JH汽车公司股票投资价值评估的研究

发布时间：2018-05-12 11:28

本文选题：股票投资 + SWOT分析　；参考：《安徽财经大学》2014年硕士论文

【摘要】：股票投资价值是投资者做出投资决策的重要依据,然而中国资本市场起步较晚,不完善的资本市场制度、不健全的价值投资理念催生了一系列跟风炒作现象,投资者对股票的投资分析大部分也只停留在技术层面。因此,价值投资理念的树立以及投资价值评估方法的正确运用有助于中小投资者获得稳定收益,规避不必要的风险,同时也有利于证券市场的稳定和健康发展。股票投资价值评估需要理论与实践相结合共同研究。本文以JH汽车公司为例,采用规范的基本面分析方法,综合运用管理学、会计学、资产评估相关知识,从宏观经济现状和发展趋势、行业生命周期和产品供需格局、公司发展战略和竞争实力这三个层面对JH汽车公司成长性进行了深入细致的比较分析。运用SWOT分析法总结提炼出JH汽车公司所面临的机会、威胁以及其具有的优势、劣势。本文主要采用市场法和收益法,分别对上市的JH汽车公司股票价值进行评估。其中通过收益法的FCFE模型确定jH汽车公司的股票内在价值为9.86元,而用市场法(P/B, P/E, P/S)确定JH汽车价值区间为11.4-16.04元。从JH汽车公司目前(2014年3月31日)的股价来看,价格低于内在价值,建议定期定量买入,但是投资者应该选择长期关注该股以及相关的宏观、行业动向,在股价回归会高于内在价值时,持观望。
[Abstract]:The value of stock investment is an important basis for investors to make investment decisions. However, the late start of Chinese capital market, the imperfect capital market system and the imperfect concept of value investment have given birth to a series of speculation following the trend. Most of the investment analysis of stocks by investors only stays at the technical level. Therefore, the establishment of the concept of value investment and the correct application of the evaluation method of investment value can help the small and medium-sized investors to obtain stable returns and avoid unnecessary risks, and also conducive to the stable and healthy development of the securities market. The valuation of stock investment needs the combination of theory and practice. This paper takes JH Automobile Company as an example, adopts the standard fundamental analysis method, synthesizes the management science, the accounting science, the assets appraisal correlation knowledge, from the macroeconomic present situation and the development tendency, the profession life cycle and the product supply and demand pattern, The development strategy and competitive strength of JH Automobile Company are compared and analyzed in detail. SWOT analysis is used to summarize the opportunities, threats, strengths and weaknesses of JH Automobile Company. This paper mainly uses market method and income method to evaluate the stock value of listed JH Automobile Company. According to the FCFE model of income approach, the intrinsic value of JH automobile stock is 9.86 yuan, and the value range of JH automobile is 11.4-16.04 yuan by using market method (P / B, P / E, P / S). Judging from the current (March 31, 2014) share price of JH Motor Company, the price is below the intrinsic value and it is recommended to buy regularly, but investors should choose to pay long-term attention to the stock and related macro and industry trends. In the return of the stock price will be higher than the intrinsic value, take a wait-and-see.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.471;F406.7;F832.51

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