建材行业上市公司投资价值研究

发布时间：2018-02-26 12:52

本文关键词： 建材行业投资价值主成分分析自由现金流量折现法　出处：《华中科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国证券市场发展尚未成熟，依然存在非理性投资现象，非理性投资使上市公司股票价格偏离其内在价值，造成股价大幅波动，使投资者承担了较大的风险，妨碍了我国证券市场的发展。另外，建材工业是国民经济的重要产业，城镇化的推进刺激了公民对居住、交通、水利、市政基础设施等的需求，科学技术的进步为建材工业的升级提供了良好的平台，我国建材行业增速稳定，发展前景良好；但环境污染问题、产能过剩问题促使传统建材行业转型，这给建材行业带来了挑战。如何在尚未发展成熟的中国股票市场，在处于机遇与挑战并存的建材行业中选择最具投资价值的股票成为投资者面临的难题。为解决上述问题，本文对建材行业上市公司的投资价值评估进行研究。首先，文章整理了国内外学者关于上市公司投资价值评价的研究，分析比较了当前主要的证券投资价值分析学派。然后，以价值学派的基本面分析法为基础，结合建材行业的特征深入分析了影响该行业上市公司投资价值的宏观因素和中观因素。以选取的42家样本公司的财务数据为研究对象，建立主成分分析模型，运用SPSS进行统计分析，从微观层面定量地研究了该行业上市公司的投资价值，，得出各公司的相对投资价值，判断出被高估和低估的企业。最后，以北新建材为研究对象，利用自由现金流折现模型对该公司的绝对投资价值进行了评估，为投资者的投资决策提供有效建议。
[Abstract]:The development of China's securities market is not yet mature, and there is still irrational investment phenomenon. Irrational investment causes the stock price of listed companies to deviate from its intrinsic value, causes the stock price to fluctuate substantially, and makes the investors bear the greater risks. In addition, the building materials industry is an important industry of the national economy, and the promotion of urbanization has stimulated citizens' demand for housing, transportation, water conservancy, municipal infrastructure, etc. The progress of science and technology provides a good platform for the upgrading of building materials industry. The growth rate of building materials industry in our country is stable and the development prospect is good. However, the problems of environmental pollution and overcapacity promote the transformation of traditional building materials industry. This has brought challenges to the building materials industry. How to choose the most valuable stocks in the building materials industry, which is in both opportunities and challenges, has become a difficult problem for investors in the immature Chinese stock market. In order to solve the above problems, this paper studies the investment value evaluation of listed companies in the building materials industry. First, the article collates the domestic and foreign scholars' research on the investment value evaluation of listed companies. This paper analyzes and compares the current major schools of value analysis of securities investment. Then, based on the fundamental analysis of the school of value, Combined with the characteristics of the building materials industry, the macro and meso factors affecting the investment value of the listed companies in this industry are analyzed in depth. Taking the financial data of 42 sample companies as the research object, the principal component analysis model is established. By using SPSS to carry on statistical analysis, this paper quantitatively studies the investment value of listed companies in this industry from the micro level, obtains the relative investment value of each company, and judges the overvalued and undervalued enterprises. Finally, taking Beixin Building Materials as the research object, The absolute investment value of the company is evaluated by using the discounted free cash flow model, which provides effective advice for investors to make investment decisions.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.92;F272.5

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