我国水处理行业上市公司投资价值研究

发布时间：2018-01-15 12:17

本文关键词：我国水处理行业上市公司投资价值研究　出处：《华中科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：十八大提出的“美丽中国”概念将水环境的维护放在了国家战略的顶层。最近这几年，环境污染日益严重、水资源短缺问题日益突出。环保、节能减排被提上了日程，国家环保“十二五”规划的出台、人们的关注推动了环保行业的高速发展，水处理产业链将整体受益。随着宏观经济的发展，我国的水务行业有巨大的成长空间，该行业具备长期投资价值。本文就是分析各种因素对上市公司股票价格的影响，综合考虑到经济的发展、政策的推动、技术的进步对水处理行业的发展的推动作用，通过模型计算，合理地对公司进行估值。具体的研究思路是，首先，对水处理行业的概况做了基本的介绍，包括水处理行业的定义和水处理行业子行业的分类、水处理行业的主要特点，水处理行业的技术现状、水处理行业发展的影响因素，，水处理行业产业链及其竞争情况的分析。然后针对水处理行业的特点，把水处理行业的上市公司按照主营业务模式的不同将其分为：水处理行业运营公司、水处理行业工程公司、水处理行业产品公司这三大类，针对这三种模式的公司，引入了三种不同的公司股票的估值方法，分别是现金流估值模型，比率估值模型，基本面多因素模型。通过运用估值模型对三种模式的上市公司进行估值，发现他们的潜在投资价值。最后，选取的水处理行业上市公司分别为首创股份、中电环保、津膜科技，对这三大不同运营模式的公司根据特点选择最合适的模型，对应着不同形式的估值模型进行估值分析。本文希望能够通过对水处理行业的估值，增加一些水处理行业上市公司的估值方法，并且对投资者投资水处理行业提供一些积极而且有意义的参考。
[Abstract]:The concept of "beautiful China" put the maintenance of water environment at the top of the national strategy. In recent years, environmental pollution has become more and more serious, and the problem of water shortage has become increasingly prominent. Energy saving and emission reduction have been put on the agenda. With the introduction of the 12th Five-Year Plan of National Environmental Protection, people's concern has promoted the rapid development of the environmental protection industry, and the water treatment industry chain will benefit as a whole. With the development of macro-economy, the water industry of our country has a huge growth space, this industry has long-term investment value. This paper is to analyze the impact of various factors on the stock prices of listed companies. Considering the economic development, the promotion of policy and the advancement of technology to the development of water treatment industry, the model calculation is used to evaluate the company reasonably. The specific research ideas are: firstly, the general situation of the water treatment industry is introduced, including the definition of the water treatment industry and the classification of the sub-industry of the water treatment industry, the main characteristics of the water treatment industry. The technical status of water treatment industry, the factors influencing the development of water treatment industry, the analysis of industrial chain and competition of water treatment industry. Then, the characteristics of water treatment industry. The listed companies in water treatment industry are divided into three categories according to the different main business models: water treatment industry operation company, water treatment industry engineering company, water treatment industry product company. For these three models of companies, the introduction of three different corporate stock valuation methods, respectively, cash flow valuation model, ratio valuation model. Fundamental multi-factor model. Through the use of valuation model to evaluate the three modes of listed companies to find their potential investment value. Finally, selected water treatment industry listed companies are the first shares. CLP environmental protection, Tianjin film technology, the three major different operating mode of the company according to the characteristics of the choice of the most appropriate model. This paper hopes to add some valuation methods of listed companies in water treatment industry through the valuation of water treatment industry. And for investors to invest in water treatment industry to provide some positive and meaningful reference.
【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】：F832.51;F275

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