social development will not change. Therefore, the coal industry is still the focus of attention of all kinds of investors, and it is particularly important to analyze the investment value of listed companies in the industry. In view of this, this paper, referring to the research results of investment value of listed companies at home and abroad, combined with the specific situation of the development of China's securities market, analyzes the influencing factors of the investment value of coal industry. It is of great practical significance to explore and establish a comprehensive evaluation method for the investment value of listed companies, which provides an effective reference value for investors' investment strategies. Based on the theory of value investment, this paper starts with the basic analysis school framework of securities investment analysis, and on the basis of macroeconomic and meso-industry analysis, introduces factor analysis method to construct the comprehensive evaluation system of investment value of listed companies. In this paper, 23 listed companies in coal industry are selected as samples to explore the basic structure of observed data from the internal function relationship among 14 index variables, and to reflect the data structure through a few hypothetical variables. Finally, the comprehensive ranking of the investment value of listed companies in coal industry is obtained, and the investment strategy is determined by comparing the investment value with the market performance.
【学位授予单位】：西南石油大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.21;F832.51;F224

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