关于中航飞机的企业价值评估

发布时间：2018-03-16 02:21

本文选题：航空制造　切入点：企业价值评估　出处：《西北大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的逐步完善,人们对于价值评估理论和方法的关注度日益增加。通过对企业或某类资产进行价值评估,才能使得企业收购、资产重组等经济活动有效地进行。而对于每种价值评估方法,都有其适用的范围和前提条件。因此,在针对不同类型的企业进行价值评估时需要分析该企业各影响因素,最终确定方法。本文研究的重点是针对航空制造行业的龙头上市企业—中航飞机的估值方法的分析。首先对本文的选题背景和意义进行了讨论,并且针对目前使用较多的价值评估方法进行了阐述,对国内外的理论研究进行了梳理。接下来对中航飞机从基本面、公司竞争战略和公司经营业绩三个方面进行了分析,对公司有了初步的了解。然后分别采用了现金流量折现法、期权模型法、市盈率和市净率法对中航飞机进行了企业价值评估,在得出计算结构的基础上分析研究了相对估值方法和绝对估值方法对于航空制造行业的适用性和使用时需要注意的问题。并在对中航飞机进行价值评估之后,集中对比分析了各方法的优劣势和存在的问题。最后,分析了影响上市公司估值的宏观因素、行业因素和公司自身因素,并客观地分析了公司存在的潜在风险,最终得出结论,分别给投资者和企业管理者提出了建议。
[Abstract]:With the gradual improvement of China's capital market, people pay more and more attention to the theory and method of value evaluation. Economic activities, such as asset restructuring, are carried out effectively. For each valuation method, there are scope of application and preconditions. Therefore, it is necessary to analyze the influencing factors of different types of enterprises when evaluating their value. The final method is determined. The emphasis of this paper is to analyze the valuation method of CAAC aircraft, which is the leading listed enterprise in aviation manufacturing industry. Firstly, the background and significance of this paper are discussed, and the current use of more value assessment methods are expounded, and the theoretical research at home and abroad are combed. Then, the paper analyzes the basic aspects, the competitive strategy and the operating performance of the aircraft, and has a preliminary understanding of the company. Then, it uses the discounted cash flow method and the option model method, respectively. The price-to-earnings ratio and price-to-book ratio method are used to evaluate the enterprise value of the aircraft. On the basis of the calculation structure, the applicability of relative valuation method and absolute valuation method to aviation manufacturing industry are analyzed and studied. The advantages and disadvantages of each method are compared and analyzed. Finally, this paper analyzes the macro factors, industry factors and the company's own factors that affect the valuation of listed companies, and objectively analyzes the potential risks of the companies, finally comes to a conclusion, and puts forward suggestions to investors and enterprise managers respectively.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F562

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