海信电器价值评估案例分析

发布时间：2018-03-02 04:07

本文关键词： 海信电器自由现金流价值评估相对价值　出处：《华中科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：由于企业价值评估的出现，企业的价值管理和财务分析都有了重要保障，也为投资者进行投资决策的分析提供了基础。在我国，企业价值评估在财务与战略分析中以及IPO和并购重组中都有很重要的应用。 1997年4月，海信电器在上海证券交易所上市，在家电行业中非常有名。面对我国大盘持续走低的影响，企业管理者强烈关注海信电器能否免于幸难、发展前景将会受到什么影响。由于这样的原因，我们采用案例分析的方法，我们对海信电器进行定量与定性分析与谋划，来评估与分析海信电器的价值。文章的第一部分的主要内容包括文献综述部分，研究的意义和背景，研究问题所使用的方法对比。文章的第二部分重点叙述了价值评估的基本概念与现行理论。它的内容主要包括价值评估对现实生活中案例分析的重要性。同时对比分析本文所使用的方法，在对比分析的基础上，探讨哪种方法在什么情况下更适用。文章第三部分主要介绍的海信电器的财务经营状况，包括行业分析，财务分析和同行业相似企业的对比分析。行业分析包括行业特点和竞争行业竞争环境的分析，，财务分析包括偿债、营运、盈利和成长能力的分析。同行业比较分析包括与青岛海尔对比的财务分析。文章的第四部的内容是在前面的详细的分析基础上，对海信电器采用折现现金流和相对估值法进行对比分析，并得出相关结论，查找与现实股价差异的原因，希望可以给投资者和管理层提供一些建议，使企业和投资的收益都能达到最大化。
[Abstract]:Because of the emergence of enterprise value evaluation, the value management and financial analysis of enterprises have important guarantee, and also provide the basis for investors to make investment decision analysis. Enterprise value evaluation has important applications in financial and strategic analysis, IPO and M & A. In April 1997, Hisense Electric was listed on the Shanghai Stock Exchange, and it is very famous in the household appliance industry. In the face of the continued decline in the market in our country, business managers are strongly concerned about whether Hisense Electric can avoid difficulties. For this reason, we use the method of case study, we carry out quantitative and qualitative analysis and planning to evaluate and analyze the value of Hisense Electric. The first part of the article includes the literature review, the significance and background of the research. The second part of the article mainly describes the basic concept of value evaluation and current theory. Its content mainly includes the importance of value evaluation to the case analysis in real life. Compared with the methods used in this paper, On the basis of comparative analysis, this paper discusses which method is more suitable under what circumstances. The third part of the article mainly introduces the financial situation of Hisense Electric, including industry analysis. Financial analysis and comparative analysis of similar enterprises in the same industry. Industry analysis includes the analysis of the characteristics of the industry and the competitive environment of the competitive industry, and the financial analysis includes debt service, operation, Analysis of profitability and growth ability. Comparative analysis of the same industry includes financial analysis compared with Qingdao Haier. The 4th parts of the article are based on the detailed analysis above, and make a comparative analysis of the discount cash flow and the relative valuation method of Hisense Electric Appliances, and draw the relevant conclusions to find out the reasons for the difference between the stock price and the real stock price. Hope to give investors and management some advice to maximize the return on both business and investment.
【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】：F426.6;F406.7

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